负债压力缓解，大行同业存单使用率低于去年，招行最低仅1.9%

Core Viewpoint - The pressure on the liabilities of state-owned banks has eased this year, as indicated by the usage rate of interbank certificates of deposit (CDs) [1][5][8] Group 1: Interbank Certificates of Deposit Usage - As of December 23, the total balance of interbank CDs for the six major banks reached 6.85 trillion, with a usage rate of 64.3%, down 6.4 percentage points from the previous year [1][5][8] - Agricultural Bank of China has the highest usage rate of interbank CDs among state-owned banks at 88.9%, while Postal Savings Bank has the lowest at 12.6% [11][12] Group 2: Factors Contributing to Eased Liability Pressure - The easing of liability pressure is driven by several factors, including the flow of funds into the stock market, which has increased non-bank deposits for major banks [1][8] - The People's Bank of China has increased liquidity injections through tools like Medium-term Lending Facility (MLF) and reverse repos, reducing the demand for interbank CDs [9] - There has been a notable increase in non-bank deposits for large banks, with an addition of 4.3 trillion in the first eleven months, compared to 2.7 trillion for small and medium-sized banks [8][9] Group 3: Individual Bank Performance - China Merchants Bank has the lowest interbank CD usage rate in the industry at 1.9%, as its deposit growth sufficiently covers asset expansion, negating the need for issuing CDs [10][12] - Agricultural Bank of China has shown rapid asset growth, exceeding 48 trillion, and has relied on interbank CDs to fill the liability gap due to slower deposit growth [11][12] - Postal Savings Bank's low interbank CD usage is attributed to its strong deposit-taking ability, stemming from its extensive network of nearly 40,000 branches [11][12]