从“高息揽储”到“超车式降息”，2025年中小银行大幅下调存款利率｜2025中国经济年报

Core Viewpoint - The banking industry is experiencing a significant shift in deposit interest rates, with small and medium-sized banks leading aggressive rate cuts, marking a departure from their previous role as followers in the interest rate adjustment process [2][3][4]. Group 1: Interest Rate Trends - In 2025, small and medium-sized banks are implementing frequent and substantial interest rate cuts, with some banks adjusting rates more than seven times within the year [4]. - For example, Shanghai Huari Bank has adopted a "monthly reduction" strategy, lowering its three-year deposit rate from 2.8% to 2.15% [4]. - In contrast, state-owned banks have only made one collective rate cut in May 2025, with overall adjustments remaining significantly lower than those of smaller banks [4][5]. Group 2: Rate Cut Magnitude - Small and medium-sized banks are achieving drastic reductions, with some products seeing cuts of up to 80 basis points, while state-owned banks typically reduce rates by only 10 to 20 basis points [5]. - For instance, Zhejiang Pingyang Pudong Rural Bank reduced its three-year and five-year deposit rates from 2.1% and 2.15% to 1.3% and 1.35%, respectively, entering the "1% era" [5]. Group 3: Product Structure Changes - The product offerings of small and medium-sized banks are shifting, with long-term deposit products like three-year and five-year fixed deposits being phased out [6]. - Nine out of 19 private banks have removed five-year deposit products from their apps, indicating a significant reduction in long-term high-interest offerings [6]. Group 4: Interest Rate Inversion - The phenomenon of "interest rate inversion" is becoming widespread, where shorter-term deposit rates exceed those of longer-term deposits, indicating a loss of yield advantage for long-term products [6][7]. - For example, the three-year deposit rate at Dalian Lushunkou Mengyin Village Bank is now 1.80%, higher than the five-year rate of 1.60% [7]. Group 5: Cost Management Strategies - The operational pressures faced by small and medium-sized banks are driving the current wave of aggressive rate cuts, as they seek to lower funding costs [8]. - Data shows that net interest margins for city commercial banks, private banks, and rural commercial banks have decreased compared to the previous year, necessitating a shift in deposit strategies [8]. Group 6: Asset Allocation Shifts - The ongoing decline in deposit rates is influencing residents' asset allocation, with a noticeable slowdown in the growth of fixed-term deposits [9]. - As of September, the growth rate of resident deposits has turned negative, while non-bank deposits have increased significantly, indicating a shift towards financial assets [9].