跌破1.0%，中国高息时代终结！

Core Viewpoint - The reduction of medium to long-term deposit products in the market is a significant trend, with major banks lowering deposit rates, indicating the end of the high-interest era in China [2][4][10]. Group 1: Deposit Rate Changes - Major state-owned banks have lowered the 3-year deposit rates to between 1.5% and 1.75%, and 5-year large-denomination certificates of deposit have largely disappeared from the market [2][4]. - The exit of 5-year large-denomination certificates of deposit was not sudden, as banks had previously indicated limited availability for certain terms [4][9]. - Several banks are continuously lowering deposit rates, with some experiencing a drop of up to 65 basis points [4]. Group 2: Historical Context - The benchmark interest rate for 3-year deposits was over 12% 30 years ago, but has now fallen to nearly zero, marking a significant decline in interest rates over the decades [4][6]. - The average national one-year deposit benchmark rate was as high as 10.98% in the early 1990s, but has now dropped below 1% [6]. Group 3: Economic Implications - The decline in deposit rates is linked to the slowing economic growth, as banks adjust rates to maintain profitability amidst lower loan interest rates [9][10]. - The shift towards lower interest rates is seen as an irreversible trend, reflecting broader economic changes [8][10]. Group 4: Future Investment Behavior - As deposit rates decrease, there is a potential shift in investment behavior, with individuals likely to diversify their investments into stocks, funds, and other financial instruments [10][12]. - Historical examples from the U.S. show that lower interest rates led to a significant increase in the proportion of household financial assets allocated to stocks, indicating a possible future trend in China [12]. - The disappearance of large-denomination certificates of deposit signifies the end of an era where high-interest deposits were a reliable source of income for savers [12][13].