银行“开门红”变调：高息长期存款退潮，资产提升成重点

Core Viewpoint - The traditional "opening red" season for banks, typically characterized by aggressive marketing and high-interest deposit promotions, is notably subdued this year due to pressures on net interest margins and a strategic shift in deposit management [1][2]. Group 1: Changes in Deposit Marketing - Banks are experiencing a decline in the enthusiasm of customer managers for deposit acquisition, as performance assessments now exclude long-term deposits of three years or more [2][3]. - The focus has shifted from merely attracting deposits to a more comprehensive evaluation of total assets under management (AUM), including wealth management products [2][3]. Group 2: Impact of Interest Rate Environment - The current economic climate has led to a significant increase in the popularity of fixed-term deposits, with annual additions exceeding 10 trillion yuan since 2020, peaking at around 20 trillion yuan annually in 2022-2023 [3]. - However, the ongoing decline in interest rates has made long-term, high-interest deposits a financial burden for banks, risking a situation where deposit costs exceed loan interest rates [3][12]. Group 3: Withdrawal of Long-Term Deposit Products - Several banks have begun to withdraw long-term deposit options, with some institutions eliminating five-year fixed-term deposits entirely [4][5][11]. - There is a notable occurrence of interest rate inversion for long-term deposits, where rates for shorter terms exceed those for longer terms, indicating a lack of interest in long-term deposits [11]. Group 4: Net Interest Margin Trends - The net interest margin for commercial banks has dropped to a historical low of 1.42% in Q3 2025, down from over 1.5% in 2024 and above 1.7% in 2023 [12]. - Despite the current challenges, there is an expectation for a stabilization and potential recovery of net interest margins, driven by improvements in funding costs and a significant volume of deposits entering a repricing cycle [12].