部分中小银行3个月大额存单利率跌破1%

Core Viewpoint - The deposit market in China is undergoing significant changes as small and medium-sized banks initiate interest rate cuts, with some three-month large time deposit rates dropping below 1% [1][2][7] Group 1: Interest Rate Changes - Several small and medium-sized banks have reduced deposit rates, with Anhui Xin'an Bank lowering its two-year fixed deposit rate by 10 basis points to 2.25% [2] - Some rural commercial banks have seen their three-month large time deposit rates fall below 1%, such as Mengla Rural Commercial Bank offering a rate of 0.93% [2][5] - The overall trend indicates that over 30 banks have announced large time deposit issuances for 2026, with most having terms of one year or less, and three- to five-year terms being less common [2][4] Group 2: Economic Context - The decline in deposit rates reflects a broader transformation in the banking sector, driven by a need to address compressed net interest margins and support the real economy [7] - The average net interest margin for commercial banks was reported at 1.42% as of Q3 2025, with large banks at 1.31%, indicating a challenging environment for maintaining profitability [7] Group 3: Investor Implications - The shift in deposit rates signifies the end of the "easy money" era, prompting investors to rethink their financial strategies and diversify their asset allocations [1][8] - Investors are encouraged to adopt a new mindset focused on constructing optimal risk-return combinations rather than solely pursuing high interest rates [8] - Recommendations for investors include allocating funds to money market funds for liquidity, embracing "fixed income plus" products for higher returns, and using dollar-cost averaging for long-term investments in high-dividend assets or broad market indices [8]