券商中国·2025-11-28 15:03Core Viewpoint - The absence of 5-year large denomination certificates of deposit (CDs) from major state-owned banks reflects a broader trend in the banking industry towards shorter-term products and more refined liability management strategies in a low interest rate environment [1][11]. Summary by Sections Current Market Situation - Recently, the six major state-owned banks, including Industrial, Agricultural, Bank of China, Construction, Communications, and Postal Savings banks, have no 5-year large denomination CDs available for sale, which has drawn attention [1]. - The Bank of China has historically offered 5-year CDs but has limited their availability to specific customers since 2023, indicating a shift in product strategy [2][6]. Historical Context - The Bank of China has issued at least 37 batches of personal large denomination CDs from 2016 to 2025, with several 5-year products released in 2018, 2019, and 2023 [2]. - Other banks, such as Agricultural Bank of China, have not offered 5-year CDs for several years, focusing instead on shorter-term products [8][10]. Interest Rate Dynamics - The current interest rate environment shows a phenomenon where the interest rates for 5-year fixed deposits are lower than those for 3-year deposits, indicating a "negative spread" situation [11]. - As of the third quarter of this year, the net interest margin for commercial banks was reported at 1.42%, showing a year-on-year decrease of 11 basis points, despite some stabilization in recent months [11]. Strategic Responses - Banks are adopting more precise liability management strategies, including shortening deposit terms and offering differentiated rates for specific customer segments, particularly targeting older clients with higher rates and lower minimum deposit requirements [12][13]. - This approach aims to optimize the liability structure, secure stable long-term funding, and enhance customer retention, particularly among the elderly demographic, which constitutes over 70% of savings deposits [12][13].