中国基金报·2025-11-29 03:13Core Viewpoint - The recent collective suspension of 5-year large-denomination certificates of deposit (CDs) by six major state-owned banks indicates a trend towards reducing liability costs and stabilizing net interest margins, with expectations for continued declines in deposit product rates [2][12]. Summary by Sections Suspension of 5-Year Large-Denomination CDs - Six major state-owned banks, including Industrial and Agricultural Banks, have removed 5-year large-denomination CDs from their offerings, raising significant attention [4][11]. - Some banks had already stopped offering 5-year CDs prior to this collective action, highlighting a shift in the market [4][6]. Adjustments by Smaller Banks - Many smaller banks have also been adjusting their long-term deposit products, with some, like Mengyin Village Bank, announcing the cancellation of 5-year fixed-term deposits [10][11]. - The trend of suspending long-term deposit products is expected to continue, driven by pressures on net interest margins and regulatory guidance [13]. Net Interest Margin Pressure - As of Q3 2025, the net interest margin for commercial banks remained at 1.42%, with state-owned banks having the lowest margin at 1.31% [11]. - The need to optimize liability structures is critical as high-cost long-term deposits exacerbate profitability pressures [11][12]. Future Trends and Investor Strategies - The ongoing adjustments in deposit products suggest that investors should adopt a diversified investment strategy rather than relying solely on traditional deposit products [12][14]. - Investors are encouraged to consider alternatives such as money market funds, cash management products, and government bonds to balance risk and return in a declining interest rate environment [14][15].