六大国有银行，集体调整→

Core Viewpoint - The article discusses the recent decline in the availability of medium to long-term deposit products in the banking sector, particularly five-year large certificates of deposit, amid increasing investment and savings demand from citizens as the year-end approaches [1][3]. Group 1: Market Trends - Citizens, like Ms. Wan from Beijing, are facing challenges in finding suitable five-year large certificates of deposit as many banks have reduced or removed these products from their offerings [1][3]. - Major state-owned banks, including Industrial, Agricultural, China, Construction, Communications, and Postal Savings Banks, have stopped displaying five-year large certificates of deposit, with three-year products' interest rates dropping to between 1.5% and 1.75% [3]. Group 2: Banking Sector Analysis - According to Zeng Gang, Director of the Shanghai Financial and Development Laboratory, the reduction of high-interest long-term deposit products is a necessary response to the ongoing decline in banks' net interest margins [5]. - The continuous decrease in loan interest rates has significantly reduced the yield on banks' asset sides, prompting banks to eliminate high-interest long-term products to avoid serious interest margin losses or even potential losses [5]. - The narrowing of net interest margins has been a critical factor affecting banks' profitability in recent years, and the recent removal of high-interest long-term deposit products is seen as a measure to stabilize these margins [5]. Group 3: Future Implications - Zeng Gang also noted that this trend indicates an enhancement in the certainty of banks' profit expectations, providing fundamental support for valuation recovery, particularly for large banks with low-cost liabilities and high dividend yield stocks, which may attract long-term capital [7].