据媒体披露，最近大额存单市场呈现出"冰火两重天"的态势：大型银行及股份制银行的大额存单年 利率普遍降至"1"字头区间，而部分中小银行的产品则以超2%的利率吸引眼球，但普遍面临额度紧张、 快速售罄的局面。 结合当前我国金融运行的现状以及大型银行与中小银行的实际经营情况，上述"冰火两重天"的局面 是必然的，也是正常的，不用为此而担忧。 但要看到，中小银行提高大额存单利率以增强存款吸引力、缓解资金压力，只是短期"应景"之举， 不可长期依赖，否则会导致"饮鸩止渴"。在整体存款利率下调、净息差收窄的形势下，中小银行靠高付 息成本维持大额存单高利率不可持续，还可能加剧与大型银行的经营差距，甚至诱发危机。因此，中小 银行需摆脱对大额存单利率上浮的依赖，加强数字化营销和服务，推出灵活期限产品，优化客户结构， 通过产品创新和嵌入增值服务等方式，在合规框架内构建差异化竞争力。同时，可打造开放银行生态， 与第三方平台合作拓展获客渠道，加强个人理财和财富管理的产品创新，提供差异化解决方案，增强客 户黏性。 （作者系中国地方金融研究院研究员） 首先，大额存单利率"冰火两重天"符合存款利率市场化的金融运行规律。大额存单在不同规模、经 营 ...

Core Viewpoint - The upcoming National Day and Mid-Autumn Festival have triggered a new round of deposit marketing competition among local banks, with various promotional strategies being employed to attract depositors, including higher interest rates and gift incentives. However, the declining interest rate environment poses challenges for sustainable deposit structures and customer retention beyond mere financial incentives [1][5][10]. Group 1: Deposit Marketing Strategies - Local banks are intensifying their deposit marketing efforts by launching unique deposit products with slightly higher interest rates than standard fixed deposits, as well as implementing "points exchange" and "gift-giving" strategies to attract customers [1][3]. - For instance, Pujiang Rural Commercial Bank introduced a "Filial Piety Deposit" product with a starting amount of 100,000 yuan, offering a 3-year interest rate of 2%, which yields 6,000 yuan upon maturity [3]. - Similarly, Fudian Bank has diversified its deposit product offerings, including personal large-denomination certificates of deposit and special products for new customers, with interest rates ranging from 1.45% to 1.95% depending on the term [4]. Group 2: Challenges and Regulatory Concerns - The competitive advantage of local banks in terms of high interest rates has diminished due to multiple rounds of interest rate cuts, leading to a convergence towards industry averages [4][5]. - The use of gift incentives for deposit attraction raises regulatory concerns, as it may violate guidelines that prohibit improper methods of deposit solicitation, such as cash returns or gifts [9]. - Regulatory scrutiny has increased, with local banks facing pressure to comply with rules that restrict promotional practices that could be interpreted as disguised high-interest deposit solicitation [9][10]. Group 3: Long-term Strategies for Local Banks - To adapt to the low-interest-rate environment, local banks need to rethink their deposit strategies, focusing on building sustainable liability structures and enhancing customer loyalty beyond financial incentives [1][5][11]. - Experts suggest that local banks should improve their service capabilities, strengthen risk management, and develop long-term strategies to remain competitive in the market [6][11]. - Additionally, local banks are encouraged to integrate community financial services, leverage financial technology, and optimize liquidity management to reduce reliance on high-cost deposits and enhance operational efficiency [11][12].

国庆中秋"双节"临近，地方银行揽储大战再度拉开帷幕。9月29日，北京商报记者注意到，多家地方银 行正密集加码存款营销，有的银行推出特色存款产品，以略高于普通定期存款的利率吸引储户；有的银 行主打"积分兑换""实物馈赠"策略，礼品从抽纸、米面油到电饼铛等一应俱全。 然而，在热闹营销的背后，隐忧同样不容忽视。曾作为地方银行揽储核心优势的高利率，经历多轮下调 后已逐步向行业均值靠拢，利率优势日渐式微。与此同时，以"送礼"等方式变相揽储的做法，也游走在 监管政策的"红线"边缘。 为迎接"双节"，浦江农商行近日推出了"孝心存"存款产品，该产品以10万元为起存金额，3年期年利率 达2%，到期可获利息6000元；1年期年利率为1.5%，到期收益为1500元。 为突出"孝心存"的优势，浦江农商行还同步展示了普通定期存款产品的利率供储户对比参考。普通定期 存款中，1年期、2年期和3年期的存款利率分别为1.2%、1.25%和1.58%，以10万元起存计算，到期收益 分别为1200元、2500元和4740元。 无独有偶，富滇银行也推出了多元化的存款产品矩阵，涵盖个人大额存单、定期存款、通知存款等，其 中个人大额存单20万元起存，限 ...

Core Viewpoint - The recent reduction in deposit rates by several major banks has led to a surge in demand for large-denomination certificates of deposit (CDs), resulting in a scarcity of available products in the market [1][2][10]. Group 1: Impact of Deposit Rate Cuts - Major state-owned banks have lowered their fixed deposit rates by 10 basis points for various terms, leading to a situation where products with annual interest rates above 3.5% are hard to find [2][6]. - The reduction in deposit rates is expected to lower banks' funding costs, which may facilitate a decrease in loan rates and improve the financing environment for businesses [11][14]. Group 2: Market Dynamics and Demand for Large-denomination CDs - The demand for large-denomination CDs has surged, with many banks reporting that their products are in short supply, necessitating advance reservations for purchases [10][12]. - The current liquidity in the market is reasonable, and the recent cut in the reserve requirement ratio by the central bank has released approximately 530 billion yuan, further supporting the downward trend in deposit rates [12][15]. Group 3: Future Trends in Deposit Rates - Experts predict that while the short-term reduction in deposit rates may be limited, a long-term downward trend is expected as banks seek to manage their liabilities and maintain net interest margins [13][15]. - The adjustment of deposit rates is seen as a strategy to optimize the structure and duration of bank deposits, which will help stabilize funding costs and support lending to the real economy [14][15].

Core Viewpoint - The recent reform of the deposit interest rate self-discipline pricing mechanism aims to promote the alignment of asset and liability pricing in banks, facilitating a more market-oriented approach to interest rates [1][2][3] Group 1: Market Rate Reform - The People's Bank of China (PBOC) has established a deposit interest rate marketization adjustment mechanism, allowing banks to adjust deposit rates based on the 10-year government bond yield and the 1-year Loan Prime Rate (LPR) [1] - This reform follows the previous adjustment in June, where the self-discipline upper limit for deposit rates was modified to include a certain basis point above the benchmark deposit rate [1][2] Group 2: Impact on Loan and Deposit Rates - The new mechanism encourages banks to reference market rates, which can more accurately reflect the supply and demand for funds, thereby enhancing the efficiency of monetary policy transmission [1][2] - By linking deposit rates to the LPR, which is influenced by the central bank's policy rates, the reform aims to create a dual influence between deposit rates and LPR, potentially leading to lower deposit rates and increased likelihood of LPR reductions [2][3] Group 3: Benefits for Banks and the Economy - The adjustment of the deposit interest rate mechanism is expected to lower banks' funding costs, which in turn can support a decrease in loan rates while maintaining banks' interest margins [3] - This approach is seen as a flexible and market-oriented alternative to direct interest rate cuts, allowing banks to enhance their lending capacity to the real economy amidst tightening monetary policies in developed economies [3]

Core Viewpoint - The article discusses the impact of the downward adjustment of deposit interest rate ceilings on the deposit interest rates of commercial banks in China, emphasizing the need for sustainable growth strategies in the deposit market amidst changing regulatory environments and market dynamics [1][9]. Summary by Sections Deposit Interest Rate Ceiling Adjustment - Since 2012, the adjustment of the RMB deposit interest rate ceiling has progressed through three phases, with commercial banks' deposit interest rates showing asynchronous changes compared to the ceiling adjustments [2]. - The downward adjustment of deposit interest rate ceilings has led to a significant decline in the average deposit interest rates of A-share listed banks, particularly from 3.58% in June 2012 to 2.25% in October 2015, a drop of 133 basis points [3][4]. Changes in Deposit Interest Rates (2016-2020) - From 2016 to 2020, the deposit interest rate ceiling remained unchanged, leading to a decline in deposit interest rates in 2016 and 2017, followed by a rebound in 2018 and 2019 [6]. - The average deposit interest rate of A-share listed banks increased slightly in 2020, driven by growth in city commercial banks and rural commercial banks [6]. Recent Trends (2021-Present) - Since June 2021, the deposit interest rate ceiling has entered a phase of active downward adjustment, with significant reductions in long-term deposit interest rates [7]. - Despite the downward trend in loan yields, the average deposit interest rate of A-share listed banks has shown rigidity, increasing by 0.06 percentage points from 2021 to 2023 [8]. Market Rebalancing and Evolution - Regulatory policies and self-discipline requirements have led to a more standardized use of interest rates in deposit competition, resulting in new growth patterns for different types of banks [9][10]. - The growth rates of general deposits for large banks and small banks have shown alternating trends, influenced by the differential setting of deposit interest rate ceilings [10][12]. Future Outlook and Recommendations - The article suggests that the deposit market may face renewed pressures from deposit disintermediation, particularly as interest rates decline and non-deposit products become more attractive [20][21]. - Recommendations for sustainable deposit growth include enhancing non-price competitiveness, strengthening self-discipline in interest rate pricing, and balancing the sources and term structures of deposits [25][28][31].

Investment Rating - The report maintains a "Positive" outlook for the banking industry in China as of June 11, 2025 [4] Core Insights - The banking sector is experiencing a transition from a surplus of deposits to a structural shortage, with significant differentiation between state-owned banks and smaller banks [8][27] - Recent adjustments in deposit rates are expected to stabilize the deposit base of large banks, despite ongoing deposit disintermediation [36][45] - The report highlights three main investment themes: convertible bonds with rebound potential, high-dividend stocks, and banks with long-term liabilities and capital advantages [40] Summary by Sections 1. Review of Deposit Growth: From Surplus to Shortage - Since 2009, deposit growth has lagged behind loan growth, indicating a shift in liquidity conditions from surplus to structural shortage [12][14] - The transition is attributed to changes in monetary policy and the rise of wealth management products, which have contributed to deposit disintermediation [19][22] 2. New Characteristics of Deposit Growth in 2025: From Industry-wide to Structural Shortage - The overall deposit gap in the banking sector has shown signs of improvement, but state-owned banks continue to face significant deposit shortages [27][28] - In Q1 2025, the deposit growth rate for large banks was only 71%, down from an average of 80% since 2019, indicating a potential arbitrage chain where entities take low-interest loans from large banks and deposit them in smaller banks for higher interest [32][34] 3. New Round of Deposit Rate Adjustments and Stability of Large Banks' Liabilities - The report expresses cautious optimism regarding the current round of deposit disintermediation, noting that past adjustments have had diminishing impacts over time [36][38] - Large banks are expected to maintain deposit stability due to regulatory constraints and the rapid adjustment of deposit rates by smaller banks [45] 4. Investment Recommendations - The report identifies three key investment lines: 1. Convertible bonds with rebound potential, specifically targeting Hangzhou Bank and Nanjing Bank [40] 2. High-dividend stocks, with a focus on CITIC Bank, Industrial Bank, and Jiangsu Bank [40] 3. Banks with long-term liabilities and capital advantages, such as Chongqing Rural Commercial Bank [40]

Investment Rating - The report indicates a positive outlook for the banking sector, suggesting that certain stocks may have alpha potential due to policy catalysts and a cyclical recovery [4]. Core Insights - Multiple banks have lowered their deposit rates, with the one-year and five-year Loan Prime Rate (LPR) reduced by 10 basis points on May 20, 2025. This trend reflects a broader market-driven decline in deposit costs [1][2]. - The average deposit cost rate for China Merchants Bank decreased significantly by 25 basis points to 1.29% in Q1 2025, indicating a trend of improving deposit costs across the sector [1]. - The report highlights that banks like Chongqing Bank, Minsheng Bank, and CITIC Bank have substantial room for further deposit cost reductions, suggesting a favorable environment for banks to optimize their funding costs [2]. Summary by Sections Section 1: Focus of the Week - Several banks have adjusted their deposit rates downward, with over half of listed banks participating in this trend by May 24, 2025 [1]. - The report notes that the average deposit cost rate for China Merchants Bank has shown improvement since Q2 2024, aligning with previous forecasts of enhanced cost reduction in liabilities [1]. Section 2: Sector Perspective - The banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with specific banks like Ningbo Bank, Postal Savings Bank, and China Merchants Bank highlighted as potential investment opportunities [4]. - The report emphasizes that the cyclical recovery may take time, but the ongoing interest rate cuts could sustain the dividend strategy for banks like Shanghai Bank and Jiangsu Bank [4]. Section 3: Key Data Tracking - The report tracks various financial metrics, including the issuance of interbank certificates and the average rates for different types of bank notes, indicating a dynamic market environment [9][8]. - It also notes the increase in the proportion of deposits with a remaining maturity of less than one year, which rose by 3 percentage points to 37.4% by the end of 2024, suggesting a trend towards concentrated deposit maturities [2][16].

Core Viewpoint - Major Chinese banks have collectively lowered their RMB deposit rates, marking a significant shift as the one-year fixed deposit rate has fallen below 1% for the first time, indicating a transition into a "1 era" for deposit rates [1][5][9]. Summary by Category Deposit Rate Adjustments - On May 20, major banks including ICBC, ABC, BOC, CCB, and others reduced their demand deposit rates by 0.05 percentage points to 0.05%, with fixed deposit rates seeing a maximum decrease of 25 basis points [1][5]. - The one-year fixed deposit rate has dropped to 0.95%, while three-year and five-year fixed deposit rates are now at 1.25% and 1.30%, respectively [5][6]. - Postal Savings Bank has slightly higher rates compared to the major banks, with one-year and six-month fixed deposit rates at 0.98% and 0.86% [6]. Loan Market Rate Changes - The new Loan Prime Rate (LPR) has also been adjusted, with the one-year LPR decreasing to 3% and the five-year LPR to 3.5%, marking the first decline of the year [1][9]. - This simultaneous adjustment of LPR and deposit rates is expected to help stabilize banks' net interest margins [8][12]. Market Reactions and Predictions - Analysts predict that the reduction in deposit rates will lead to a decrease in interest income for depositors, with an example showing a drop in interest from 4500 yuan to 3750 yuan for a three-year deposit of 100,000 yuan [7][12]. - The overall trend indicates that banks are likely to continue adjusting their rates in response to market conditions, with expectations of further reductions in deposit rates across various banks [14][15]. Economic Implications - The adjustments are seen as a response to the need for banks to lower their funding costs and support the real economy, while also maintaining operational stability [11][12]. - The decline in deposit rates is anticipated to push more investors towards alternative investment products, such as money market funds and bonds, as traditional savings yield lower returns [15][16].

Core Viewpoint - The recent reduction in deposit rates by major banks in China is a response to macroeconomic pressures and aims to lower the banks' funding costs, thereby supporting the economy and enhancing financial stability [1][3]. Group 1: Deposit Rate Adjustments - Six major state-owned banks and some national joint-stock banks have lowered their deposit rates, with the maximum reduction reaching 25 basis points [1][2]. - After the adjustments, the interest rates for various deposit products are as follows: - Demand deposit rate is now 0.05% - 3-month, 6-month, 1-year, and 2-year fixed deposit rates are 0.65%, 0.85%, 0.95%, and 1.05% respectively - 3-year and 5-year fixed deposit rates are 1.25% and 1.3% respectively [2]. Group 2: Impact on Banking Sector - The coordinated reduction in deposit rates and LPR (Loan Prime Rate) is seen as a significant measure to support the real economy and alleviate the pressure on banks' net interest margins [4]. - The net interest margin for commercial banks has narrowed to 1.43% in Q1, down 9 basis points from the previous quarter, indicating ongoing challenges for banks [4]. Group 3: Strategic Recommendations for Banks - Banks are encouraged to optimize their deposit product structures and dynamically adjust the scale of different types of deposits to reduce high-cost deposits [5][6]. - There is a call for banks to enhance their market analysis capabilities and implement differentiated pricing strategies for various customer segments and deposit terms [6]. - Emphasizing regional operations and adapting to local market characteristics can help banks develop flexible deposit pricing strategies [6].