而面对当前居民存款热情的持续上升，有银行员工直言："从10月起，最好不要把钱存定期，以下这3个原因很扎心。"它们分别是：①存款利息越来越低； ②流动性受限制；③金融产品多样化。让我们一起来了解一下： 第一，存款利息越来越低 近些年，国内居民存款的热情越来越高涨。2025年上半年，中国居民银行存款暴增10.77万亿元，创下历史性新高！我国居民爱存钱的原因是，为了应对失 业、疾病等突发事件。同时，居民存款也是为了应对未来可能发生的大额支出。比如，子女教育、房子装修等。此外，现在投资股票、基金、银行理财产品 的风险都很大，还不如老老实实把钱存银行。 过去由于金融产品数量稀少，所以储户只能把钱存银行定期。而现如今，金融产品种类繁多，有银行理财、结构性存款、货币基金等，这些金融产品的收益 率都要比定期存款要高。以银行理财为例，通常年化收益率达到2.3-2.5%，这要比定期存款高出1%左右。显然，储户把钱存定期存款并不划算，还是应该投 资高收益产品，以实现投资收益最大化。 而对于这位银行职工提出的建议，我们认为，如果你愿意承受一定投资风险，那确实可以遵照这位银行职工的建议，把存款从银行拿出来，投资这些高收益 产品。但是， ...

Core Viewpoint - Several village banks in Zhejiang, Jilin, and Guizhou have announced a reduction in deposit interest rates, with decreases ranging from 10 to 20 basis points, particularly affecting three and five-year term deposits [1][2]. Summary by Sections Deposit Rate Adjustments - Zhejiang Shengzhou Ruifeng Village Bank adjusted its personal fixed deposit rates for various terms, with three-year and five-year rates set at 1.3%, down by 10 to 20 basis points from previous rates [1]. - Jilin Longtan Huayi Village Bank announced a reduction in its deposit rates effective August 20, with the annual interest rate for demand deposits dropping from 0.2% to 0.15%, and fixed deposit rates for various terms reduced by 10 to 20 basis points [1][2]. Other Banks' Rate Changes - Jilin Baishan Hunjiang Hengtai Village Bank also lowered its personal fixed deposit rates, with two-year and below rates down by 10 basis points and three to five-year rates down by 20 basis points [2]. - Other small banks, such as Jilin Changyi Yuyin Village Bank and Guiding Hengsheng Village Bank, have similarly announced deposit rate reductions in the range of 10 to 20 basis points [2]. High-Interest Large Deposits - Several small banks have introduced large time deposit products with interest rates exceeding 2%, attracting significant investor interest. For instance, Jiangsu Sushang Bank offers two-year and three-year large deposits with rates of 2.1% and 2.3%, respectively [2]. - Shanghai Huari Bank has launched a two-year large deposit with a rate of 2.35%, available only to local customers [2]. Industry Insights - Citic Baixin Bank promoted its large deposit products, highlighting a 2.2% annual interest rate as competitive amid general rate reductions [3]. - Industry experts note that small banks face challenges such as weak customer bases and high reliance on high-interest deposits, which can strain their financial stability [3]. - The reliance on high-interest deposits may lead to unsustainable practices, prompting small banks to enhance local service capabilities and develop differentiated business strategies to meet funding needs [3].

Core Viewpoint - Jiangsu Bank's stock price increased by 1.26% on August 20, 2025, reflecting positive market sentiment and trading activity [1] Group 1: Stock Performance - As of August 20, 2025, Jiangsu Bank's stock price was reported at 11.25 yuan, with a trading volume of 2.1179 million shares and a transaction value of 2.398 billion yuan [1] - The stock opened at 11.07 yuan, reached a high of 11.50 yuan, and a low of 11.07 yuan, resulting in a price fluctuation of 3.87% [1] - The net inflow of main funds on August 20 was 170 million yuan, accounting for 0.08% of the circulating market value [1] Group 2: Banking Operations - Jiangsu Bank is a significant urban commercial bank in Jiangsu Province, primarily engaged in corporate banking, personal banking, and funding operations [1] - The bank has a wide network of branches throughout Jiangsu Province, enhancing its market presence [1] Group 3: Interest Rate Adjustment - Jiangsu Bank announced a reduction in the three-year fixed deposit interest rate by 10 basis points to 1.75%, with a minimum deposit amount of 10,000 yuan, effective from August 20 [1] - The one-year and two-year fixed deposit interest rates remain unchanged, aligning with the trend of several small and medium-sized banks lowering deposit rates [1] - The primary objective of this adjustment is to control liability costs and stabilize net interest margins [1]

Core Insights - The recent interest rate cuts by six major state-owned banks in China reflect a significant shift in the financial landscape, indicating a transition from a high-savings model to one that stimulates consumption [1][9] - The adjustment in deposit rates directly impacts the distribution of approximately 152 trillion yuan in household savings [1] Group 1: Interest Rate Changes - The six major banks have lowered their demand deposit interest rates to 0.05%, resulting in a significant reduction in interest income for depositors [1] - For a 100,000 yuan deposit over five years, the interest earned is now only 6,500 yuan, a decrease of 1,500 yuan compared to 2024 [1] Group 2: Analysis of Deposit Rates - The regular fixed deposit rates among the six banks are largely uniform, with a one-year deposit rate set at 0.95%, while Postal Savings Bank offers slightly higher rates for certain terms [2] - Upgraded fixed deposit products with higher interest rates are available but come with higher minimum deposit requirements, such as 50,000 yuan [4] Group 3: Economic and International Influences - The growth rate of household deposits has dropped to 5.2%, the lowest in a decade, prompting the government to lower interest rates to redirect funds towards consumption and investment [4] - The interest rate cuts in China are also a response to global monetary policy trends, including recent rate cuts by the Federal Reserve and the European Central Bank [4] Group 4: Strategies for Depositors - Depositors are encouraged to adopt flexible deposit terms, utilize hidden bank benefits, and compare rates across banks to optimize their savings [5][7] - Diversifying investment strategies and considering policy savings products, such as government bonds, are recommended to safeguard wealth in a low-interest environment [7] Group 5: Future Outlook - Predictions suggest that further interest rate cuts of 5-10 basis points may occur in the latter half of 2025, necessitating adjustments in depositor strategies [5][9] - Banks are likely to introduce more innovative deposit products linked to market variables, while regulatory measures may be implemented to manage deposit rate competition [5][9]

Report Industry Investment Rating - No clear industry investment rating is provided in the report. Core View of the Report - The view is to hold positions firmly. Although the reasons for the bond market's rise today seem unconvincing and further observation is needed, the current interest rate level and capital center are still favorable for allocation funds, and long - position holders should hold their chips [1][3] Summary by Related Catalogs 1. Disk Review - Treasury bond futures opened higher and then declined in the morning, fluctuated narrowly in the afternoon, and rallied across the board at the close. The capital interest rate remained low, with the overnight DR closing below 1.4%. The open market had a net withdrawal of 600 million yuan, and liquidity remained abundant [1] 2. Intraday News - The Ministry of Finance and the Ministry of Housing and Urban - Rural Development organized the 2025 evaluation of central - fiscal support for urban renewal actions. 20 cities are proposed to be supported, including Beijing, Tianjin, Tangshan, etc. [2] 3. Market Judgment - The bond market trading has been relatively dull recently. After the adjustment of deposit interest rates, the bulls lack sufficient upward momentum. Neither data releases nor capital levels can truly constitute negative factors. In this uncertain environment, short - term factors such as CD price increases and the seesaw effect of risk assets have an amplified impact on the market. The reasons for the bond market's rise today seem unconvincing, and further observation is needed [3] 4. Data Overview - **Contract Prices and Changes**: TS2509 rose 0.04 to 102.392, TF2509 rose 0.05 to 106.01, T2509 rose 0.06 to 108.73, and TL2509 rose 0.05 to 119.5 [4] - **Contract Positions and Changes**: TS contract positions decreased by 1185 to 119,964 hands, TF contract positions increased by 1800 to 164,943 hands, T contract positions increased by 4148 to 194,988 hands, and TL contract positions increased by 1114 to 114,724 hands [4] - **Basis and Changes**: TS basis (CTD) rose 0.0086 to - 0.0741, TF basis (CTD) rose 0.0091 to - 0.0175, T basis (CTD) rose 0.0683 to 0.023, and TL basis (CTD) fell 0.0567 to 0.4113 [4] - **Transaction Volume and Changes**: TS main contract trading volume decreased by 6072 to 31,202 hands, TF main contract trading volume decreased by 1213 to 46,001 hands, T main contract trading volume increased by 12841 to 55,709 hands, and TL main contract trading volume increased by 9425 to 70,260 hands [4] - **DR Interest Rates and Changes**: DR001 fell 0.0686 to 1.4136%, DR007 fell 0.1149 to 1.5496%, and DR014 fell 0.1392 to 1.5844% [4] - **DR Transaction Amounts and Changes**: DR001 transaction amount increased by 7904.9392 billion yuan to 24,426.9455 billion yuan, DR007 transaction amount increased by 254.423 billion yuan to 1075.1885 billion yuan, and DR014 transaction amount increased by 36.574 billion yuan to 122.9315 billion yuan [4]

Core Viewpoint - Local commercial banks are following the trend of national banks by gradually lowering their deposit rates, which diminishes their previous interest rate advantage over national banks [1] Summary by Category Deposit Rate Adjustments - Various local commercial banks are reducing their deposit rates in line with national banks [1] - The new deposit rates for Beijing Bank, effective from May 27, are as follows: 1-year at 1.15%, 2-year at 1.20%, 3-year at 1.30%, and 5-year at 1.35% [1] - The adjusted rates for Beijing Bank are now consistent with those of several joint-stock banks, such as Everbright Bank and Citic Bank, indicating a loss of competitive edge in deposit rates [1]

Core Viewpoint - The continuous decline in RMB deposit rates is forcing savers to adjust their investment strategies, seeking new avenues for income growth, while some private banks are raising deposit rates to attract customers [1][3][7]. Group 1: Changes in Deposit Rates - The RMB deposit rates have been consistently decreasing, impacting savers who traditionally relied on fixed deposits for income [3][4]. - Some private banks, like Yilian Bank, have raised their one-year fixed deposit rates to 2.00%, contrasting with the overall downward trend in deposit rates across major banks [4][8]. - As of May 22, 20 commercial banks have lowered their RMB deposit rates, indicating a widespread trend in the banking sector [8]. Group 2: Shift in Savings Behavior - There is a notable shift of household deposits from banks to non-bank financial institutions, with a decrease of 1.39 trillion yuan in household deposits in April, while non-bank deposits increased by 1.57 trillion yuan [1][7]. - Savers are increasingly exploring alternative investment products, with some finding higher returns in USD deposit products offered by various banks [5][9]. Group 3: USD Deposit Products - Several banks are promoting high-interest USD deposit products, with rates reaching up to 4.2% for six-month deposits, but these often come with conditions [5][9]. - The overall trend for USD deposit rates is also downward, with significant declines observed since the end of 2023 [8][10]. - There are concerns regarding the exchange rate risks associated with USD deposits, as the USD has shown volatility against the RMB [9][10].

Core Viewpoint - Some private banks are raising deposit interest rates against the trend of declining rates in the market, indicating a complex shift in financial strategies among depositors [1] Group 1: Deposit Rate Trends - Recent data shows that the RMB deposit rates are continuously decreasing, leading to a compression of returns for savers [1] - Some private banks have increased their one-year fixed deposit rates to as high as 2% [1] - The overall trend of declining deposit product rates is expected to remain unchanged despite these isolated increases [1] Group 2: Shifts in Depositor Behavior - There is a notable shift of resident deposits towards non-bank financial institutions, with a decrease of 1.39 trillion yuan in resident deposits in April [1] - The increase in non-bank deposits suggests that excess savings accumulated by residents are being redirected towards enterprises and non-bank institutions [1] - This shift complicates the financial choices available to depositors, as they seek new avenues for yield [1] Group 3: Foreign Currency Deposits - Dollar deposit products are gaining attention, with several banks offering high-interest rates, although these often come with conditions and currency exchange risks [1]

Core Viewpoint - Several Chinese banks have announced a reduction in RMB deposit interest rates effective from May 21, 2025, indicating a trend towards lower interest rates in the banking sector [1][2]. Group 1: Interest Rate Adjustments - The seven joint-stock banks, including Ping An Bank, Industrial Bank, Minsheng Bank, CITIC Bank, Huaxia Bank, Guangfa Bank, and Pudong Development Bank, will lower the interest rate on demand deposits from 0.1% to 0.05%, a decrease of 5 basis points [1]. - The fixed deposit rates for 3-month, 6-month, and 1-year terms will be adjusted from 0.85%, 1.10%, and 1.30% to 0.70%, 0.95%, and 1.15%, respectively, each down by 15 basis points [1]. - For 3-year and 5-year fixed deposits, the rates will be reduced from 1.55% and 1.60% to 1.30% and 1.35%, representing a decrease of 25 basis points [1]. Group 2: Specific Bank Adjustments - Minsheng Bank will adjust its 2-year deposit rate from 1.30% to 1.15%, while the other six banks will lower their rates from 1.35% to 1.20%, a reduction of 15 basis points [2]. - Prior to this announcement, China Merchants Bank and Everbright Bank had already adjusted their deposit rates effective May 20, aligning their rates with the six major state-owned banks [2]. - After the adjustments, China Merchants Bank's fixed deposit rates for various terms will be set at 0.65%, 0.85%, 0.95%, 1.05%, 1.25%, and 1.30% for 3-month, 6-month, 1-year, 2-year, 3-year, and 5-year deposits, respectively [2].

Core Points - The six major state-owned banks and China Merchants Bank announced a reduction in the RMB deposit rates effective from May 20, 2025 [1][2] - The adjustment includes a decrease in the interest rate for demand deposits from 0.1% to 0.05%, a reduction of 5 basis points [1] - Fixed-term deposit rates for various terms have been lowered, with 3-month, 6-month, 1-year, and 2-year rates reduced from 0.8%, 1%, 1.1%, and 1.2% to 0.65%, 0.85%, 0.95%, and 1.05% respectively, a decrease of 15 basis points [1] - The 3-year and 5-year fixed-term deposit rates have been reduced from 1.5% and 1.55% to 1.25% and 1.30%, a decrease of 25 basis points [1] - Other deposit products such as zero deposit and fixed deposit with interest withdrawal have also seen a reduction in rates, with 1-year, 3-year, and 5-year rates adjusted from 0.8% and 1% to 0.65% and 0.85% respectively [1] - Postal Savings Bank's 6-month and 1-year fixed deposit rates differ from the other five banks, decreasing from 1.01% and 1.13% to 0.86% and 0.98% respectively, maintaining a 15 basis point reduction [2] Summary by Category Demand Deposits - Demand deposit rates for the six major banks and China Merchants Bank decreased from 0.1% to 0.05%, a reduction of 5 basis points [1] Fixed-term Deposits - 3-month, 6-month, 1-year, and 2-year fixed-term deposit rates reduced from 0.8%, 1%, 1.1%, and 1.2% to 0.65%, 0.85%, 0.95%, and 1.05% respectively, a decrease of 15 basis points [1] - 3-year and 5-year fixed-term deposit rates reduced from 1.5% and 1.55% to 1.25% and 1.30%, a decrease of 25 basis points [1] Other Deposit Products - Rates for zero deposit, fixed deposit with interest withdrawal for 1-year, 3-year, and 5-year periods adjusted from 0.8% and 1% to 0.65% and 0.85% respectively [1] - Postal Savings Bank's rates for 6-month and 1-year fixed deposits adjusted from 1.01% and 1.13% to 0.86% and 0.98%, maintaining a 15 basis point reduction [2]