娄飞鹏 2022年以来，商业银行围绕降低负债成本采取多项措施。在利率市场化大背景下，商业银行按照市场化 原则，存款挂牌利率经历多轮下调。在存款利率下调的同时，商业银行积极取消手工补息、整治智能存 款等高息揽储行为，中间出现定期存款中，期限较短的存款利率高于期限较长的存款利率，也就是存款 利率"倒挂"的情况。特别是进入今年四季度以来，部分区域商业银行下架五年期甚至是三年期定期存 款，临近年底国有大型商业银行下架五年期大额存单或者提高大额存单购买门槛等。 从银行业的角度看，降低存款利率和下架利率较高的长期存款产品，主要是为了稳定净息差。2022年以 来，我国商业银行净息差经历快速下降。根据国家金融监管总局的统计数据，今年三季度商业银行净息 差为1.42%。就纵向比较看，商业银行净息差已经处于低位。在稳定净息差上，银行业可以从提高资产 端收益率，降低负债端成本两端发力。然而，考虑到我国经济回升向好基础仍需巩固，仍然需要降低社 会融资成本，这意味着商业银行提高资产端收益率稳定净息差的可行性较低。 在这种情况下，商业银行在资产端寻求空间的同时，需要更多从负债端考虑降低成本，从而更好地稳定 净息差。存款作为商业银行最重要 ...

继国有六大行全面停售5年期大额存单后，大额存单的起存门槛持续走高。 存款短期化成趋势 大额存单是银行负债业务的核心工具之一，目前多数银行的大额存单起步门槛仍维持在20万元。而部分 银行缩短大额存单发售期限、抬高购买门槛，也折射出了银行业转型发展的方向。薛洪言就此表示，第 一，存款短期化趋势明确，银行主动收缩长期限负债，以匹配资产端结构、管理利率风险；第二，客户 经营进入精细化阶段，从统一门槛到多级设置，意味着银行从规模扩张、同质化竞争，加速转向以客户 为中心的综合金融服务模式。 杨海平认为，在资产负债策略精细化的背景下，银行对负债类产品的额度、投放规则等管控更趋严格， 本质是加强负债管理、引导客户行为，从"敞开吸纳存款"转向"主动筛选客户"。 薛洪言认为，此次高门槛举措预计会产生传导效应，但路径将分化。大型银行因相似的负债成本压力， 大概率会跟进客户分层策略；而中小银行或采取差异化竞争，部分银行通过略高利率吸引客群，也有部 分银行聚焦本地市场提供特色产品，形成错位竞争格局。 薛洪言建议，银行需推进系统性转型，构建灵活精细的负债管理体系，实现期限、门槛、定价的差异 化；深化客户分层经营，围绕不同客群需求提供综合 ...

武泽伟称，此举并非单纯拒绝存款，而是进行"客户分层"，通过高门槛筛选出高净值客户，以极低的利率定价"劝退"普通储户，引导资金流向低成本负债 端，旨在实现客户结构的优化。 "工商银行三年期大额存单门槛提至100万元"。 随着六大行下架5年期大额存单，3年期大额存单的风吹草动都会在市场上激起小水花。 不过，12月4日，新京报贝壳财经记者从工商银行网点获悉，该行一直有百万元起存大额存单，且20万元起存的3年期大额存单仍在售，两者利率均为 1.55%。 "大额存单每周一到周五9点半开售。"工商银行工作人员称。当天，根据工商银行App，3年期大额存单分为100万元起存、20万元起存两款产品，前者当前 已售罄，后者剩余额度大于1000万元。 苏商银行特约研究员武泽伟表示，国有大行调整大额存单门槛、下架长期产品，并统一高低门槛产品的利率，反映了其在净息差处于历史低位背景下，主动 且精细化的负债管理策略。其核心诉求是直接压降高成本的长期负债规模，以稳定息差。 六大行已无5年期大额存单，3年期仍可20万起购 12月4日，工商银行App显示，在售大额存单仅剩1个月、3个月、6个月、1年、2年、3年，利率在0.9%-1.55%，多 ...

Core Insights - The long-term large-denomination certificates of deposit (CDs) are gradually disappearing, with major state-owned banks ceasing to offer 5-year CDs, reflecting a shift in banks' liability management strategies in a low-interest-rate environment [1][2][4] Group 1: Changes in Product Offerings - Six major state-owned banks, including ICBC, ABC, BOC, CCB, BOCOM, and PSBC, have completely removed 5-year large-denomination CDs from their offerings [2][3] - The remaining products from these banks have shifted towards shorter terms, with ICBC offering rates of 1.55% for 3-year CDs and 1.20% for 1-year and 2-year CDs [2][3] - The absence of 5-year CDs has been noted across other banks, with Agricultural Bank of China also not listing any 5-year products in its catalog from 2018 to 2025 [3] Group 2: Impact on Interest Margins - The reduction of long-term high-cost CDs is seen as a direct method for banks to optimize their liability structure and stabilize net interest margins [4] - As of Q3 2025, the net interest margin for commercial banks in China was reported at 1.42%, remaining at a historical low [4] - Since the establishment of the market-oriented deposit rate adjustment mechanism in April 2022, major banks have reduced deposit rates in seven rounds, with the latest cuts occurring in May 2025 [4] Group 3: Shifts in Investment Behavior - With declining interest rates, there is a growing need for depositors to adopt rational expectations and consider diversified asset allocations, such as government bonds and low-risk investment products [5] - A survey indicated that 62.3% of urban residents preferred "more savings," a decrease of 1.5 percentage points from the previous quarter, while 18.5% favored "more investments," an increase of 5.6 percentage points [5] - The scale of the banking wealth management market reached 32.13 trillion yuan by the end of Q3 2025, reflecting a year-on-year increase of 9.42% [5]

Core 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].

Core Viewpoint - The absence of 5-year large denomination certificates of deposit (CDs) from major state-owned banks reflects a trend in the banking sector towards shorter-term products and more precise liability management in a low interest rate environment [1][2][3] Group 1: Current Market Situation - Major banks including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank currently do not offer 5-year large denomination CDs [1] - Bank of China has issued at least 37 batches of personal large denomination CDs from 2016 to 2025, but since 2023, 5-year CDs are only available to specific clients rather than all personal customers [1] - Agricultural Bank of China has not issued 5-year large denomination CDs since 2022, focusing instead on products with terms of 3 years or less [2] Group 2: Interest Rate Dynamics - Some banks are experiencing a phenomenon where the interest rate for 5-year fixed deposits is lower than that for 3-year fixed deposits, indicating a "negative spread" [2] - As of the third quarter of this year, the net interest margin for commercial banks was 1.42%, showing a year-on-year decrease of 11 basis points, despite some banks stabilizing their margins [2] Group 3: Strategic Adjustments - Banks are adopting more refined strategies for liability management, including shortening deposit terms and offering differentiated deposit strategies targeting specific customer segments, particularly the elderly [3] - The elderly demographic, which accounts for over 70% of savings deposits, is being targeted with higher interest rates and lower minimum deposit thresholds, optimizing the banks' liability structure and reducing liquidity management pressure [3] - This approach not only enhances the banks' ability to attract stable long-term funds but also aligns with social responsibility by providing tailored services to older customers, thereby building brand trust and achieving a balance between commercial and social value [3]

Core Viewpoint - The absence of 5-year large denomination certificates of deposit (CDs) from major state-owned banks in China has raised concerns, but this trend is not new as some banks have stopped offering these products for several years [1][9]. Group 1: Product Availability - Major banks, including the six largest state-owned banks, currently do not offer 5-year large denomination CDs, which were not a long-term product type for these banks [1]. - China Bank has issued at least 37 batches of personal large denomination CDs from 2016 to 2025, with some 5-year products available in specific years, but since 2023, these are only offered to select customers [1][9]. - Agricultural Bank of China has not offered 5-year large denomination CDs since at least 2022, focusing instead on products with shorter terms [7][9]. Group 2: Interest Rate Environment - The current low interest rate environment has led banks to actively manage their liabilities, resulting in the discontinuation of longer-term large denomination CDs [9]. - As of the third quarter of this year, the net interest margin for commercial banks was 1.42%, showing a year-on-year decrease of 11 basis points, indicating ongoing pressure on profitability [9]. Group 3: Targeted Strategies - Banks are adopting differentiated deposit strategies, particularly targeting older customers with higher interest rates and lower minimum deposit requirements, which is becoming a common practice in the industry [10][11]. - This approach helps optimize the liability structure, secure stable long-term funding, and reduce liquidity management pressure [11].

Core Viewpoint - The recent absence of 5-year large denomination certificates of deposit (CDs) from major state-owned banks reflects a broader trend in the banking sector towards managing liabilities in a low-interest-rate environment [1][9]. Summary by Sections Product Availability - Major banks including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and others have not offered 5-year large denomination CDs for some time, with some banks ceasing to offer them several years ago [2][6][8]. - Bank of China has issued at least 37 series of personal large denomination CDs from 2016 to 2025, with 5-year products available only to specific clients since 2023 [2]. Market Trends - The overall trend of discontinuing long-term large denomination CDs is a response to the narrowing net interest margins faced by banks, which have seen a decrease of 11 basis points year-on-year, stabilizing at 1.42% as of the end of Q3 this year [9]. - Banks are adopting more refined strategies for liability management, including shortening deposit terms and offering differentiated deposit strategies targeting specific customer segments, particularly the elderly [9][10]. Customer Targeting - The strategy of offering higher interest rates and lower minimum deposit thresholds for elderly customers has become increasingly common, especially among smaller banks [9][10]. - This approach not only optimizes the liability structure but also helps in building a core customer base, enhancing brand trust through tailored services [10].

Core Insights - The banking industry is undergoing a transformation characterized by a shift from high-interest deposit competition to more refined and restrained liability management strategies [2][3] - The current interest rate cuts reflect a deeper adjustment towards actuarial and stratified operations within banks, rather than a simple price war [3] Group 1: Interest Rate Trends - Many small and medium-sized banks have lowered deposit rates, with some three-year products dropping to the "1" range [2] - Some joint-stock banks and rural commercial banks have initiated year-end "deposit drives" using incentives like red envelopes and exclusive rates to stabilize funds [2] Group 2: Profitability and Liability Management - The compression of net interest margins limits profitability, while the cost of liabilities remains difficult to reduce further [2] - Banks are focusing on structural adjustments, moving away from a blanket high-interest deposit strategy to a more segmented approach based on customer type, deposit duration, and fund stability [2] Group 3: Targeted Products - Certain banks have launched "senior" or "long-term" deposit products aimed at older customers, offering slightly higher rates and lower thresholds to retain stable, risk-averse clients [2] - For younger customers, banks are enhancing account activity through mobile banking tasks and investment points to indirectly stabilize general deposits [2] Group 4: Competitive Landscape - The evolution of product strategies reflects a shift in banks' liability management thinking, focusing on retaining stable funds at lower costs [3] - The competition will increasingly center on who can maintain stable funding and lower costs, rather than simply offering higher interest rates [3]

Meeting Overview - The 30th meeting of the 10th Board of Directors of Guangxi Wuzhou Zhongheng Group Co., Ltd. was held on August 28, 2025, with all 7 directors participating [1][2]. Resolutions Passed - The board approved the 2025 semi-annual report, which will be disclosed on the Shanghai Stock Exchange website [1]. - The board approved the analysis report on risk and internal control management for the second quarter of 2025 [2]. - The board nominated Ms. Wang Liang as a candidate for the 10th Board of Directors, with her background detailed in the announcement [2][3]. - The board approved a proposal to acquire partnership shares from Guangxi Haisheng Investment Management Co., Ltd. and Guangxi United Asset Management Co., Ltd., with a total acquisition price of 100.68 million yuan [3][4]. - The board agreed to establish a market value management system for the company [4][5]. - The board approved the revision of the debt management measures [5]. - The board decided to hold a temporary shareholders' meeting at an appropriate time [5]. Voting Results - All resolutions were passed with unanimous support, receiving 7 votes in favor and no opposition or abstentions [2][5].