Core Viewpoint - Recent adjustments in deposit interest rates by small and medium-sized banks have led to a notable decline in long-term deposit rates, with some institutions offering five-year fixed deposit rates as low as 1.2%, which is below the state-owned banks' rates of 1.3% for the same period [1][2]. Group 1: Rate Adjustments - Several rural commercial banks and village banks have announced reductions in their fixed deposit rates, with Guangdong Qingxin Rural Commercial Bank lowering its five-year rate to 1.25% and Guangzhou Huadu Chouzhou Village Bank to 1.2% [2]. - The adjustments in small and medium-sized banks contrast sharply with the collective rate cuts by state-owned banks, which reduced their three-month to two-year rates by 15 basis points and five-year rates by 25 basis points [2][3]. Group 2: Market Dynamics - The decline in long-term deposit rates among small and medium-sized banks is attributed to a combination of narrowing net interest margins, maturity mismatch risks, and the transmission of policy changes [3][4]. - The net interest margin for commercial banks in China has decreased to 1.43% in the first quarter of this year, indicating pressure on profitability [4]. Group 3: Future Trends - The phenomenon of inverted interest rates, where short-term rates are higher than long-term rates, is expected to persist in the short term due to ongoing net interest margin pressures [4][5]. - Small and medium-sized banks are likely to adopt a pricing strategy that favors higher short-term rates while suppressing long-term rates to attract liquidity-sensitive customers [4][5]. Group 4: Strategic Recommendations - To address the challenges posed by the current interest rate environment, small and medium-sized banks are encouraged to implement differentiated pricing strategies, innovate deposit services, and accelerate digital transformation [5][6]. - Enhancing strategic research capabilities and refining deposit pricing strategies are essential for improving customer retention and managing funding costs effectively [5][6].

南华研究院 高翔（Z0016413） 投资咨询业务资格：证监许可【2011】1290号 盘面点评： 国债期货早盘高开低走，午后窄幅震荡，尾盘拉升全线收涨。资金利率依旧不高，DR隔夜收至1.4%以 下，公开市场净回笼6亿元，流动性保持充裕。 国债期货日报 2025年6月 4日 消息只是触发剂 观点：坚定持有 日内消息： 1.财政部、住房城乡建设部组织开展了2025年度中央财政支持实施城市更新行动评选，拟支持的20个城 市为（按行政区划排序）：北京、天津、唐山、包头、大连、哈尔滨、苏州、温州、芜湖、厦门、济南、 郑州、宜昌、长沙、广州、海口、宜宾、兰州、西宁、乌鲁木齐。 行情研判： 债市近期成交偏平淡，存款利率调整落地后多头缺乏足够的上冲动能，但不论是数据发布还是资金水平都 难以构成真切的利空。纠结的环境下，存单提价、风险资产的跷跷板效应等短期因素对市场的影响被放 大，今天也是如此，早盘随着A股拉升债市震荡走低，午后则因为一则谈判相关的消息再度拉升。 但从结构上来说，依旧需要思考几个问题，不论是久期中性还是现券上，今天短端都要强于长端，然而存 单依旧在提价，为什么前几天债市走弱的理由到今天突然不适用了？另外，如果 ...

银行理财 2025 年 6 月月报 优于大市 当"存款搬家"遇到监管指引 证券研究报告 | 2025年06月04日 5 月银行理财规模继续保持高增长。5 月存款利率下行，而理财收益基准维 持较高水平，这带动了银行理财规模扩张。从收益看，国股行一年期存款利 率降至 1%以下，而 5 月银行理财业绩表现较好，当月理财规模加权平均年化 收益率 2.57%，较上月持平；其中现金管理类产品年化收益率 1.49%，纯债 类产品年化收益率 2.69%。收益率优势促进存款搬家和理财规模增长，5 月 份存量规模回升至 31.3 万亿元，环比上月回升 0.5 万亿元。 同时监管政策持续规范理财业务，理财产品的形态、运作模式仍在调整中。 一方面，监管政策通过机构评级办法鼓励理财子公司重视业务质量，弱化规 模增长。根据 21 世纪资管研究院披露，理财公司分类监管评级办法试点阶 段相关内容正进入讨论期：未来银行理财分类监管评级办法不再鼓励银行理 财公司单纯冲规模；评级要素包括公司治理、资管能力、风险管理、信息披 露、投资者权益保护和信息系统六大方面，其中资管能力权重最高。监管评 级结果分为 1-6 级，数值越大即评级得分越低，越需要重 ...

证券研究报告 | 2025年06月04日 银行理财 2025 年 6 月月报 优于大市 当"存款搬家"遇到监管指引 5 月银行理财规模继续保持高增长。5 月存款利率下行，而理财收益基准维 持较高水平，这带动了银行理财规模扩张。从收益看，国股行一年期存款利 率降至 1%以下，而 5 月银行理财业绩表现较好，当月理财规模加权平均年化 收益率 2.57%，较上月持平；其中现金管理类产品年化收益率 1.49%，纯债 类产品年化收益率 2.69%。收益率优势促进存款搬家和理财规模增长，5 月 份存量规模回升至 31.3 万亿元，环比上月回升 0.5 万亿元。 同时监管政策持续规范理财业务，理财产品的形态、运作模式仍在调整中。 一方面，监管政策通过机构评级办法鼓励理财子公司重视业务质量，弱化规 模增长。根据 21 世纪资管研究院披露，理财公司分类监管评级办法试点阶 段相关内容正进入讨论期：未来银行理财分类监管评级办法不再鼓励银行理 财公司单纯冲规模；评级要素包括公司治理、资管能力、风险管理、信息披 露、投资者权益保护和信息系统六大方面，其中资管能力权重最高。监管评 级结果分为 1-6 级，数值越大即评级得分越低，越需要重 ...

Core Viewpoint - The article discusses the significant decline in deposit interest rates in China, marking the end of the "risk-free" era for conservative savers, and highlights the shift towards stock market investments as a new financial strategy for individuals [1][3][14]. Group 1: Deposit Rate Changes - Major state-owned banks in China have collectively lowered deposit rates, with the one-year fixed deposit rate dropping to 0.95%, resulting in a decrease in interest income from 1,450 yuan to 950 yuan for a 100,000 yuan deposit [1][3]. - This reduction in deposit rates has severely diminished the attractiveness of traditional savings, particularly impacting middle-aged and elderly savers who rely on interest income [3]. Group 2: Investment Landscape - The decline in low-risk investment options has led to a growing interest in the stock market, which is now seen as a primary avenue for personal finance [4][5]. - The stock market is experiencing increased attention due to supportive policies aimed at enhancing investor returns and the influx of long-term capital from insurance and pension funds [5]. Group 3: Investor Education and Tools - There is an urgent need for investor education as individuals transition from savings to stock market investments, emphasizing the importance of knowledge and preparation to avoid risky investments [7][8]. - The emergence of intelligent stock learning tools, such as the "Easy Knowledge Stock Path" by Jiufang Zhitu, aims to equip investors with the necessary skills and knowledge to navigate the stock market effectively [10][12]. Group 4: Future of Investment - The article concludes that the era of risk-free returns is over, and investors must embrace knowledge-driven investment strategies to achieve wealth growth [14]. - The shift towards cognitive and professional investment tools is essential for navigating the complexities of the current market environment [12][14].

5年期整存整取利率3年时间已经"腰斩"。 5月份，一场力度空前的存款利率调降风暴席卷整个民营银行圈。 据第一财经不完全统计，在19家民营银行中，15家银行在5月份完成降息动作，单月调降频次多达22 次，与过去"小步快跑"的微调不同，民营银行在5月底集体亮出"狠招"，多家银行断崖式降息。 此次调降之后，民营银行3个月、6个月、1年期整存整取全面步入"1时代"；2年期、3年期、5年期存款 利息普遍在2%以内，最高2.4%。其中，多家银行5年期存款已下架。 "民营银行的存款利率甚至已被部分城商行、农商行反超，正在沦为'利率洼地'。"一位业内人士称。 截至5月底，民营银行存款利率上限已全面降至2.4%，这也击碎了储户们对于高息存款的最后幻想。 据业内统计，在民营银行阵营中，3个月存款利率最高为1.5%、6个月最高为1.8%；1年期存款利率最高 为1.85%，2年期最高为2.4%；3年期和5年期存款利率最高的是华瑞银行，分别为2.4%、2.35%。 而当前民营银行存款利率上限已全面降至2.4%，也击碎了储户们对于高息存款的最后幻想。 降息"闪电战" 5月20日，六大国有银行宣布下调存款利率，股份行快速跟进，而过去往往" ...

尊敬的审阅人员和品鉴读者：本文是经过严格查阅相关权威文献和资料。 全文数据有据可依，可供查证。 100万存款在今天到底算什么？很多人一听这句话，不屑一笑，说这点钱能干嘛。可真要把账掰开讲，不吹不黑，能真拿出这笔钱静静躺银行里的，不多。 别看社交平台上个个都是投资专家、房产大户，一问全是资产千万，可你要是问他们有多少是现金？场面会突然安静下来。 一个真实的细节：根据中国人民银行发布的数据，全国60%以上的储户银行存款不超过10万元，而能达到100万元及以上的，连5%都不到。这不是编的，是 央行官方数据。所以，别急着看不起那位晒存款的大哥，他可能早就甩了大部分人好几条街。 说资产没意义，这是个聪明的说法。你说房子，账面值听着高，但真套现试试？打个折再扣税，再算交易周期、资金沉淀和心理压力，那点所谓的千万资产 就像玻璃花瓶，看着贵，其实脆。而现金就不一样，它是你可以随时拿出来对抗任何突发情况的底气，是不用求人、不靠贷款、不被迫套现的自由。 有朋友问，100万放银行，不就贬值吗？没错，放活期吃利息那是慢性贬。但关键不在于你怎么存，而在于你能不能做到有得选。有100万存款的人，有选择 权。他可以拿部分去买稳健理财、国债 ...

面对低息存款，民众倾向将存款转向银行理财、基金等资管产 品。对银行而言，这令负债端资金获取压力加大，如何通过优 化存款结构留住存款与提升负债端资金稳定性，将是银行面临 的一大新挑战；面对存款流向理财，银行理财产品如何有效应 对债券收益率下行并提升资产配置收益率，满足用户对低波 动、高收益的投资诉求，挑战同样不小。 作者：陈植 封图：图虫创意 "吸存压力相当高。"刘辉向记者感慨说。 作为一位国有大型银行华东地区分行柜台人员，她发现过去一周将存款转向理财产品的用户明显增 加。究其原因，5月20日，大型银行率先拉开新一轮存款利率调降序幕，这意味着一年期定期整存 整取挂牌利率低于1%。 "我好几次想建议用户将钱留在存款，但一想到一年期整存整取利率不到1%，或许我自己都会将资 金投向理财。"她向记者坦言。 普益标准发布的最新数据显示， 截至 5 月29日，银行系理财产品存续规模达到31.35万亿元，较1 月底增加1.49万亿元。 这背后，是降准降息预期令存款再度搬家，流向理财产品。 面对新一轮"存款搬家"，银行继续通过发行同业存单募资以缓解负债端资金获取压力。然而，尽管 5月20日7天期逆回购利率从1.5%降至1.4% ...

Core Viewpoint - The deposit insurance publicity activities organized by China CITIC Bank Baotou Branch aim to enhance public awareness of the deposit insurance system and promote its understanding through various grassroots initiatives [1][2]. Group 1: Publicity Activities - The theme of the publicity campaign is "Ten Years of Deposit Insurance, Protecting Thousands of Families," focusing on grassroots outreach in villages, communities, schools, enterprises, and government agencies [1]. - The campaign also extends to markets, hospitals, ports, military camps, and red tourism sites to further increase the coverage of grassroots publicity [1]. Group 2: Multi-Dimensional Promotion - Various institutions collaborated to conduct financial knowledge promotion activities, utilizing booths, display boards, banners, and brochures to emphasize financial safety and explain deposit knowledge [1]. - A promotional video titled "Ten Years of Deposit Insurance, Trusting Thousands of Families" was launched to vividly interpret the essence of deposit insurance regulations, integrating local and ethnic characteristics [1]. Group 3: Community Engagement - The deposit insurance publicity team engaged with the public by visiting schools, communities, markets, and hospitals, bringing deposit insurance knowledge into various aspects of daily life [1]. - The initiative aims to help the public solidify their understanding of financial safety [1][2].

Core Insights - The total deposits of recognized institutions in Hong Kong increased by 0.6% in April 2025, with Hong Kong dollar deposits decreasing by 0.7% and foreign currency deposits rising by 1.6%, reflecting corporate fund flows [1] - From the beginning of the year to the end of April, total deposits and Hong Kong dollar deposits rose by 4.1% and 4.4%, respectively [1] - Renminbi deposits in Hong Kong rose by 7.4% in April, reaching 1,030.9 billion yuan, primarily due to corporate fund flows [1] - The total amount of Renminbi remittances for cross-border trade settlements in April was 1,362.1 billion yuan, compared to 1,184.0 billion yuan in March [1]