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]

《金融时报》记者注意到，中小银行为吸引更多储蓄资源，在存款利率设置上通常要略高于全国性银行。在本次调整后，部分城商行定期存款挂牌利率与 绝大多数股份行保持一致，整体的利率优势已不再明显。 紧跟全国性银行的步伐，各家城商行正在陆续下调存款挂牌利率。 记者从北京银行（601169）官网了解到，自5月27日起，该行已执行新的存款挂牌利率。调整后，该行一年期、二年期、三年期、五年期整存整取定期存 款挂牌利率分别调整为1.15%、1.20%、1.30%、1.35%，与光大银行（601818）、中信银行（601998）等多家股份制银行存款挂牌利率保持一致。 | 人民币储蓄存款利率表 (2025年5月27日起执行) | | | --- | --- | | 各项存款 | 储蓄存款利率(%) | | 一、活期存款 | 0.05 | | 二、定期存款 | | | (一) 整存整取 | | | 三个月 | 0. 70 | | 半年 | 0. 95 | | 一年 | 1. 15 | | 二年 | 1. 20 | | 三年 | 1. 30 | | 五年 | 1. 35 | 自5月26日起，江苏银行（600919）也调整了人民币存款挂牌 ...

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Views - **Stock Index**: After Trump postponed 50% of the tariffs, the EU stated that the EU - US trade negotiations had "new impetus" and planned to "advance rapidly." Japan planned to use LNG projects and shipbuilding technology to seek tariff concessions from the US, aiming to reach an agreement by mid - June. ECB President Lagarde said the euro could become an alternative to the US dollar. Domestically, the market rotation was fast, the main driving force was weak, and trading volume was insufficient, so the stock index might fluctuate weakly [1]. - **Treasury Bonds**: Since early May, factors such as the profit - taking after the "dual cuts," the bond market's risk - aversion sentiment due to the 90 - day tariff suspension, concerns about "deposit migration" after the deposit rate cut, and worries about bond issuance supply had a bearish impact on the bond market. Current bond market investors were generally cautious, and the view of "bullish but not buying" limited the depth of market adjustment to some extent and provided the probability and odds for subsequent trading [3]. 3. Strategy Recommendations - **Stock Index**: Adopt a defensive and wait - and - see strategy [2]. - **Treasury Bonds**: Bullish in the short term [4]. 4. Market Review - **Stock Index**: The main contract futures of CSI 300 fell 0.61%, that of SSE 50 fell 0.46%, that of CSI 500 rose 0.33%, and that of CSI 1000 rose 0.69% [6]. - **Treasury Bonds**: The 10 - year main contract rose 0.00%, the 5 - year main contract rose 0.01%, the 30 - year main contract rose 0.13%, and the 2 - year main contract rose 0.03% [9]. 5. Technical Analysis - **Stock Index**: The KDJ indicator of the Shanghai Composite Index suggested a weak trend [7]. - **Treasury Bonds**: The KDJ indicator of the T main contract showed a fluctuating and strong trend [10]. 6. Futures Data | Date | Futures Variety | Closing Price (yuan/contract) | Change (%) | Trading Volume (lots) | Open Interest (lots) | | ---- | ---- | ---- | ---- | ---- | ---- | | 2025 - 05 - 23 | CSI 300 Continuous | 3,831.20 | - 0.61 | 62,863 | 138,782 | | 2025 - 05 - 23 | SSE 50 Continuous | 2,684.40 | - 0.46 | 34,244 | 51,685 | | 2025 - 05 - 23 | CSI 500 Continuous | 5,594.60 | 0.33 | 56,454 | 110,791 | | 2025 - 05 - 23 | CSI 1000 Continuous | 5,925.00 | 0.49 | 133,893 | 181,503 | | 2025 - 05 - 23 | 10 - year Treasury Bond Continuous | 108.855 | 0.00 | 52,310 | 166,526 | | 2025 - 05 - 23 | 5 - year Treasury Bond Continuous | 106.060 | 0.01 | 48,389 | 125,742 | | 2025 - 05 - 23 | 30 - year Treasury Bond Continuous | 119.760 | 0.13 | 58,787 | 91,927 | | 2025 - 05 - 23 | 2 - year Treasury Bond Continuous | 102.430 | 0.03 | 31,127 | 102,629 | [12]

Group 1 - The core viewpoint of the articles highlights a shift in consumer behavior towards alternative investment products due to declining deposit interest rates in China, with many savers exploring options like bank wealth management products, money market funds, and bond funds [1][2][3] - The current interest rate for 3-year fixed deposits has dropped to 1.25%, prompting customers to seek higher-yielding alternatives, with some bank wealth management products offering annualized returns exceeding 4% [1][2] - Short-term fixed-income bank wealth management products, money market funds, and bond funds are gaining popularity among depositors, as they are perceived to have lower risk and higher returns compared to traditional fixed deposits [2][3] Group 2 - Analysts suggest that the reduction in deposit rates enhances the comparative advantage of bank wealth management and other asset management products, leading to a potential shift of deposit funds towards these products [2][4] - The trend indicates that smaller banks are likely to follow suit in reducing deposit rates, which could further optimize the structure of new deposit terms and help manage banks' funding costs [3][4] - The ongoing adjustments in deposit rates are expected to improve the net interest margin for listed banks, with a projected increase of 3.1 basis points by 2025 [3]

2025.05. 26 本文字数：2847，阅读时长大约5分钟 作者 | 第一财经 王方然 早上8点55分，深圳的阿亮（化名）手机闹钟准时响起。他迅速点开银行APP，手指悬在屏幕上方， 眼睛紧盯着屏幕——9点整，一款7天期产品的额度即将释放，这款产品近期的7日年化收益率多在 3%左右。3秒后，页面刷新，他闪电般点击"购买"，输入金额，确认……啪！"已售罄"的红色提示瞬 间弹出。"又没抢到！"阿亮叹了口气，这已经是他这周第三次扑空。 近日，像阿亮这样"抢理财"的投资者不在少数。在存款利率持续走低的背景下，银行理财子公司纷纷 祭出"短期高收益"产品，部分新发产品年化收益率甚至冲上6%，吸引大批资金从存款"搬家"，投资 者"蹲点抢额度"等新型理财战术应用而生。 "秒杀"抢额度 随着高收益新品的密集面市及费率下调，理财市场催生出一批蹲新发、抢额度的"淘金客"，他们试图 通过精细调仓，抢占新发理财产品高收益窗口期。阿亮便是其中一员。 "要想获得高收益率，要掐准三个关键点。"阿亮向记者介绍他的操作秘诀。首先是选品，在银行APP 中筛选成立不足3个月的首发热销产品；其次是择时，通过分析净值曲线，避开已经兑现收益的"过 气网 ...

Group 1 - The core viewpoint is that the migration of funds from deposits to wealth management products is driven by declining deposit rates, but the sustainability of high returns on these products remains uncertain [1][7][8] - Wealth management companies are launching short-term high-yield products to attract customers, with some products offering annualized returns exceeding 6% [2][3] - The issuance of wealth management products is increasing, with a significant rise in the number of new products launched recently [2][6] Group 2 - Investors are employing strategies to "snatch" high-yield products, indicating a competitive environment for acquiring these financial products [4][5] - The shift of deposits to wealth management products is evident, with a notable increase in non-bank deposits and a corresponding rise in the scale of wealth management products [6][7] - There are concerns about the future expansion of wealth management scales due to potential downward pressure on product performance benchmarks and the impact of market volatility [8]

Core Viewpoint - A new round of deposit rate cuts has begun, with foreign banks following suit in reducing RMB deposit rates [1] Group 1: Deposit Rate Adjustments - Mitsubishi UFJ Bank (China) announced a reduction in RMB deposit rates effective June 3, with the interest rate for demand deposits decreasing from 0.10% to 0.05% [1] - For time deposits, the rates for 3-month, 6-month, 1-year, and 2-year terms have been cut by 15 basis points, now standing at 0.65%, 0.85%, 0.95%, and 1.05% respectively [1] - The 3-year deposit rate has been reduced by 25 basis points, from 1.50% to 1.25% [1]

Core Viewpoint - The recent reduction in RMB deposit rates by major state-owned banks and some joint-stock banks has led to the near disappearance of the "deposit special forces" phenomenon, as the cost of traveling to different cities for better rates is no longer justified by the interest earned [1][2]. Group 1: Deposit Rate Changes - Major state-owned banks have lowered deposit rates to the "1" range, while small and medium-sized banks remain in the "3" range, indicating a trend towards lower overall deposit rates [2][3]. - The traditional hierarchy of deposit rates among different types of banks is becoming less distinct, with significant reductions in rates across various banking institutions [4]. Group 2: Disappearance of "Deposit Special Forces" - The essence of the "deposit special forces" was to exploit significant interest rate differences among banks, but this strategy is becoming less viable as rates converge [2][4]. - The People's Bank of China has previously prohibited cross-regional deposits, further diminishing the appeal of traveling for better rates [5]. Group 3: Young Investors' Behavior - As traditional deposit yields decline, young investors are diversifying their financial strategies, with some opting for stable investments like large-denomination certificates of deposit and government bonds, while others are entering the stock market [6][7]. - The number of new A-share accounts opened in 2024 reached approximately 25 million, with a notable increase in participation from younger generations [6].

Group 1 - The Tianhong Credit Bond ETF (159398) experienced a slight increase of 0.03% as of May 26, with a net inflow of over 900 million yuan in the past week [1] - The latest circulating scale of the Tianhong Credit Bond ETF reached a historical high of 5.267 billion yuan [1] - The People's Bank of China conducted a reverse repurchase operation of 382 billion yuan at a fixed rate of 1.4% on May 26, with a net injection of 247 billion yuan [1] Group 2 - The liquidity in the market remains stable, supported by the central bank's operations, despite seasonal pressures and the need for banks to manage liabilities [2] - Credit bonds are expected to perform strongly, with credit spreads narrowing across all maturities, indicating a potential trend of "deposit migration" [2] - The strategy suggests focusing on short to medium-term credit opportunities, as the market lacks a clear mainline direction [2]

重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、 收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 交易咨询业务资格：证监许可【2012】1091号 股指期货早报- 2025年5月26日 大越期货投资咨询部 杜淑芳 从业资格证号：F0230469 投资咨询证号：Z0000690 联系方式：0575-85226759 早评 期指 1、基本面：周五A股盘中跳水，金融科技、游戏概念股大幅回调，汽车、黄金、医疗板块涨幅居前； 偏空 IF2506贴水35.07点，IC2506贴水91.24点，IM2506贴水117.68点，偏空 2、资金：融资余额17984亿元，增加36亿元；中性 3、基差：IH2506贴水18.85点，中性 4、盘面：IM>IC>IF> IH（主力），IM、IC、IF、IH在20日均线上方，偏多 5、主力持仓： IH主力多减，IF 主力多增，IC 主力多减，偏多 6、预期：LPR利率和存款利率下调，整体指数震荡运行，2024年年报数据显示，A股上市公司四分之 三的公司实现盈利。市场短期缺乏主线，震荡运行为主。 | ...