以下文章来源于21世纪资管研究院 ，作者21金融圈 21世纪资管研究院 . 21世纪资管研究院是南方财经全媒体集团旗下致力于资管领域政策和业务研究的独立智库，研究院宗 旨：探索全球资管发展新趋势，求解国内资管发展新问题，搭建资管人才成长大平台，促进资管行业健 康长远发展。 作 者丨李览青 编 辑丨包芳鸣 江佩佩 降利率、缩期限，曾经"一单难求"的高收益大额存单产品越来越少了。 21世纪经济报道记者登录六大行以及多家股份行、城商行、民营银行APP发现， 不仅五年期 大额存单"失踪"，除了国有银行外，多家股份行、城商行的三年期大额存单都已下架，仅提 供最高期限为两年期的大额存单产品。 | 大额存单 我的大额存单 | | | | | --- | --- | --- | --- | | 2025年第四期1个月个人大额存单(2025100401) - ... | | | | | 产品利率(%) 0.90 | 起存金额(元) 200,000.00 | 交易城差 0.01 (1) | 存入 | | 2025年第三期1个月个人大额存单(2025100301) - ... | | | | | 产品制空(%) 0.90 | 超存 ...

Core Viewpoint - The availability of high-yield large-denomination certificates of deposit (CDs) is decreasing, with many banks no longer offering products with longer maturities, and the interest rates have entered the 1% era for most banks [1][2]. Group 1: Availability of Large-Denomination CDs - Many banks, including major state-owned and joint-stock banks, have removed five-year and some three-year large-denomination CDs from their offerings, now only providing up to two-year products [1][2]. - The interest rates for large-denomination CDs have significantly decreased, with most banks offering rates below those of money market funds [4][2]. Group 2: Interest Rate Comparison - The annualized interest rates for large-denomination CDs vary by bank size and type, with major banks offering rates as low as 0.9% for one-month CDs and 1.55% for three-year CDs, while some private banks offer rates as high as 2.3% for three-year CDs [3][6]. - The average annualized interest rate for listed banks' deposit rates has decreased to 1.82% in 2024, down 15 basis points from 2023 [9]. Group 3: Market Trends and Strategies - In response to declining interest rates, banks are focusing on optimizing their liability structures and shifting resources towards high-net-worth clients [6][9]. - The trend of transferring high-yield large-denomination CDs is gaining traction, with clients seeking to acquire older CDs with better rates through transfer zones [5][6]. Group 4: Regional Rate Discrepancies - There are notable regional differences in the interest rates for the same large-denomination CD products, with variations observed across cities such as Shanghai, Zhejiang, and Jiangsu [6][9]. Group 5: Impact of Regulatory Changes - The continuous decline in the interest rates for large-denomination CDs is a result of the market-oriented interest rate reforms and the reduction of the Loan Prime Rate (LPR) [6][8]. - The net interest margin for banks has narrowed, with the average margin dropping to 1.43% in the first quarter of 2025, down from 1.54% in the previous year [6][8].

中经记者 郝亚娟 张漫游 上海 北京报道 五年期大额存单正悄然退出银行货架。《中国经营报》记者调查发现，多家银行网点内大额存单期限普 遍"缩水"，最长仅剩两年期产品，且额度持续紧俏。 惠誉评级亚太区金融机构评级董事徐雯超告诉记者，随着LPR下调，银行资产端收益率持续下降，为了 缓解息差压力，停止发行五年期大额存单是银行管理负债端成本的措施之一，以保持合理的息差水平。 星图金融研究院副院长薛洪言亦赞同上述说法，他指出，如今银行净息差已逼近警戒线。2025年一季度 商业银行净息差收窄至1.43%的历史低位，在贷款利率持续下行的背景下，银行通过压降高成本长期负 债缓解压力成为必然选择。 整体来看，银行正主动打响负债结构优化战——全面下架高成本长期存款、引导储户转向灵活产品，同 时借力理财与结构性存款开拓新战场。当保本理财选项日益稀缺，投资者亟须重构资产配置逻辑，一场 关乎收益与风险的再平衡已然开始。 净息差收窄至历史低位倒逼银行"断臂求生" 记者查阅招商银行App发现，该行大额存单的最长期限为两年。此外，记者实地走访上海多家银行网点 发现，目前大额存单普遍存在额度紧张、期限较短的情况。某农商行网点工作人员表示，目前 ...

【环球网财经综合报道】自2022年4月中国人民银行指导利率自律机制建立存款利率市场化调整机制以来，存款挂牌利率历 经七次下调。2024年5月20日第七次下调后，存款利率全面进入"1%"时代，中小银行也纷纷跟进。 储蓄型寿险产品吸引力提升是寿险保费增长主因。银行存款"保值增值"属性弱化，而保险产品兼具保障与投资功能，成为 居民储蓄"避风港"。多数寿险产品预定利率仍高于一年期存款利率，对资本市场投资能力较低的消费者而言是较好选择。 不过，定期寿险、年金保险和两全保险的费率会因预定利率下调有所提升。 存款利率下行背景下，寿险业务原保险保费收入却逆势增长。2022年以来，保险业原保险保费收入与寿险业务原保险保费 收入逐年递增且增速加快，2024年寿险业务实现原保险保费收入3.19万亿元，同比增长15.45%，高于行业整体增速。 在此形势下，保险公司产品策略改变，加大浮动收益型产品供给。今年一季度，人寿保险中分红型、万能型产品占比近四 成，年金保险中此类产品占比超三成且较去年上升10个百分点。多家上市险企高管也表示将加大分红险等浮动收益型产品 供给。 业内人士认为，长远来看，保险公司需从"储蓄替代"向"风险保障 + 长 ...

从20世纪90年代靠利率与网点"跑马圈地"，到2010年后用米面粮油掀起"礼品大战"，再到2025年以泡泡玛特LABUBU盲盒吸引年轻人的目光……中国银行业 的揽储史随着储户的喜好不断"进化"。当LABUBU盲盒在二手市场被炒至数千元、成为年轻人的"社交货币"时，平安银行部分分行推出"平安好邻居"新开户 回馈活动，即存入资金有机会获得LABUBU引发关注。狂热之下，有储户为盲盒开户；更有其他机构客户经理为挽留500万元存款急寻LABUBU购买渠道。 在利率市场化、资管产品分流压力下，银行对揽储与长效获客的渴望凸显。如何跳出"礼品竞赛"逻辑，用真正的服务创新转化为客户价值，才是银行获客博 弈中最需要破解的密码。 ● a Wierz POP MART 当银行遇上了潮玩，获客又有了新思路。2025年，泡泡玛特的LABUBU系列盲盒成为最炙手可热的潮玩单品。5月起，这个有着独特精灵气质的IP在全球范 围内掀起抢购热潮，线上商城更是一开售就被秒空，长期处于"一盒难求"的状态。二手交易平台上，LABUBU盲盒的价格更是被炒至高位，原价99元的普通 款，市场价普遍在200—600元之间浮动，而隐藏款更是被炒到数千元以上，成 ...

6月8日，记者收到光大银行的大额存单发售提示，了解后发现，该行当前在售的大额存单最长期限为3 年。其他银行的情况也类似，工商银行、建设银行、浦发银行、招商银行……包括多家地方城商行在 内，近期发售的产品中5年期大额存单已经悄然"下架"，部分银行在售大额存单的最长期限为2年期。 银行在售的特色存款中，中长期产品也难觅踪迹，记者查询银行APP发现，多家商业银行在售的特色存 款产品期限均不超过1年。 利率方面，当前商业银行在售的大额存单产品中，股份制银行3年期大额存单的利率大多为1.75%，国 有大行3年期大额存单的利率则均为1.55%。 与整存整取的定期存款相比，大额存单产品此前具备的"利率优势"正在缩小。以工行、建行为例，当前 3年期大额存单利率与定期存款利率最高均为1.55%，已然拉平。3个月期、6个月期等部分期限较低的 存款产品中，大额存单利率仅较定存产品高出10个基点。部分农商行等地方中小银行的在售产品中，更 是已经难觅大额存单产品的踪迹。 在业内人士看来，当前银行普遍暂停五年期大额存单发行，不再提供中长期特色存款等是为了降低负债 成本，保持合理净息差水平的需要。当部分商业银行3年期、5年期定期存款产品出 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - The short - end interest rates in the bond market may open a downward space. The yield of 1 - year inter - bank certificates of deposit is expected to decline to around 1.6%, and the yield of 1 - year treasury bonds is expected to decline to 1.3%. The full decline of short - end interest rates will bring a downward space for long - end interest rates. The bond market may first experience a bullish steepening and then a bullish flattening. The strategy is to first use the "bullet" strategy and then the "dumbbell" strategy. If the central bank restarts the operation of buying and selling treasury bonds, it will directly benefit the bond market, especially short - end varieties. Even without considering the central bank's purchase of treasury bonds through primary dealers, large banks also have the motivation to buy short - term bonds. After the peak maturity period of inter - bank certificates of deposit in June, the yield is expected to decline, and the yields of corresponding treasury bonds and credit bonds will also decline [2][7][28]. Summary by Relevant Catalogs 1. Large Banks Buying Short - Term Bonds, Short - End Market Expected to Start - If the central bank restarts the operation of buying and selling treasury bonds, it will directly benefit the bond market, especially short - end varieties. The form may be similar to that in the fourth quarter of 2024, mainly manifested as the purchase of short - duration treasury bonds rather than "buying short and selling long" [5][13]. - Even without considering the central bank's purchase of treasury bonds through primary dealers, large banks have the motivation to buy short - term bonds: 1) Since this year, long - term bond trading has been difficult and the profit - making effect has been weak, so large banks have the motivation to adjust their strategies and buy short - term bonds. 2) Since this year, the average issuance term of government bonds has been higher than in previous years. After taking on more long - duration assets, large banks also have the motivation to buy short - term treasury bonds to balance the duration of the bond investment portfolio. 3) After the reduction of the listed deposit rate in mid - and late May, there is a possibility of "deposit transfer" in banks. This part of the funds mainly flows back to the banking system through non - banks' allocation of inter - bank certificates of deposit and inter - bank current deposits, which may bring pressure on the shortening of the liability duration of banks. Therefore, large banks also have the demand to buy short - duration treasury bonds to balance the asset - liability duration [5][17]. 2. Bank Liability Pressure is Controllable, and the Yield of Certificates of Deposit is Expected to Continue to Decline - The reduction of bank deposit rates theoretically has a negative impact on certificates of deposit and is beneficial to short - duration treasury bonds and credit bonds. Considering the uncertain recovery of real - economy financing and the central bank's recent care attitude, after the peak maturity period of inter - bank certificates of deposit in June, the yield is expected to decline to around 1.6%, and the yields of corresponding treasury bonds and credit bonds will also decline [6][21]. - The reduction of deposit rates and the financial disintermediation after the rectification of "manual interest compensation" have similarities and differences. The reduction of the listed deposit rate is a normal process of interest rate marketization transmission. Due to the stickiness of general deposits, the "deposit transfer" caused by the reduction of the listed deposit rate will be slower than that caused by the rectification of manual interest compensation. The final influencing factors of the price of inter - bank certificates of deposit are the central bank's liquidity injection and the consumption of banks' excess reserves by real - economy financing. Currently, the central bank has shown its care attitude towards liquidity, and the recovery of real - economy financing is still slow. It is currently judged that 1.7% is basically the upper limit of the yield of 1 - year inter - bank certificates of deposit, and it is expected to decline to 1.6% after the maturity pressure in June [6][22]. 3. Short - End Interest Rates Decline First, Then Driving Long - End Interest Rates Down - The short - end interest rates may decline first, and then open a downward space for the long - end. It is expected that the bond market may first experience a bullish steepening and then a bullish flattening. The yield of 1 - year inter - bank certificates of deposit is expected to decline to around 1.6%, and the yield of 1 - year treasury bonds is expected to decline to around 1.3%. If the central bank further reduces the funds price center, the yield of 10 - year treasury bonds is expected to decline to around 1.6%, and the yield of 30 - year treasury bonds is expected to decline to around 1.8%. The strategy is to first use the "bullet" strategy and then the "dumbbell" strategy [7][28].

5月20日，中国人民银行授权全国银行间同业拆借中心公布了最新一期贷款市场报价利率（LPR）。1年 期和5年期以上LPR分别较此前下降10个基点至3%和3.5%。 同日，工商银行（601398）、农业银行（601288）、中国银行（601988）、建设银行（601939）、交通 银行（601328）、邮储银行（601658）六家国有大型商业银行和部分全国性股份制商业银行宣布对人民 币存款挂牌利率进行调整，调整幅度在5个到25个基点不等。 业内人士认为，存贷利率同日下降，为实体经济和银行业自身高质量发展注入了强大动力。 LPR迎年内首次调整 继去年10月的调整后，LPR再度实现调降。 业内用"如期落地"来描述5月LPR报价的下降。"伴随着月初政策利率下调的落实，本月LPR报价下调已 成定局。"中国民生银行首席经济学家温彬表示。 5月7日，中国人民银行行长潘功胜在出席国新办举行的新闻发布会时宣布，自5月8日起，下调公开市场 7天期逆回购操作利率0.1个百分点。潘功胜表示，下调政策利率0.1个百分点，经过市场化的利率传导， 预计将带动LPR随之下行0.1个百分点。 受访专家表示，自7天期逆回购操作利率的政策利率地位明 ...

5月20日，新一轮LPR与存款利率调降落地，国有六大行和部分股份行同日更新人民币存款 挂牌利率。 随后，其他股份行、民营银行、外资银行以及城商行、农商行、村镇银行等中小银行纷纷跟 进下调存款利率，银行存款利率全面步入"1字头"。 值得注意的是，城商行、村镇银行存款利率分化明显，有银行存款利率大幅下调，5年期存 款利率跌至1.20%，低于本行3年期存款利率和国有大行5年期存款利率，出现利率倒挂现 象；也有银行在调降后仍保有"2字头""3字头"的存款利率，与前者呈现出较大差距。 紧跟国有大行步伐 中小银行密集宣布降息 在城商行方面，上海银行自5月24日起执行最新挂牌利率。其3个月、6个月、1年、2年、3 年、5年期存款挂牌利率分别为0.70%、0.95%、1.15%、1.20%、1.25%、1.30%，与国有大行 基本保持一致。 北京银行自5月27日起执行新挂牌利率。其3个月、6个月、1年、2年、3年、5年期存款挂牌 利率分别为0.70%、0.95%、1.15%、1.20%、1.30%、1.35%，与多家股份行存款利率相同。 此外，5月26日起，江苏银行、宁波银行、南京银行调降存款利率。三家银行1年、2年、3 年 ...

截至2025年5月29日 11:30，国债期货集体下跌。30年期主力合约跌0.58%，10年期主力合约跌0.25%，5年期主力合约跌0.16%，2年期主力合约跌0.05%。 ETF方面，30年国债ETF博时(511130)下跌0.57%，最新报价110.86元。流动性方面，30年国债ETF博时盘中换手17.94%，成交12.88亿元，市场交投活跃。拉 长时间看，截至5月28日，30年国债ETF博时近1月日均成交23.73亿元。 数据显示，杠杆资金持续布局中。30年国债ETF博时最新融资买入额达4498.14万元，最新融资余额达5295.74万元。 截至5月28日，30年国债ETF博时近1年净值上涨14.13%，指数债券型基金排名3/378，居于前0.79%。从收益能力看，截至2025年5月28日，30年国债ETF博时 自成立以来，最高单月回报为5.35%，最长连涨月数为4个月，最长连涨涨幅为10.58%，涨跌月数比为9/4，上涨月份平均收益率为2.20%，月盈利百分比为 69.23%，月盈利概率为70.79%，历史持有1年盈利概率为100.00%。截至2025年5月28日，30年国债ETF博时近3个月超越基准 ...