Core Viewpoint - The recent collective removal of 5-year large denomination certificates of deposit (CDs) by major Chinese banks indicates a strategic shift towards more cautious interest margin management, reflecting banks' concerns over future interest rate trends [1][11]. Group 1: Market Changes - Major state-owned banks, including ICBC, ABC, BOC, CCB, and others, have removed 5-year large denomination CDs from their mobile banking platforms, with available terms now generally shortened to 3 years or less, and interest rates concentrated between 1.20% and 1.55% [1][2]. - The trend of reducing the supply of long-term fixed-rate deposits deviates from the traditional year-end practice of increasing such offerings to attract depositors [1][11]. - Some banks have indicated that even the 3-year CDs marked as "available" are often sold out, highlighting a significant shift in product availability [8]. Group 2: Historical Context - The development of 5-year large denomination CDs has spanned nearly 40 years, with their initial introduction in 1986 and a significant hiatus from 1997 until their reintroduction in 2015 [4][5]. - The popularity of these CDs surged around 2018 due to changes in the banking landscape, including the relaxation of interest rate caps and increased demand for fixed-term deposits [5]. Group 3: Financial Implications - The current banking environment is characterized by a narrowing net interest margin, which has led to a strategic decision to limit the issuance of long-term high-interest deposits, as they have become a burden rather than a tool for attracting deposits [11]. - As of the third quarter, the net interest margin for commercial banks was reported at 1.42%, reflecting ongoing pressure on profitability due to high deposit costs amidst declining loan rates [11]. Group 4: Customer Behavior - The discontinuation of 5-year large denomination CDs is prompting customers to shift their investment strategies from seeking high-interest deposits to diversifying their asset allocations [14][15]. - A survey indicated that 18.5% of residents are inclined to invest more, with non-guaranteed bank wealth management products becoming increasingly popular [14].

Core Viewpoint - The recent collective removal of 5-year large denomination time deposits by major banks indicates a strategic shift in banks' approach to interest margin management and a potential reduction in the supply of long-term fixed-rate deposits [1][15]. Group 1: Market Changes - Major state-owned banks have collectively removed 5-year large denomination time deposits from their mobile banking platforms, with current offerings limited to terms of 3 years or less, and interest rates ranging from 1.20% to 1.55% [1][3]. - Some banks have labeled their 3-year large denomination time deposits as "available," but many are already sold out, reflecting a significant departure from the traditional year-end deposit attraction strategies [1][13]. Group 2: Historical Context - The development of 5-year large denomination time deposits spans nearly 40 years, with their initial introduction in 1986 and a significant revival in 2015 after a long hiatus [6][7]. - The peak popularity of these deposits occurred around 2022, where they were highly sought after, often selling out quickly and leading to phenomena like "setting alarms to purchase" [7][9]. Group 3: Financial Implications - The decline in the attractiveness of 5-year large denomination time deposits is attributed to the narrowing net interest margins faced by banks, which have led to a reduction in the issuance of long-term deposits [8][15]. - As of the third quarter, the net interest margin for commercial banks was reported at 1.42%, indicating ongoing pressure on banks' profitability due to high deposit costs amidst declining loan rates [15]. Group 4: Strategic Adjustments - Banks are expected to adopt a differentiated supply model for long-term deposits, with only a few banks with strong liability demands likely to continue offering such products [1][15]. - The minimum investment thresholds for large denomination time deposits have changed, with current offerings showing minimal interest rate differences across various investment amounts, indicating a shift in product positioning [16]. Group 5: Investor Behavior - In response to the changing landscape, investors are shifting from a focus on high-interest deposits to a more diversified asset allocation strategy, with a notable increase in interest in non-principal guaranteed financial products [19][20]. - A significant portion of the population is now inclined to explore various investment options, reflecting a broader change in financial attitudes and strategies among retail investors [19].

Core Insights - The private securities investment fund market in China has reached a significant milestone, with the total number of funds surpassing 80,000 and the total scale exceeding 7 trillion yuan as of October 2025, marking a substantial increase of over 1 trillion yuan from the previous month [1][4][13] - There is a strong bullish sentiment among private equity funds towards the A-share market, as indicated by a record high in the stock private equity position index [1][8][14] Fund Growth and Market Dynamics - As of October 2025, the total number of private funds in China has increased to 137,905, with a total scale of 22.05 trillion yuan, reflecting a month-on-month increase of 1.31 trillion yuan [4][18] - The growth in private securities investment funds is primarily driven by existing funds rather than new registrations, with only 995 new funds registered in October 2025, contributing 42.92 billion yuan to the total scale [4][19] - The surge in private securities investment funds is attributed to three main factors: the explosive growth of quantitative strategies, a favorable market environment highlighting structural opportunities in A-shares, and supportive policies that simplify registration processes [5][19] Industry Trends and Concentration - The number of private fund managers has decreased to 19,367 as of October 2025, indicating a trend towards quality over quantity in the industry, with a significant number of smaller managers exiting the market [6][20] - The concentration of assets in larger private equity firms is increasing, with the top ten firms capturing a larger share of the market, reflecting a "winner takes all" dynamic [7][20] Investor Sentiment and Positioning - The stock private equity position index reached 82.97% as of November 21, 2025, with a notable increase of 1.84% from the previous week, indicating a strong bullish sentiment among private equity funds [8][21] - The proportion of fully invested private equity funds has risen to 68.99%, while the shares of moderately and low-invested funds have decreased [9][22] - Factors driving the increased positions include positive policy developments, year-end performance considerations, and expectations of economic recovery and structural opportunities [9][22] Performance and Activity Levels - The average return of large private equity funds has been high this year, attracting more institutional investments from banks and insurance funds [5][19] - The number of new registrations for private securities investment funds has surged by 100.76% year-on-year, indicating heightened market activity and interest [12][23] - Private equity firms are increasingly engaging in research activities, with over 1,100 firms participating in investment research in a single month, reflecting a proactive approach to identifying investment opportunities [12][23]

证券类私募基金又有新突破。 中国证券投资基金业协会（以下简称"中基协"）最新发布的数据显示，截至2025年10月末， 存续私募证券投资基金共80214只，存续规模达到7.01万亿元，环比9月暴增超1万亿元。这也 是私募证券投资基金市场 首次突破7万亿元大关。 在规模持续增长的同时， 近期，股票私募逆势加仓，展现出对A股中长期走势的坚定看多情 绪。 私募排排网数据显示，截至2025年11月21日， 股票私募仓位指数达82.97%，在前一周的基础 上大涨1.84%，再次刷新年内新高的同时，创下 近185周新高。 其中，在各规模梯队中， 百亿私募最为乐观，其仓位指数高达89.23%，已连续两周大幅提 升。 1 0月证券类私募基金规模大增1万亿 10月以来，私募基金市场加速扩容。 据中基协统计，截至2025年10月末，存续私募基金共137905只，存续基金规模22.05万亿元； 较2025年9月末的137245只、20.74万亿元分别增加了660只、1.31万亿元。 在本轮扩张中， 私募证券投资基金为最重要的助推器。 截至2025年10月末，存续私募证券投资基金80214只，存续规模7.01万亿元；存续私募股权投 资 ...

证券类私募基金又有新突破。 中国证券投资基金业协会（以下简称"中基协"）最新发布的数据显示，截至2025年10月末，存续私募证 券投资基金共80214只，存续规模达到7.01万亿元，环比9月暴增超1万亿元。这也是私募证券投资基金 市场首次突破7万亿元大关。 在规模持续增长的同时，近期，股票私募逆势加仓，展现出对A股中长期走势的坚定看多情绪。 私募排排网数据显示，截至2025年11月21日，股票私募仓位指数达82.97%，在前一周的基础上大涨 1.84%，再次刷新年内新高的同时，创下近185周新高。 其中，在各规模梯队中，百亿私募最为乐观，其仓位指数高达89.23%，已连续两周大幅提升。 记者丨易妍君 编辑丨姜诗蔷 10月证券类私募基金规模大增1万亿 10月以来，私募基金市场加速扩容。 据中基协统计，截至2025年10月末，存续私募基金共137905只，存续基金规模22.05万亿元；较2025年9 月末的137245只、20.74万亿元分别增加了660只、1.31万亿元。 在本轮扩张中，私募证券投资基金为最重要的助推器。 截至2025年10月末，存续私募证券投资基金80214只，存续规模7.01万亿元；存续私募 ...

证券类私募基金又有新突破。 中国证券投资基金业协会（以下简称"中基协"）最新发布的数据显示，截至2025年10月末，存续私募证 券投资基金共80214只，存续规模达到7.01万亿元，环比9月暴增超1万亿元。这也是私募证券投资基金 市场首次突破7万亿元大关。 在规模持续增长的同时，近期，股票私募逆势加仓，展现出对A股中长期走势的坚定看多情绪。 私募排排网数据显示，截至2025年11月21日，股票私募仓位指数达82.97%，在前一周的基础上大涨 1.84%，再次刷新年内新高的同时，创下近185周新高。 其中，在各规模梯队中，百亿私募最为乐观，其仓位指数高达89.23%，已连续两周大幅提升。 10月证券类私募基金规模大增1万亿 10月以来，私募基金市场加速扩容。 据中基协统计，截至2025年10月末，存续私募基金共137905只，存续基金规模22.05万亿元；较2025年9 月末的137245只、20.74万亿元分别增加了660只、1.31万亿元。 在本轮扩张中，私募证券投资基金为最重要的助推器。 截至2025年10月末，存续私募证券投资基金80214只，存续规模7.01万亿元；存续私募股权投资基金 30018只， ...

证券类私募基金又有新突破。 中国证券投资基金业协会（以下简称"中基协"）最新发布的数据显示，截至2025年10月末，存续私募证 券投资基金共80214只，存续规模达到7.01万亿元，环比9月暴增超1万亿元。这也是私募证券投资基金 市场首次突破7万亿元大关。 在本轮扩张中，私募证券投资基金为最重要的助推器。 截至2025年10月末，存续私募证券投资基金80214只，存续规模7.01万亿元；存续私募股权投资基金 30018只，存续规模11.18万亿元；存续创业投资基金26887只，存续规模3.56万亿元。 相较9月末，整个10月，存续私募证券投资基金规模暴增了1.04万亿元，增幅达到17.4%；存续私募股权 投资基金、存续创业投资基金的规模分别环比增长了约1.8%、2.3%。 并且，私募证券投资基金的规模增长主要来自老基金。新备案基金带来的规模增量相对有限。 在规模持续增长的同时，近期，股票私募逆势加仓，展现出对A股中长期走势的坚定看多情绪。 私募排排网数据显示，截至2025年11月21日，股票私募仓位指数达82.97%，在前一周的基础上大涨 1.84%，再次刷新年内新高的同时，创下近185周新高。 其中，在各规 ...

Core Insights - The performance of mixed financial products has been outstanding this year, with the highest unit net value growth rate approaching 36% [1][2] - The recovery of the equity market and the emergence of structural opportunities in specific sectors have contributed to the strong performance of mixed financial products [2] - There is significant growth potential for mixed financial products as deposit interest rates continue to decline, prompting financial institutions to enhance their equity research capabilities and innovate product offerings [1][4] Performance Metrics - As of November 27, over 90% of mixed financial products have positive unit net value growth rates this year, with 11 products exceeding 20% growth, the highest being 35.97% [2] - The average annualized returns for mixed financial products over the past week and month are 13.21% and 6.62%, respectively, showing significant increases from the previous quarter [2] - The total market size of mixed financial products reached 749.19 billion yuan, accounting for 2.37% of bank wealth management products, with an increase of nearly 160 billion yuan since the end of January [3] Market Trends - Financial institutions are actively developing mixed financial products to meet diverse investor needs, especially in a declining deposit interest rate environment [4] - The competition among mixed financial products is intensifying due to product homogeneity and stricter regulatory requirements, necessitating innovation and diversification in asset allocation [4] - Analysts suggest that financial companies should focus on technology growth sectors, cross-border asset allocation, and alternative fixed-income assets to expand their mixed product offerings [4]

Core Insights - The phenomenon of "deposit special forces" has faded, with depositors no longer actively seeking high-interest deposits across provinces, marking the end of a trend that began in 2023 [1][2][3] Group 1: Market Trends - The rise of "deposit special forces" was driven by significant interest rate differentiation in the banking sector, where smaller banks offered higher rates compared to state-owned banks [2][3] - A downward trend in deposit rates has been observed since 2025, with major banks and smaller institutions alike reducing their rates, leading to a decrease in the appeal of high-interest deposits [1][4] Group 2: Changes in Deposit Products - Long-term deposit products are disappearing from the market, with several banks announcing the removal of 5-year and even 3-year fixed deposit options [5][6] - The reduction in long-term deposit offerings is attributed to banks facing pressure on their net interest margins, which have reached historical lows [6][7] Group 3: Implications for Depositors - Depositors are now challenged to shift from a single deposit strategy to a diversified asset allocation approach, balancing safety and returns in a low-interest environment [1][4] - The cost of pursuing high-interest deposits across regions has become less justifiable as the interest rate differentials narrow, reducing the incentive for depositors to travel for better rates [4][7]

Core Insights - The performance of mixed financial products has been outstanding this year, with the highest unit net value growth rate approaching 36% [1][2] - The recovery of the equity market and the emergence of structural opportunities in various sectors have contributed to the strong performance of mixed financial products [2] - There is significant growth potential for mixed financial products as deposit interest rates continue to decline, prompting financial institutions to enhance their equity research capabilities and innovate product offerings [1][4] Performance Metrics - As of November 27, over 90% of mixed financial products have shown positive unit net value growth this year, with 11 products exceeding a 20% growth rate, the highest being 35.97% [2] - The average annualized returns for mixed financial products over the past week and month are 13.21% and 6.62%, respectively, reflecting increases of 112.44 and 35.32 percentage points compared to the previous quarter [2] Market Position - The total outstanding scale of mixed financial products reached 749.19 billion yuan, accounting for 2.37% of the total bank wealth management market, with an increase of nearly 160 billion yuan since the end of January [3] Strategic Development - Financial institutions are actively developing mixed financial products to meet diverse investor needs, especially in a declining deposit interest rate environment [4] - Challenges include increasing product homogeneity, stricter regulatory requirements, and conservative risk preferences among bank wealth management investors [4] - Recommendations for financial institutions include promoting diversified asset allocation, enhancing research capabilities, and focusing on sectors like technology growth and alternative fixed-income assets [4]