该行宣布自2025年11月5日起，取消五年期整存整取定期存款产品，成为业内首家明确公告下架该期限产品的商业银行。据证券时报、智通财经报 道，土右旗蒙银村镇银行是业内首家取消五年期定期存款产品的商业银行。 同时，多家中小银行纷纷下调不同期限存款利率，部分民营银行亦出现中长期定存产品"售罄"或下架。这一系列动作背后，是上市银行三季报显 示的净息差持续承压现状。 近日，内蒙古土右旗蒙银村镇银行一则公告引发市场关注。 | 产品分类 | 调整前(单位:%) | 调整后(单位:%) | | --- | --- | --- | | 三个月 | 1.15 | 1.10 | | 六个月 | 1.35 | 1.30 | | 一年 | 1.50 | 1.45 | | 二年 | 1.60 | 1.55 | | 三年 | 1.95 | 1.85 | | 五年 | 1.90 | | 截图来源：内蒙古土右旗蒙银村镇银行官微 某资深银行业分析人士在接受《每日经济新闻》记者采访时指出，这正是银行息差压力向负债端产品策略传导的清晰信号，其影响不仅关乎银行 自身的成本控制，更可能为后续贷款利率调整打开空间，并引导资金流向资本市场。 存款产品结构调 ...

Group 1 - Russia and India are advancing their cooperation in nuclear energy, with potential technology transfer and localization efforts discussed during a meeting in Mumbai [2] - The U.S. government shutdown has led to significant disruptions in air travel, with approximately 6% of flights canceled and further reductions expected in the coming days [3] - In China, 15 provinces have a total dependency ratio above the national average, with five provinces exceeding 50%, indicating demographic challenges related to population outflow and age distribution [4] Group 2 - The Chinese Foreign Ministry urges the EU to provide a fair and transparent business environment for Chinese companies amid discussions of banning Huawei and ZTE from EU telecom networks [5] - Mexico has postponed plans to impose high tariffs on Chinese imports, with China advocating for inclusive economic globalization and opposing unilateral trade measures [6] - The National Development and Reform Commission of China held a meeting with private enterprises to gather opinions on service industry development during the 14th Five-Year Plan [7] Group 3 - The People's Bank of China released a monetary policy report explaining the slowdown in deposit growth, attributing it to asset allocation adjustments amid a recovering capital market [9] - Tax authorities in several Chinese regions are reminding residents to declare overseas income, emphasizing the legal obligation to pay taxes on both domestic and foreign earnings [10] - China’s largest gas storage facility has commenced its thirteenth cycle of gas extraction, ensuring natural gas supply for the upcoming winter and spring [12] Group 4 - Shanghai East Station's main structure has been completed, with the project expected to integrate various transportation modes and be operational by July 2027 [13] - Guangzhou plans to implement 100% prefabricated construction for residential land starting in 2026, promoting efficient building practices [14] - The U.S. Senate has passed a temporary funding bill to end the government shutdown, which has lasted for over 40 days [15] Group 5 - Serbian oil company NIS is considering transferring control to a third party due to U.S. sanctions, with the Serbian government supporting this request [16] - Russia has indefinitely banned 30 Japanese citizens from entering the country in response to sanctions imposed by Japan [18] - Iran has denied allegations of plotting to assassinate the Israeli ambassador in Mexico, calling the claims baseless [19] Group 6 - Xibei restaurant chain has acknowledged the closure of several locations as part of normal business adjustments, emphasizing ongoing openings as well [24] - XPeng Motors' stock surged nearly 18%, raising discussions about its market value compared to other new energy vehicle companies [25] - The U.S. stock market saw mixed results, with the Dow Jones Industrial Average reaching a record closing high [27] Group 7 - Institutional investors were active in the market, with significant net purchases in stocks like Sanxiang New Materials and China Duty Free, while Fangyuan shares saw the highest net sell-off [28][30] - The Double 11 shopping festival has raised consumer concerns over pricing practices, with reports of higher costs for items purchased through pre-sale deposits [31] - The Monterey Institute of International Studies, known as the "Harvard of Translation," announced the closure of its in-person graduate programs, attributed to financial issues and the impact of AI [32]

（上接1版） 关于市场讨论较多的"存款搬家"这一说法，业内专家表示，今年以来，在资本市场回暖背景下，有市场 机构将存款增长放缓视为存款"搬家"到股市。但从宏观层面看，存款搬家的说法不够准确。因为居民、 企业和非银机构用存款买卖股票，只是存款和股票在不同主体之间的重新分配。买股票的人存款减少、 股票增多，卖股票的人股票减少、存款增多，整体看存款是大体不变的。当然从大类资产市值的角度 看，股市上涨，会带来股票总市值上升，相对于存款的比重会有提高。 "对个体而言，投资者为了追求收益最大化，会根据不同资产的收益率，把储蓄存款转换成其他资 产。"业内专家称，比如，当存款利率趋于下降时，会更愿意买理财资管产品，但从理财资管的最终投 向看，大部分也还是购买同业存单、存放在银行或购买债券，最终还是会体现为银行的同业存款或是经 营主体的存款。近期居民存款增长放缓、非银存款增多，主要还是与前期规范同业活期存款利率有关， 非银主体存款趋于定期化，也更愿意持有同业存单。 报告认为，几组重要的利率比价关系需要关注：一是央行政策利率和市场利率的关系，商业银行资产端 和负债端利率的关系，不同类型资产收益率的关系，不同期限利率的关系，不同风 ...

2025.11. 11 本文字数：855，阅读时长大约2分钟 作者 | 第一财经 杜川 今年以来，在资本市场回暖背景下，有市场机构将存款增长放缓视为存款"搬家"到股市。 11月11日，央行发布三季度货币政策报告，并在专栏"保持合理的利率比价关系"中，从利率传导机 制角度，在一定程度上解释说明了资产配置调整的原因。 有业内专家表示，从宏观层面看，严谨来说，存款搬家这种说法实际上不够准确。居民、企业和非银 机构用存款买卖股票，只是存款和股票在不同主体之间的重新分配，买股票的人存款减少、股票增 多，卖股票的人股票减少、存款增多，整体上看存款是大体不变的。当然，从大类资产市值的角度 看，股市上涨，会带来股票总市值上升，相对于存款的比重会有所提高。 微信编辑 | 雨林 利率及其比价关系对宏观经济均衡和资源配置有重要导向意义。市场化利率体系有效运行，要求各类 利率之间保持合理的比价关系。 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com 央 ...

21世纪经济报道记者 唐婧 11月11日，中国人民银行发布《2025年第三季度中国货币政策执行报告》（下称《报告》），并单设专 栏4就保持合理利率比价关系的必要性作出深入阐释。 《报告》指出，利率及其比价关系对宏观经济均衡和资源配置有重要导向意义。市场化利率体系有效运 行，要求各类利率之间保持合理的比价关系。中国人民银行注重理顺各类利率比价关系，是完善中国特 色现代货币政策框架、畅通市场化利率形成和传导机制的重要举措。 具体而言，中央银行释放政策利率调控信号，引导各类市场利率有序运行，促进市场化的利率形成和传 导机制发挥作用，调节资金供求和资源配置，实现货币政策目标。 理想情况下，在政策利率引导下，各类利率之间保持合理的比价关系和联动性，反映期限、风险、流动 性等变化规律，金融资源配置效率较高。但现实世界中，受激励机制扭曲、经营主体非理性行为等因素 影响，不同利率之间的比价关系有时也可能会出现失衡，导致市场化的利率形成和传导机制受到阻滞， 制约货币政策有效性。 业内专家告诉记者，"十五五"规划建议提出，要构建科学稳健的货币政策体系和覆盖全面的宏观审慎管 理体系，畅通货币政策传导机制。保持合理的利率比价关系，正 ...

11月11日，央行发布三季度货币政策报告，并在专栏"保持合理的利率比价关系"中，从利率传导机制角 度，在一定程度上解释说明了资产配置调整的原因。 有业内专家表示，从宏观层面看，严谨来说，存款搬家这种说法实际上不够准确。居民、企业和非银机 构用存款买卖股票，只是存款和股票在不同主体之间的重新分配，买股票的人存款减少、股票增多，卖 股票的人股票减少、存款增多，整体上看存款是大体不变的。当然，从大类资产市值的角度看，股市上 涨，会带来股票总市值上升，相对于存款的比重会有所提高。 利率及其比价关系对宏观经济均衡和资源配置有重要导向意义。市场化利率体系有效运行，要求各类利 率之间保持合理的比价关系。 近期居民存款增长放缓、非银存款增多，主要还是与前期规范同业活期存款利率有关，非银主体存款趋 于定期化，也更愿意持有同业存单。 今年以来，在资本市场回暖背景下，有市场机构将存款增长放缓视为存款"搬家"到股市。 专家表示，对于个体而言，投资者为了追求收益最大化，会根据不同资产的收益率，把储蓄存款转换成 其他资产。比如，当存款利率趋于下降时，会更愿意买理财资管产品，但从理财资管的最终投向看，大 部分也还是购买同业存单、存放在银行 ...

Group 1 - The core viewpoint is that the new business value (NBV) of Chinese life insurance companies continues to show high growth, with optimistic outlooks for the liability side [2][1] - In 9M25, the NBV growth rates for major life insurance companies are as follows: China Life +76.6%, Ping An +46.2%, China Life +41.8%, and Taiping +31.2% [2][1] - The first-year premium value rates for Ping An and Taiping increased by 7.6 percentage points and 1.7 percentage points to 25.2% and 18.0%, respectively [2][1] Group 2 - The comprehensive cost ratio (CoR) for property insurance companies is improving, with the following year-on-year changes: China Property -2.1 percentage points to 96.1%, Ping An Property -0.8 percentage points to 97.0%, and Taiping Property -1.1 percentage points to 97.6% [3][1] - Regulatory measures have led to improvements in the quality and efficiency of auto insurance, and the current focus on non-auto insurance governance is expected to enhance profitability for leading property insurance companies [3][1] Group 3 - Net profits are experiencing significant growth, driven by strong stock market performance, with annualized total investment returns for China Life and Xinhua increasing by 1.0 and 1.8 percentage points to 6.4% and 8.6%, respectively [4][1] - Taiping and China Property's non-annualized total investment returns increased by 0.5 and 0.8 percentage points to 5.2% and 5.4%, while Ping An's non-annualized comprehensive investment return rose by 1.0 percentage point to 5.4% [4][1] Group 4 - The impact of the liability side on stock prices may increase, as the high investment return-driven market may be nearing its end, leading to a higher probability of weakened asset-side elasticity [5][1] - The focus should be on optimizing liability product structures, reducing costs, and highlighting growth trends in quality life insurance [5][1] - The industry ranking remains as follows: Ping An (601318.SH), China Taiping (00966), China Taiping (601601.SH), China Life (02628), and China Property (601319) [5][1]

Core Insights - The article highlights the significant discrepancy between advertised annualized returns of bank wealth management products and their actual performance, with many products showing much lower returns after purchase [1][2][4] - The phenomenon of "yield assassins" is emerging, where banks manipulate the display of returns to attract investors while concealing the true performance metrics [1][4][5] Summary by Sections Yield Discrepancy - Many banks prominently display "annualized returns since inception," which are often inflated, while more relevant short-term performance metrics are buried in the app interface [1][2][3] - For instance, a product advertised with a 2.93% annualized return actually yielded only 1.05% over the last three months, indicating a significant gap between perceived and actual returns [2][3] Misleading Practices - Some banks engage in practices such as "ranking" new products by temporarily inflating their returns, which misleads investors about the sustainability of these yields [4][5] - The use of complex fee structures, such as "excess performance fees," further complicates the understanding of actual returns, often leading to unexpected deductions from investors' earnings [7][8] Market Trends - The bank wealth management market has grown to 31.6 trillion yuan, with expectations of continued growth despite declining yields in fixed-income products [9][12] - The average annualized return for fixed-income products has decreased, with the latest figures showing a drop to 2.30% for one-month products and 2.73% for three-month products [11][12] Product Types and Future Outlook - Fixed-income products dominate the wealth management landscape, comprising over 95% of the total product scale, but are facing pressure from declining interest rates [10][11] - The trend towards "fixed income plus" products, which combine stable fixed-income assets with higher-risk investments, is expected to grow, potentially becoming a key driver for future market expansion [12]

Core Insights - The article highlights the significant discrepancy between advertised annualized returns of bank wealth management products and their actual performance, with many products showing much lower returns after purchase [1][2][4] - The phenomenon of "yield assassins" is emerging, where banks manipulate the display of returns to attract investors while concealing the true performance metrics [1][4][5] - There is a lack of standardized methods for displaying returns across different banks, leading to confusion among investors [2][3][7] Summary by Sections Yield Discrepancy - Many bank wealth management products advertise inflated annualized returns, such as "since inception annualized return," while actual returns over recent months are significantly lower, often below 2% [1][2] - For example, a product advertised with a 2.2% annualized return had an actual return of only 1.94% over the last three months [2] Misleading Display Practices - Banks often highlight high historical returns while burying more relevant short-term performance data deeper in their apps, making it difficult for investors to access accurate information [3][4] - The practice of "ranking" new products by temporarily inflating their returns using funds from older products has been noted, leading to a sharp decline in returns shortly after purchase [4][5] Complex Fee Structures - Many products have complicated fee structures, such as "excess performance fees," which are not clearly communicated to investors, leading to unexpected costs [7][8] - The calculation of these fees is often convoluted, further complicating investor understanding [8] Market Trends - The bank wealth management market has grown to 31.6 trillion yuan, with expectations of continued growth despite declining yields [9][12] - Fixed-income products dominate the market, comprising over 95% of total wealth management product volume, but their yields have been declining due to lower interest rates [10][11] - The trend towards "fixed income plus" products is expected to continue, as they offer better potential returns in a low-interest environment [11][12]

Group 1 - The foundation of a long-term bull market requires not only liquidity improvement but also robust fundamental enhancements, with historical data showing that the longer the time cycle, the stronger the correlation between market performance and fundamentals [3][7][11] - The current bull market has significant room for growth, with the Shanghai Composite Index showing a performance close to previous structural bull markets, yet still having considerable upside compared to comprehensive bull markets from 2005-2007 and 2013-2015 [5][6] - The policy environment provides critical turning points for expected improvements, with historical instances indicating that key policy announcements often coincide with the onset of bull markets [15][18] Group 2 - In 2026, price changes are expected to be a major driver of profitability, with projections indicating that A-share earnings growth will gradually recover to around 10%, particularly in the non-financial sector [40][53] - The "15th Five-Year Plan" provides a significant policy foundation for economic and industrial development, with expectations for positive market performance in the opening year of the plan [112][114] - The structural highlights in profitability are anticipated to emerge from sectors such as AI, semiconductors, and advanced manufacturing, which are expected to continue their upward trajectory [56][61] Group 3 - Resident funds are the most crucial source of capital for the A-share market, with a notable trend of "deposit migration" observed, indicating a sustained flow of funds into the equity market [63][67] - High-risk preference funds have been the primary incremental source of capital in the current bull market, similar to trends seen in 2015, while medium-risk preference funds are expected to become significant contributors in the next phase [70][91] - The importance of ETF investments is expected to increase, with passive equity funds showing better performance and gaining traction among investors [96][100]