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].

Core Viewpoint - The trend of large-denomination certificates of deposit (CDs) with a five-year term is declining as banks adjust their strategies to manage interest margin pressures due to falling asset yields and high funding costs [1][2][3]. Group 1: Changes in Large-Denomination CDs - Many banks have reduced the maximum term for large-denomination CDs to two years, reflecting a broader trend of shortening deposit terms [2][3]. - The interest rates for three-year CDs have dropped significantly, with rates now in the range of 1.55% to 1.75%, down approximately 80 basis points compared to the same period in 2024 [3][4]. - The withdrawal of five-year CDs is part of a strategy to optimize the liability structure and reduce funding costs, as these long-term products are seen as high-cost liabilities [2][4]. Group 2: Impact on Banking Strategies - Banks are actively promoting short-term and structured deposit products to maintain flexibility in their funding strategies and to attract customers away from high-cost long-term deposits [4][5]. - The narrowing of net interest margins has prompted banks to lower deposit rates across various terms, indicating a strategic shift to manage costs effectively [4][5]. - Regulatory guidance is also influencing banks to adjust their liability structures, with a focus on reducing high-interest long-term deposit products to support economic financing [3][4]. Group 3: Investor Strategies - Investors are advised to reconsider their asset allocation strategies in light of the changing landscape of deposit products, with recommendations to diversify into short-term deposits, government bonds, and structured financial products [5][6]. - The current environment suggests that over-reliance on traditional deposits may lead to returns that lag behind inflation, prompting a need for a more balanced investment approach [5][6]. - For investors with higher risk tolerance, there is an encouragement to explore equity assets alongside fixed-income products to enhance long-term returns [5][6].

Core Viewpoint - The evolution of China's banking industry in attracting deposits has shifted from traditional methods to innovative marketing strategies, particularly targeting younger consumers through trendy products like LABUBU blind boxes [1][5][12] Group 1: Historical Context of Deposit Attraction - In the 1990s, banks relied on interest rates and physical branch expansion to attract deposits, focusing on local service advantages [8] - Post-2010, banks diversified their strategies with promotional gifts like essential goods and appliances, but this led to increased costs and regulatory scrutiny [9][10] - Recent years have seen banks adopting more creative approaches, such as customer points systems and partnerships with e-commerce platforms to enhance customer engagement [10][11] Group 2: Current Trends and Innovations - The LABUBU blind box craze has become a new marketing tool for banks, with promotional activities like "deposit to receive LABUBU" gaining significant traction among young customers [5][6] - The promotional activities have clear participation criteria, such as minimum deposit amounts and account types, aimed at attracting new customers [6][7] - Banks are leveraging the social media buzz around LABUBU to create a viral marketing effect, which is more appealing than traditional gifts [7] Group 3: Challenges and Considerations - While innovative marketing strategies can attract younger customers, they may not contribute to long-term customer loyalty or financial service ecosystem development [7][12] - Analysts caution that such promotional tactics could lead to unsustainable practices, including potential regulatory violations and increased competition among banks for high-cost customer acquisition [12][13] - The banking industry is urged to focus on compliance and sustainable practices rather than relying on gimmicks, emphasizing the need for quality products and services to retain customers [12][13]

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].

Core Viewpoint - A new round of LPR and deposit rate cuts has been implemented, leading to a widespread reduction in deposit rates across various banks, with many rates now in the "1" range, indicating a significant shift in the banking landscape [1][2][6]. Group 1: Deposit Rate Changes - Major state-owned banks and several joint-stock banks have updated their RMB deposit rates, with rates for different terms now aligning closely with those of state-owned banks [2][10]. - City commercial banks and rural commercial banks have shown significant variation in deposit rates, with some banks reducing their 5-year deposit rates to as low as 1.20%, creating instances of rate inversion [1][6]. - Several banks, including Shanghai Bank and Beijing Bank, have announced new deposit rates that are consistent with state-owned banks, with rates for various terms ranging from 0.70% to 1.35% [2][10]. Group 2: Rate Inversion Phenomenon - Instances of rate inversion have been observed, where shorter-term deposit rates exceed longer-term rates, particularly in rural and village banks [6][12]. - For example, Guangdong Chenghai Rural Commercial Bank has a 5-year deposit rate lower than its 3-year rate, highlighting the trend of rate inversion [6][10]. - Analysts suggest that the current environment of declining deposit rates may lead to further adjustments, as banks respond to market conditions and their own funding structures [12]. Group 3: High-Interest Deposit Products - Despite the general trend of declining rates, some banks continue to offer higher interest rates, with certain village banks maintaining rates above 2% for longer-term deposits [11][12]. - For instance, Huizhou Huimin Village Bank offers a 5-year deposit rate of 3%, indicating that competitive high-interest products still exist in the market [11][12]. - Additionally, some private banks have retained rates above 2%, demonstrating a continued strategy of attracting deposits through higher interest offerings [11][12].

Core Viewpoint - The recent decline in government bond futures and the drop in deposit rates signal a new phase in China's interest rate marketization, presenting both opportunities and risks for the bond market [3][4]. Group 1: Market Performance - As of May 29, 2025, government bond futures collectively fell, with the 30-year main contract down 0.58%, the 10-year down 0.25%, the 5-year down 0.16%, and the 2-year down 0.05% [3]. - The 30-year government bond ETF (博时) saw a decrease of 0.57%, with the latest price at 110.86 yuan, indicating active market trading with a turnover of 17.94% and a transaction volume of 1.288 billion yuan [3]. - The 30-year government bond ETF has reached a new high in size at 7.197 billion yuan and a new high in shares at 64.6597 million [4]. Group 2: Fund Flows and Performance - The 30-year government bond ETF has experienced continuous net inflows over the past six days, with a maximum single-day net inflow of 202 million yuan, totaling 503 million yuan, averaging 83.7532 million yuan per day [4]. - The ETF's net value increased by 14.13% over the past year, ranking 3rd out of 378 in the index bond fund category, placing it in the top 0.79% [4]. - The ETF has a maximum monthly return of 5.35% since inception, with the longest consecutive monthly gains being four months and the longest gain percentage at 10.58% [4]. Group 3: Risk and Fees - The 30-year government bond ETF has a Sharpe ratio of 1.02 for the past year, indicating a favorable risk-adjusted return [5]. - The maximum drawdown since inception is 6.89%, with a relative benchmark drawdown of 1.28% [5]. - The management fee for the ETF is 0.15%, and the custody fee is 0.05%, contributing to its overall cost structure [5].

一、宏观动态 宏观政策：财政政策更积极，赤字率提至4%，专项债限额4.4万亿，超长期特别国债1.3万亿；货币政策适度宽松，央行一季度净投放3.02万亿元，3月MLF 改革，利率市场化再进一步。 宏观数据：经济景气回升，3月综合PMI 51.4%，投资消费回暖，社融增量创同期新高，但进出口承压，通胀温和，M1-M2剪刀差扩大。 基准利率：10年期国债收益率震荡上行，受经济预期、政策及资金面影响，3月因MLF改革等因素波动。 人民币汇率：对美元升值，对欧元、日元贬值，受中美政策、贸易顺差等因素影响。 二、债券市场 一级市场：发行规模12.19万亿元，同比增21.8%，地方政府债增69.07%，信用债发行降5.07%，成本双降，产业债中公用事业增108.53%，城投债发行收 缩，央企融资提升，民企净流出。 二级市场：信用债成交环比降18.3%，利差整体收窄但震荡大，产业债多数行业利差收窄，城投债仅河北微升，整体收窄30.15bp。 三、违约与评级调整 违约：1家企业首次违约，2家展期，违约金额20亿元，集中于汽车零售和多元金融行业。 评级调整：国内上调10家（城投占半），国际上调3家；国内下调7家，国际下调11家， ...

Group 1 - Dongguan Bank is currently in the IPO stage and has reported a decline in both revenue and net profit for 2024, breaking a three-year streak of growth [2][4] - The bank's revenue for 2024 was 10.197 billion yuan, a decrease of 390 million yuan or 3.69% from the previous year, while net profit fell to 3.738 billion yuan, down 8.20% year-on-year [2][3] - Despite a significant increase in non-interest income, particularly a 35.95% rise in investment income to 2.086 billion yuan, it was insufficient to offset a 14.57% decline in net interest income [2][3] Group 2 - Dongguan Bank is undergoing a structural adjustment with an increase in state-owned capital, as the Dongguan State-owned Assets Supervision and Administration Commission raised its stake to 42% [4] - The bank has faced a tumultuous IPO journey since 2008, with multiple applications and suspensions, including a recent halt in March due to outdated financial data [4] - The first quarter of 2025 shows a concerning trend, with revenue and net profit dropping by 24.91% and 43.52% year-on-year, indicating ongoing challenges during the transformation period [4]

Group 1 - The core point of the news is that Bank of China is issuing A-shares to specific investors to raise capital, with the issuance approved by relevant regulatory bodies [2][3][4] - The issuance price is set at 5.93 yuan per share, adjusted from an initial price of 6.05 yuan due to dividend distribution [3][4] - The total number of shares to be issued will be determined based on the final approval from regulatory authorities and may be adjusted according to market conditions [4][10] Group 2 - The funds raised from this issuance will be used to increase the bank's core Tier 1 capital, supporting future business development [2][8] - The bank's major risks include potential deterioration in loan quality, liquidity risks, and the impact of global economic conditions on its operations [6][8][9] - As of December 31, 2024, the bank's non-performing loans totaled 268.781 billion yuan, with a non-performing loan ratio of 1.25% [8][9] Group 3 - The banking industry in China is experiencing significant growth, with total RMB loans reaching 255.6778 trillion yuan as of December 31, 2024, and an average annual growth rate of 10.30% over the past five years [21][23] - The industry is increasingly focused on supporting high-quality economic development and responding to national strategies [22][23] - The demand for retail banking services is rising, driven by urbanization and increasing consumer income levels, leading to a shift towards higher-quality goods and services [24][25]