Core Insights - The long-term large-denomination certificates of deposit (CDs) are gradually disappearing from the market, with many major banks no longer offering five-year CDs and significantly reducing interest rates on three-year and longer products [2][3][8] - This trend is driven by banks' need to manage liability costs amid ongoing pressure on net interest margins, leading to a contraction in high-cost deposit products [2][9] - A new secondary market for transferring CDs is emerging, with intermediaries entering the scene to facilitate transactions and capitalize on higher interest rates available in the secondary market [5][7] Summary by Sections Market Changes - Long-term large-denomination CDs are becoming scarce, with five-year products largely unavailable and interest rates dropping below 1.55% for three-year products [3][4] - The interest rate advantage that large-denomination CDs once held over regular deposits has diminished, with some banks offering higher rates on standard deposits compared to CDs [4][8] Interest Rate Trends - The average interest rate for large-denomination CDs peaked at 4.178% in July 2019 but has since declined significantly, with current rates for five-year CDs being unavailable [8][9] - As of the third quarter, the net interest margin for commercial banks was reported at 1.42%, reflecting a year-on-year decrease of 11 basis points [9] Emergence of Secondary Market - A vibrant secondary market for CD transfers is developing, with banks promoting transfer options through their apps, often featuring products with interest rates above 2% [5][6] - Intermediaries are actively facilitating these transactions, offering higher-yielding CDs from smaller banks and charging fees for their services [7][8]

Core Viewpoint - The six major state-owned banks have collectively discontinued the 5-year large denomination certificates of deposit (CDs), reflecting a broader trend of adjustments in long-term deposit products among banks to reduce liability costs and stabilize net interest margins [1][3][8]. Group 1: Market Reactions and Adjustments - The discontinuation of 5-year large denomination CDs by major banks has drawn significant attention, as many smaller banks have also been adjusting their long-term deposit products [3][8]. - Some state-owned banks had already stopped offering 5-year CDs prior to this collective action, indicating a shift in the market [5][8]. - The adjustments in deposit products are primarily aimed at lowering high-cost liabilities and optimizing the banks' liability structures [9][10]. Group 2: Interest Rate Trends - Recent data shows that the net interest margin for commercial banks remains under pressure, with state-owned banks having the lowest net interest margin at 1.31% compared to 3.83% for private banks [8][10]. - The trend of lowering deposit rates is expected to continue, with banks likely to maintain a limited number of 5-year products at reduced rates [10][11]. - The adjustments reflect a significant transformation in the financial system under a low-interest-rate environment, with banks responding to declining asset yields by shortening deposit terms [9][10]. Group 3: Investor Guidance - Investors are advised to shift from a single deposit mindset to a diversified investment strategy, considering options like money market funds, cash management products, and government bonds to balance risk and return [11]. - The expectation of continued declines in deposit rates suggests that investors should lower their return expectations and adjust their investment strategies accordingly [11].

Core Viewpoint - The six major state-owned banks in China have collectively suspended the sale of 5-year large denomination certificates of deposit (CDs), reflecting a broader trend of adjustments in long-term deposit products among banks aimed at reducing liability costs and stabilizing net interest margins [1][2][9]. Group 1: Bank Actions - Major state-owned banks including ICBC, ABC, BOC, CCB, BOCOM, and PSBC have removed 5-year large denomination CDs from their offerings, which has garnered significant attention [2][3]. - Some state-owned banks had already stopped offering 5-year CDs prior to this collective action, indicating a shift in product availability [4][9]. - Several smaller banks have also followed suit, with institutions like Mengyin Village Bank and others announcing the cancellation of 5-year fixed deposit products [9][10]. Group 2: Market Trends - The adjustments in long-term deposit products are seen as a response to ongoing pressure on net interest margins, with the average net interest margin for commercial banks reported at 1.42% as of Q3 2025, with state-owned banks at 1.31% [9][10]. - The trend of suspending long-term deposit products is expected to continue, driven by the need to optimize liability structures and reduce high-cost deposits [10][11]. - The current low interest rate environment is prompting banks to shorten deposit terms and lower liability costs as a strategy to cope with declining asset yields [10][11]. Group 3: Investor Guidance - Investors are advised to adjust their expectations regarding investment returns and to adopt a diversified asset allocation strategy rather than relying solely on traditional deposit products [1][10]. - Suggested alternatives for short-term funds include money market funds and cash management products, while medium to long-term investments could focus on laddered deposits, savings bonds, or "fixed income plus" products [11]. - The emphasis is on balancing risk and return through a diversified portfolio to achieve stable returns in a declining interest rate environment [11].

Core Viewpoint - The recent collective suspension of 5-year large-denomination certificates of deposit (CDs) by six major state-owned banks indicates a trend towards reducing liability costs and stabilizing net interest margins, with expectations for continued declines in deposit product rates [2][12]. Summary by Sections Suspension of 5-Year Large-Denomination CDs - Six major state-owned banks, including Industrial and Agricultural Banks, have removed 5-year large-denomination CDs from their offerings, raising significant attention [4][11]. - Some banks had already stopped offering 5-year CDs prior to this collective action, highlighting a shift in the market [4][6]. Adjustments by Smaller Banks - Many smaller banks have also been adjusting their long-term deposit products, with some, like Mengyin Village Bank, announcing the cancellation of 5-year fixed-term deposits [10][11]. - The trend of suspending long-term deposit products is expected to continue, driven by pressures on net interest margins and regulatory guidance [13]. Net Interest Margin Pressure - As of Q3 2025, the net interest margin for commercial banks remained at 1.42%, with state-owned banks having the lowest margin at 1.31% [11]. - The need to optimize liability structures is critical as high-cost long-term deposits exacerbate profitability pressures [11][12]. Future Trends and Investor Strategies - The ongoing adjustments in deposit products suggest that investors should adopt a diversified investment strategy rather than relying solely on traditional deposit products [12][14]. - Investors are encouraged to consider alternatives such as money market funds, cash management products, and government bonds to balance risk and return in a declining interest rate environment [14][15].

"刚凑够20万，想存个五年期大额存单，怎么各大银行都没了？" 最近不少储户发现，工行、建行、农行等六大国有银行，手机App里已找不到五年期大额存单的身影。就连三年期产品也"手慢无"，农行标着"额度紧张"， 工行直接显示"售罄"。 这不是银行"嫌钱少"，恰恰是被逼的。背后藏着银行的生存焦虑——净息差持续收窄，高成本存款已成"负担"。 银行赚钱的逻辑很简单：低息吸储，高息放贷，赚中间的利息差（净息差）。但现在这个"差价"已经薄得像纸。 国家金融监督管理总局数据显示，2025年三季度末，商业银行净息差仅1.42%，处于历史低位。对六大行来说，这个数字更不乐观，普遍低于行业平均。 五年期大额存单，曾是银行的"吸储利器"，但也是"成本高地"。之前这类产品利率普遍在2.5%以上，而银行放贷的主力——房贷利率，现在不少城市已经降 到3.5%以下。 算笔账就清楚：银行以2.5%的利率吸收存款，再以3.5%的利率放出去，扣除运营成本后几乎不赚钱。要是遇到借款人提前还款，银行更是"赔本赚吆喝"。 某股份制银行人士直言："现在拉一笔五年期大额存单，就像背上一个长期包袱，不如干脆下架，把成本降下来。" 银行下架五年期产品，还有个深层 ...

Core Viewpoint - The absence of 5-year large denomination certificates of deposit (CDs) from major state-owned banks reflects a trend in the banking sector towards shorter-term products and more precise liability management in a low interest rate environment [1][2][3] Group 1: Current Market Situation - Major banks including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank currently do not offer 5-year large denomination CDs [1] - Bank of China has issued at least 37 batches of personal large denomination CDs from 2016 to 2025, but since 2023, 5-year CDs are only available to specific clients rather than all personal customers [1] - Agricultural Bank of China has not issued 5-year large denomination CDs since 2022, focusing instead on products with terms of 3 years or less [2] Group 2: Interest Rate Dynamics - Some banks are experiencing a phenomenon where the interest rate for 5-year fixed deposits is lower than that for 3-year fixed deposits, indicating a "negative spread" [2] - As of the third quarter of this year, the net interest margin for commercial banks was 1.42%, showing a year-on-year decrease of 11 basis points, despite some banks stabilizing their margins [2] Group 3: Strategic Adjustments - Banks are adopting more refined strategies for liability management, including shortening deposit terms and offering differentiated deposit strategies targeting specific customer segments, particularly the elderly [3] - The elderly demographic, which accounts for over 70% of savings deposits, is being targeted with higher interest rates and lower minimum deposit thresholds, optimizing the banks' liability structure and reducing liquidity management pressure [3] - This approach not only enhances the banks' ability to attract stable long-term funds but also aligns with social responsibility by providing tailored services to older customers, thereby building brand trust and achieving a balance between commercial and social value [3]

Core Viewpoint - The absence of 5-year large denomination certificates of deposit (CDs) from major state-owned banks in China has raised concerns, but this trend is not new as some banks have stopped offering these products for several years [1][9]. Group 1: Product Availability - Major banks, including the six largest state-owned banks, currently do not offer 5-year large denomination CDs, which were not a long-term product type for these banks [1]. - China Bank has issued at least 37 batches of personal large denomination CDs from 2016 to 2025, with some 5-year products available in specific years, but since 2023, these are only offered to select customers [1][9]. - Agricultural Bank of China has not offered 5-year large denomination CDs since at least 2022, focusing instead on products with shorter terms [7][9]. Group 2: Interest Rate Environment - The current low interest rate environment has led banks to actively manage their liabilities, resulting in the discontinuation of longer-term large denomination CDs [9]. - As of the third quarter of this year, the net interest margin for commercial banks was 1.42%, showing a year-on-year decrease of 11 basis points, indicating ongoing pressure on profitability [9]. Group 3: Targeted Strategies - Banks are adopting differentiated deposit strategies, particularly targeting older customers with higher interest rates and lower minimum deposit requirements, which is becoming a common practice in the industry [10][11]. - This approach helps optimize the liability structure, secure stable long-term funding, and reduce liquidity management pressure [11].

Core Viewpoint - The recent absence of 5-year large denomination certificates of deposit (CDs) from major state-owned banks reflects a broader trend in the banking sector towards managing liabilities in a low-interest-rate environment [1][9]. Summary by Sections Product Availability - Major banks including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and others have not offered 5-year large denomination CDs for some time, with some banks ceasing to offer them several years ago [2][6][8]. - Bank of China has issued at least 37 series of personal large denomination CDs from 2016 to 2025, with 5-year products available only to specific clients since 2023 [2]. Market Trends - The overall trend of discontinuing long-term large denomination CDs is a response to the narrowing net interest margins faced by banks, which have seen a decrease of 11 basis points year-on-year, stabilizing at 1.42% as of the end of Q3 this year [9]. - Banks are adopting more refined strategies for liability management, including shortening deposit terms and offering differentiated deposit strategies targeting specific customer segments, particularly the elderly [9][10]. Customer Targeting - The strategy of offering higher interest rates and lower minimum deposit thresholds for elderly customers has become increasingly common, especially among smaller banks [9][10]. - This approach not only optimizes the liability structure but also helps in building a core customer base, enhancing brand trust through tailored services [10].

Accessible version Banks - China (H/A) 2026 Year Ahead: defensive anchor with potential upside Price Objective Change Key themes for the China bank sector in 2026 Defensive anchor amid market volatilities in 2026 Equity investors remain constructive on the China market in 2026, supported by global monetary easing, China's steady economic growth, ongoing technological advancement, and the authority's commitment to a "slow-bull" equity market. However, with MSCI China trading at an above-average P/E (~13x), w ...

最近几年，受宏观经济深度调整，国内信贷需求偏弱，LPR（贷款市场报价利率）重新定价等因素影响，银行的日子不太好过，尤其体现为持续下探的净 息差。 根据国家金融监管总局最新披露的数据，截至2025年三季度末，商业银行净息差1.42%，环比持平，同比收窄0.11个百分点。 但整体的萎靡掩盖不了个体的亮色，柒财经发现，在民营银行赛道，诸如新网银行、锡商银行、微众银行、华瑞银行，都拥有令同行羡慕的超高净息差。 01 这四家民营银行的净息差，超高 由于民营银行一般只在年报时才会亮明净息差，所以我们把时间定格到2024年。 截至2024年末，商业银行的净息差为1.52%。其中，民营银行净息差4.11%，碾压国有行的1.44%、股份行的1.61%、城商行的1.38%、农商行的 1.73%。 细分地看，新网银行、锡商银行、华瑞银行、微众银行，净息差分别高达5.89%、5.85%、5.48%、5.23%，不仅在行业一骑绝尘，亦是5%+的唯四选手。 更值得一提的是，在净息差毫无抵抗、直线下坠的趋势中，这几位"显眼包"逆势上扬，走出了自己的独立行情，妥妥实现了对周期魔咒的华丽穿越。 先看新网银行。2021年末-2024年末，该行的 ...