心エ。 下，中小银行应深入考虑如何摆脱高息存款依 赖、打造差异化产品和服务体系，进一步提升核 心竞争力。 银行业动态 近期，浙江、贵州、吉林等地多家村镇银行宣布将下调存款利率，降幅在10—20个基点不等。 与此形成对比的是，多家银行近期推出了年化利率在 2%以上的大额存单产品，引发市场关注。 业内人士指出，本轮存款利率下调以中小银行为主，面对净息差下滑趋势，中小银行主动调控负债成本，跟进下调存款利率以稳定息差。在 未来存款利率下调趋势仍将持续的背景下，中小银行应深入考虑如何摆脱高息存款依赖、打造差异化产品和服务体系，进一步提升核心竞争 力。 下载财联社APP获取更多资讯 准确 快速 权威 专业 7x24h电报 头条新闻 VIP资讯 实时盯盘 长按右侧二维码阅读原文 准确 快速 权威 专业 C □ ○ 财联社 · 上海报业集团主管主办 为速度和交易而生 机构和私募都在使用 ...

Group 1 - Multiple village banks in China have announced a reduction in deposit interest rates, with decreases ranging from 5 basis points (BP) to 20 BP across various deposit terms, particularly affecting three and five-year deposits [1][2][3] - The adjustments are seen as a response to the downward trend in market interest rates, aimed at managing liability costs and alleviating net interest margin pressure for small and medium-sized banks [1][4] - The average interest rates for different deposit terms have shown a decline, with the three-month deposit rate at 0.943%, six-month at 1.149%, one-year at 1.278%, two-year at 1.369%, three-year at 1.702%, and five-year at 1.531%, reflecting changes of -0.6 BP to 0.7 BP [4] Group 2 - Experts predict that a new round of deposit rate cuts may occur in the third and fourth quarters, with potential adjustments expected around October [5][6] - Despite the overall downward trend in deposit rates, some small banks have introduced high-yield products, such as large-denomination certificates of deposit with rates exceeding 2%, which are viewed as short-term strategies rather than sustainable solutions [4][5] - The current environment poses challenges for small banks that previously relied on high interest rates to attract depositors, necessitating a shift towards differentiated services and product innovation to enhance competitiveness [6]

Core Viewpoint - Recent announcements from several village banks in Zhejiang, Guizhou, and Jilin indicate a reduction in deposit interest rates, with decreases ranging from 10 to 20 basis points. This contrasts with the introduction of large time deposit products offering annual interest rates above 2% by various banks, drawing market attention [1] Group 1: Deposit Rate Adjustments - Multiple village banks in Zhejiang, Guizhou, and Jilin have announced a reduction in deposit interest rates [1] - The reduction in rates is primarily led by small and medium-sized banks, which are responding to a trend of declining net interest margins [1] - The adjustments aim to stabilize interest margins by proactively managing funding costs [1] Group 2: Future Considerations for Banks - The trend of lowering deposit rates is expected to continue, prompting small and medium-sized banks to rethink their reliance on high-interest deposits [1] - There is a need for these banks to develop differentiated products and service systems to enhance their core competitiveness [1]

Core Viewpoint - The recent trend of deposit rate cuts among small and medium-sized banks is primarily driven by the need to manage liability costs and stabilize net interest margins in the face of declining loan yields and competitive pressures from larger banks [2][5][8]. Group 1: Deposit Rate Adjustments - Jiangsu Bank has reduced its three-year fixed deposit interest rate from 1.85% to 1.75%, a decrease of 10 basis points [1][3]. - Several small and medium-sized banks in regions like Zhejiang, Guizhou, and Jilin have announced deposit rate cuts ranging from 10 to 20 basis points [2][4]. - The adjusted rates for various terms at Shengzhou Ruifeng Village Bank include a three-year rate of 1.3%, down from previous levels [4]. Group 2: Market Dynamics - The current environment has led to a surge in demand for large-denomination certificates of deposit (CDs) with interest rates above 2%, as traditional deposit rates decline [6][7]. - Jiangsu Shushang Bank has launched two-year and three-year large CDs with rates of 2.1% and 2.3%, respectively, attracting significant investor interest [6]. Group 3: Future Outlook - Analysts predict that the trend of deposit rate cuts will continue, particularly among small and medium-sized banks, as they face greater challenges in attracting deposits compared to larger banks [8][9]. - The net interest margin for commercial banks in China was reported at 1.42% for Q2 2025, indicating ongoing pressure on profitability [8]. - Experts emphasize the need for small and medium-sized banks to shift their operational strategies away from high-interest deposit reliance towards more sustainable business models [9].

近期，在定存挂牌利率下调的背景下，大额存单利率也在下调。《证券日报》记者从多家国有大行和股 份制银行了解到，目前，银行大额存单年化利率普遍以"2"和"3"字打头。但不少民营银行的大额存单年 化利率仍稳居高位，最高可达3.85%。 与此同时，无论是国有大行还是民营银行的大额存单均显示"额度告急"，可谓"一单难求"。建行北京地 区某网点工作人员告诉记者，目前，银行3年期的大额存单年化利率是2.85%，不过已经没有额度了。 现在大额存单非常难抢，很稀缺。 "目前3年期的大额存单年化利率是2.9%，有额度，但是下周开始3年期大额存单可能要限量。"某股份制 银行客户经理向《证券日报》记者表示。 多家民营银行大额存单，包括转让存单，也一直处于"售罄"的状态。"存款利率不断下降，因此大额存 单异常抢手。转让存单也要等其他客户转出才能买到，需要排队预约，等待时间无法确定。"某民营银 行客服人员对《证券日报》记者表示。 为何民营银行大额存单的年化利率可以稳居高位？中国银行研究院博士后杜阳对《证券日报》记者表 示，一方面，相较于国有大行和股份制银行，民营银行在揽储能力、市场认可度、风险管理等方面存在 一定差距，故其对存款产品的定 ...

Group 1 - The core viewpoint of the article is that the recent recovery in equity market pricing is driven by multiple factors, including stable growth policies, lower deposit rates, and increased investment in non-US assets [1][2][3] - Since the implementation of stable growth policies on September 24, 2024, the Shanghai Composite Index and the Wind All A Index have increased by 32.2% and 44.6%, respectively, by August 8, 2025 [1] - The stable growth policies have improved the breadth of economic growth, contributing to increased stability in the stock market, as evidenced by the rising proportion of industries experiencing growth [1][2] - A reduction in deposit rates has led to increased liquidity in the residential sector, with the willingness to invest in stocks rising from 13.3% in Q3 2024 to 17.5% in Q1 2025 [2] - Policies promoting long-term capital inflows into the market have resulted in additional funding, with various financial institutions encouraged to adopt long-term assessments [2][3] - The rise in US credit risk premiums has increased the importance of non-US assets, as global investors seek to diversify their portfolios [3] Group 2 - Since August, expectations for a Federal Reserve rate cut have become a key trading theme in developed markets, with the Nasdaq leading global performance [4][5] - The VIX index has decreased to around 15%, indicating reduced volatility expectations in the US stock market [5] - A-shares have shown a "thick width + reduced volume" market pattern, suggesting that while risk appetite remains high, there is a growing need for fundamental support [8][9] - The overall market breadth has improved, with 79% of stocks in the Wind All A Index surpassing their 240-day moving average [9] - The performance of various sectors has varied, with military, non-ferrous metals, and precious metals showing strong gains, while TMT and dividend sectors performed moderately [10] Group 3 - The US fiscal deficit has expanded significantly, with a reported increase of $109 billion year-on-year, although this figure is adjusted for timing discrepancies [11][12] - The Federal Reserve's dovish stance has gained traction, with calls for rate cuts becoming more prominent among board members [14][15] - Recent policies aimed at supporting new industrialization and optimizing housing purchase policies in Beijing reflect a broader trend of government intervention to stimulate economic growth [31][32][33]

Core Viewpoint - The recent surge in domestic residents' savings is driven by concerns over job security and health issues, alongside the perceived risks in the stock market, funds, and bank wealth management products, leading to a significant increase in bank deposits [1] Group 1: Changes in the Deposit Market - Change 1: Decreasing interest income from deposits, with the one-year fixed deposit rate dropping from 2.25% to 1.35%, resulting in a reduction of interest income from 2250 yuan to 1350 yuan [5] - Change 2: The emergence of inverted interest rates, where shorter-term deposits (e.g., three-year) offer higher rates than longer-term deposits (e.g., five-year), prompting customer inquiries [8] - Change 3: High volatility in structured deposit returns, which are linked to the performance of investments in bonds, foreign exchange, and stock markets, leading to potential losses for depositors [10] - Change 4: An increasing number of bank failures or dissolutions, with 105 banks dissolving in 2024, primarily among rural and community banks, raising concerns about deposit safety [14] Group 2: Implications for Depositors - Depositors are advised to consider alternative investment options such as government bonds and high-yield bank wealth management products to achieve better returns amid declining deposit rates [14] - It is recommended for depositors to diversify their savings across multiple banks to mitigate risks associated with bank failures, as deposits up to 500,000 yuan are insured [14]

Core Viewpoint - The report indicates a continued decline in bank deposit rates, with many rates entering the "1" era, reflecting a broader trend influenced by market conditions and regulatory changes [1][2][3]. Deposit Rate Trends - As of June 2025, the average interest rates for various term deposits are as follows: 3-month at 0.949%, 6-month at 1.156%, 1-year at 1.287%, 2-year at 1.372%, 3-year at 1.695%, and 5-year at 1.538% [2]. - Compared to May, the rates have decreased across all terms, with the 3-month rate dropping by 5.5 basis points (BP), and the 5-year rate down by 3.5 BP [2]. Market Influences - The decline in deposit rates is anticipated due to the People's Bank of China's (PBOC) recent cuts in the Loan Prime Rate (LPR), which has pressured banks' net interest margins [2][3]. - The net interest margin for commercial banks has narrowed to 1.43%, a decrease of 9 BP from the previous quarter [3]. Large Certificate of Deposit (CD) Trends - The average interest rates for large CDs have also decreased, with the 3-month rate at 1.179% and the 5-year rate remaining unchanged [4]. - The decline in rates has led to a significant reduction in the sales of large CDs, as the interest rate differential between regular deposits and large CDs has diminished [4][5]. Structural Deposit Changes - The average term for structured deposits has increased to 103 days, with an average expected middle yield of 1.78% [7]. - The average expected highest yield for structured deposits varies by bank type, with state-owned banks at 1.99% and foreign banks at 4.34% [7][8]. Future Outlook - Analysts predict that the downward trend in deposit rates will continue, driven by the need for banks to optimize their liability structures and manage costs effectively [5][6]. - The overall market conditions suggest that deposit rates may have further room for decline, influenced by multiple factors including policy rate adjustments and banks' cost control needs [8].

Group 1 - The core viewpoint of the report indicates that the AI Fund Donghai Qiyuan Tianyi 6-Month Holding Mixed Initiated A (023244) reported a profit of 273,700 yuan in the second quarter of 2025, with a weighted average profit per fund share of 0.0269 yuan [3] - The fund's net value growth rate for the reporting period was 2.73%, and as of the end of the second quarter, the fund size was 10.5 million yuan [3] - As of July 21, the unit net value was 1.023 yuan, with the fund manager being Xing Ye and Qu Miao, who currently manage five funds [3] Group 2 - The fund's investment strategy focuses on timely allocation of bond assets, selective allocation and trading of convertible bonds and equity assets, aiming to create long-term stable returns for investors [4] - As of the end of the second quarter of 2025, the fund's top ten holdings included Shandong Expressway, Anhui Expressway, Ninghu Expressway, Guangdong Expressway A, Newao Co., Ltd., Shougang Environmental Protection, Beidahuang, Yangtze Power, Sinopec, and China Unicom [4]

Group 1 - The core viewpoint is that deposit interest rates have entered a "1%" era, leading to a significant shift of funds from traditional deposits to bank wealth management products, which offer higher returns [1][2][3] - As of June 2025, the total scale of bank wealth management products reached a historical high of 31.22 trillion yuan, driven by the decline in deposit rates [1] - The average annualized yield of fixed income and cash management products in the market is 2.51%, nearly 1 percentage point higher than the average deposit rate of 1.52% [2][3] Group 2 - The decline in deposit rates has prompted a surge in non-bank deposits, with a record increase of nearly 1.2 trillion yuan in May, marking the highest growth in nearly a decade [3] - Banks are engaging in a "customer acquisition war" for wealth management products, offering fee discounts and increasing customer holding limits to attract more investors [4] - Investors prioritize the yield and stability of wealth management products, with a focus on monitoring yield fluctuations, especially during periods of market volatility [5][6] Group 3 - The low interest rate environment positions bank wealth management products as a "safe haven" for investors, allowing for flexible asset allocation and liquidity [8] - The platform "Wangshang Bank Stable Treasure" has gained popularity, with over 400 million users, particularly among small and medium-sized enterprises and individuals from lower-tier cities [9]