Core Viewpoint - A new round of banks lowering deposit rates has led to a wave of fee reductions by wealth management subsidiaries, with some fees dropping to as low as 0.01% [1][2][5] Group 1: Fee Reductions by Wealth Management Subsidiaries - Multiple wealth management subsidiaries, including Bank of China Wealth Management and China Merchants Bank Wealth Management, have announced significant fee reductions for their products, with management fees as low as 0.01% [2][4] - Bank of China Wealth Management has issued 27 announcements regarding fee reductions since May, with specific products seeing management fees drop from 0.15% to 0.01% [2] - Other banks, such as Hunan Bank and Everbright Wealth Management, have also adjusted their fee structures, with some fees being eliminated entirely [3][4] Group 2: Market Dynamics and Trends - The reduction in fees is attributed to two main factors: the decrease in deposit rates leading to a shift of funds into wealth management products, and the need to retain existing investors amid declining product performance benchmarks [5][6] - The total scale of bank wealth management products has exceeded 31 trillion yuan, indicating a recovery in the market [6] - The wealth management market is undergoing strategic adjustments in response to a low-interest-rate environment, characterized by increased competition and a shift towards multi-asset allocation [6][7] Group 3: Performance Benchmarks and Product Issuance - The performance benchmarks for bank wealth management products have declined, with various product categories experiencing drops in their annualized returns [7] - In April 2025, the issuance scale of bank wealth management products was 556 billion yuan, reflecting a decrease from the previous month [6]

华夏时报（www.chinatimes.net.cn）记者 卢梦雪 见习记者 张萌 北京报道 "定存利息太低，手上的存单到期后准备转投理财！"有投资向记者表示。 近期，随着国有大行和股份行相继下调存款利率，中小银行也纷纷跟进。多家银行定期存款利率已全面调整为"1 字头"，利率较高的大额存单因额度紧张而"一单难求"。 记者在多个社交平台上注意到，越来越多的投资者开始关注理财、保险、基金等资产管理产品，其中年轻投资者 尤为活跃。 有股份行人士向记者表示，来存款的人少了，来咨询理财产品的客户未见明显增加，"可能大家固有的投资习惯已 经形成了，选择存款的依然选择存款，偏好理财的继续关注理财。" "存款利率下调以及相关预期会进一步降低存款产品的吸引力，预计会有一定比例的存款寻找替代产品。但当前公 众风险偏好较难出现大的改变，经济主体对资金安全性更加看重，因此我们判断存款搬家规模有限、可控。"5月 29日，北京财富管理行业协会特约研究员杨海平向《华夏时报》记者表示。 投资者寻找替代产品 5月20日，新一轮降息周期开启，国有六大行及招商银行率先下调存款利率，中信银行等多家股份银行迅速响应， 跟进下调。本次下调后，活期存款利 ...

文 / 苏商银行特约研究员 薛洪言 2 0 25年5月20日，新一轮降息政策落地，1年期和5年期LPR均下调10个 BP。大行存款利率同步调降，2年期及以下定期存款利率下调15个BP，3 年 和 5 年 期 存 款 利 率 下 调 25个 BP 。 纵观 本 次降 息， 存 款降 息 幅 度 大 于 贷 款，且存款呈现出"期限越长，调降幅度越大"的特点。非对称降息旨在减 弱存款定期化、长期化趋势，助力银行控制负债成本、维持息差水平。 值 得 注 意 的 是 ， 长 期 限 存款 利 率 的 深度 调整 叠 加仍 将 持 续 降 息 的 市 场 预 期 ， 或 将 打 破 居 民 资 产 配置 的 稳 态 平衡 ，驱 动 储蓄 资 金 加 速 迁 徙 。 截 至 2 0 25年4月末，我国储蓄存款余额高达1 5 9万亿元，迁移空间巨大。存款 搬家驱动财富管理市场扩容，叠加养老金、险资等长期资金入市的制度红 利，资本市场有望获得持续活水注入，结构性长牛行情更具想象空间。 降息驱动存款搬家：资金"脱媒"趋势加速 从常识来看，当1年期存款利率低于1%时，存款的"保值增值"属性将相对弱化，居民对投资收益的敏感 度显著提 ...

Group 1 - The recent reduction in deposit rates by state-owned and joint-stock banks has prompted smaller banks, including city commercial banks and rural commercial banks, to follow suit, leading to many deposit rates entering the "1" range [1][2] - The adjustment in deposit rates has resulted in a noticeable "deposit migration" effect, with clients moving large sums from traditional deposits to wealth management products and insurance [1][5] - The latest data indicates that the average interest rates for various deposit products have reached historical lows, with some banks offering rates as low as 0.05% for demand deposits and 1.30% for three-year fixed deposits, reflecting a decrease of 25 basis points [2][3] Group 2 - The decline in deposit rates is expected to encourage consumers to allocate funds towards consumption and investment, thereby enhancing economic vitality and optimizing asset allocation [4] - The trend of deposit migration is exacerbated by the low attractiveness of traditional savings, with many clients opting for bank wealth management products and insurance instead [5][6] - Analysts suggest that the reduction in deposit rates will pressure banks' liability management, leading to increased reliance on interbank liabilities and higher issuance rates for interbank certificates of deposit [7][8]

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Views - **Stock Index**: After Trump postponed 50% of the tariffs, the EU stated that the EU - US trade negotiations had "new impetus" and planned to "advance rapidly." Japan planned to use LNG projects and shipbuilding technology to seek tariff concessions from the US, aiming to reach an agreement by mid - June. ECB President Lagarde said the euro could become an alternative to the US dollar. Domestically, the market rotation was fast, the main driving force was weak, and trading volume was insufficient, so the stock index might fluctuate weakly [1]. - **Treasury Bonds**: Since early May, factors such as the profit - taking after the "dual cuts," the bond market's risk - aversion sentiment due to the 90 - day tariff suspension, concerns about "deposit migration" after the deposit rate cut, and worries about bond issuance supply had a bearish impact on the bond market. Current bond market investors were generally cautious, and the view of "bullish but not buying" limited the depth of market adjustment to some extent and provided the probability and odds for subsequent trading [3]. 3. Strategy Recommendations - **Stock Index**: Adopt a defensive and wait - and - see strategy [2]. - **Treasury Bonds**: Bullish in the short term [4]. 4. Market Review - **Stock Index**: The main contract futures of CSI 300 fell 0.61%, that of SSE 50 fell 0.46%, that of CSI 500 rose 0.33%, and that of CSI 1000 rose 0.69% [6]. - **Treasury Bonds**: The 10 - year main contract rose 0.00%, the 5 - year main contract rose 0.01%, the 30 - year main contract rose 0.13%, and the 2 - year main contract rose 0.03% [9]. 5. Technical Analysis - **Stock Index**: The KDJ indicator of the Shanghai Composite Index suggested a weak trend [7]. - **Treasury Bonds**: The KDJ indicator of the T main contract showed a fluctuating and strong trend [10]. 6. Futures Data | Date | Futures Variety | Closing Price (yuan/contract) | Change (%) | Trading Volume (lots) | Open Interest (lots) | | ---- | ---- | ---- | ---- | ---- | ---- | | 2025 - 05 - 23 | CSI 300 Continuous | 3,831.20 | - 0.61 | 62,863 | 138,782 | | 2025 - 05 - 23 | SSE 50 Continuous | 2,684.40 | - 0.46 | 34,244 | 51,685 | | 2025 - 05 - 23 | CSI 500 Continuous | 5,594.60 | 0.33 | 56,454 | 110,791 | | 2025 - 05 - 23 | CSI 1000 Continuous | 5,925.00 | 0.49 | 133,893 | 181,503 | | 2025 - 05 - 23 | 10 - year Treasury Bond Continuous | 108.855 | 0.00 | 52,310 | 166,526 | | 2025 - 05 - 23 | 5 - year Treasury Bond Continuous | 106.060 | 0.01 | 48,389 | 125,742 | | 2025 - 05 - 23 | 30 - year Treasury Bond Continuous | 119.760 | 0.13 | 58,787 | 91,927 | | 2025 - 05 - 23 | 2 - year Treasury Bond Continuous | 102.430 | 0.03 | 31,127 | 102,629 | [12]

Core Viewpoint - The article discusses the recent surge in high-yield financial products offered by banks in response to declining deposit rates, leading to a shift of funds from traditional savings to wealth management products. However, the sustainability of these high yields is questioned as the market adjusts to lower interest rates [1][10]. Group 1: High-Yield Product Emergence - Many banks' wealth management subsidiaries are launching short-term high-yield products to attract customers, with some products offering annualized returns exceeding 6% [3][4]. - As of May 24, 34 wealth management products have performance benchmarks above 6%, indicating a significant increase in high-yield offerings [3]. - The issuance of new products has surged, with 506 new wealth management products launched in the week of May 5-11, 2025, marking a 104-product increase from the previous week [4]. Group 2: Investment Strategies and Market Behavior - Investors are adopting new strategies to secure high-yield products, with tactics such as timing purchases and selecting newly launched products [6][7]. - A notable trend is the emergence of "gold diggers" who monitor and quickly purchase high-yield products as soon as they become available, often using mobile apps [5][6]. - Investors are categorizing products based on their performance, with terms like "exploding gold coins" for high yields and "hanging eggs" for products with no returns [7]. Group 3: Market Dynamics and Future Outlook - The shift of funds from deposits to wealth management products is evident, with a reported decrease of 1.39 trillion yuan in household deposits in April, while non-bank deposits increased by 1.57 trillion yuan [9][10]. - The wealth management market's total scale reached 31.26 trillion yuan as of May 19, 2025, indicating potential for further growth [9]. - Analysts suggest that the current low deposit rates may continue to drive funds into wealth management, but uncertainties remain regarding the impact of interest rate changes and market volatility on future growth [10][11].

Group 1 - The core viewpoint is that the migration of funds from deposits to wealth management products is driven by declining deposit rates, but the sustainability of high returns on these products remains uncertain [1][7][8] - Wealth management companies are launching short-term high-yield products to attract customers, with some products offering annualized returns exceeding 6% [2][3] - The issuance of wealth management products is increasing, with a significant rise in the number of new products launched recently [2][6] Group 2 - Investors are employing strategies to "snatch" high-yield products, indicating a competitive environment for acquiring these financial products [4][5] - The shift of deposits to wealth management products is evident, with a notable increase in non-bank deposits and a corresponding rise in the scale of wealth management products [6][7] - There are concerns about the future expansion of wealth management scales due to potential downward pressure on product performance benchmarks and the impact of market volatility [8]

继5月20日国有六大行率先开启第七轮人民币存款挂牌利率下调后，多家股份行也跟进调 整。截至5月22日，招商银行、中信银行、兴业银行等12家股份行已全部完成存款利率的下 调，整存整取挂牌利率最高降幅为25个基点。 有专家表示，存款挂牌利率再度下调，且本次幅度大于LPR降幅、中长期存款利率降幅更 大，有利于进一步缓解存款长期化趋势，稳定银行负债成本，改善银行盈利能力，提升金融 服务实体经济的可持续性。同时，随着存款利率进一步下行，可能再次推动"存款搬家"。 12家股份行跟进下调存款利率 5月20日，工商银行、农业银行、中国银行、建设银行、交通银行、邮储银行、宣布对人民 币存款利率进行了调整。与此前相比，六家国有大行银行活期存款利率均下调0.05个百分点 至0.05%，各期限定期存款挂牌利率全线下调，最大降幅25个基点，1年定期利率首次跌破 1%。 近两日，多家股份制银行宣布跟进调整。截至5月22日，招商银行、中信银行、兴业银行等 12家股份行已全部完成存款利率的下调。 与国有大行相似，此次股份行多个期限存款利率均有所调整。其中，人民币活期存款利率统 一下调5个基点至0.05%，中长期限存款下调幅度更大，整存整取挂 ...

中经记者 慈玉鹏 北京报道 继5月20日国有六大行以及招商银行、光大银行宣布下调存款利率后，《中国经营报》记者统计发现，5 月21日又有七家股份行再次跟进下调存款利率，其中长期存款利率下调幅度大于短期。 记者注意到，截至目前，九家股份制银行普遍对六个月、一年期、二年期定存挂牌利率下调15个基点， 三年期、五年期定存挂牌利率普遍下调25个基点。其中长期存款利率下调幅度更大。 同时，除招商银行与五大行保持一致外，其余8家股份制银行整存整取一年期、三年期、五年期挂牌利 率分别降至1.15%、1.3%、1.35%。 或推动"存款搬家" 东方金诚首席宏观分析师王青表示："截至2025年4月末，活期存款占比34.5%，此次六大行下调存款利 率并带动其他商业银行跟进调整后，或将带动整体存款利率下调0.11—0.13个百分点左右，基本能够覆 盖本次LPR报价下调带动各类贷款利率下行对银行资产端收益的影响，稳定银行净息差。" 从影响看，王青表示，最新数据显示，2025年一季度商业银行净息差为1.43%，较上季度下行0.09个百 分点，再创历史新低，且已明显低于1.8%的警戒水平。本次LPR报价下调带动银行存款利率同步下调， 在 ...

新一轮降息潮已经开启，对理财市场影响几何？ 2025.05. 21 本文字数：2765，阅读时长大约5分钟 作者 | 第一财 经 陈君君 继国有大行及招商银行率先降息后，5月21日，又有8家股份制银行宣布下调存款利率，其中3年期和 5年期定期存款利率下调25个基点，活期存款利率接近零利率水平。与此同时，多家银行同步降低了 大额存单产品的利率，全面进入"1时代"。 业内人士分析认为，这将进一步引发"存款搬家"现象，理财市场的存款替代效应也将显著增强，尤其 是短期限理财产品（如现金管理类和纯债类产品）将成为主要的资金承接工具。然而，随着存款利率 的下调，银行理财产品等固定收益类产品的收益率也将面临下行压力。 投资者急寻"存款替代" 5月20日，国有六大行及招商银行同步下调了存款利率。其中，活期存款利率降至0.05%，距离零利 率仅一步之遥。与活期存款利率下调相对应，1年期整存整取利率已降至0.95%，全面迈入"1时代"。 5月21日，中信银行、兴业银行、浦发银行、光大银行、华夏银行、民生银行、广发银行、平安银行 8家股份制银行"接力"降息，普遍对6个月、1年期、2年期定存挂牌利率下调15个基点，3年期、5年 期定 ...