值得关注的是，当前银行3年期大额存单年利率普遍低于"2字头"，在此背景下，部分民营银行推出的大 额存单产品年利率超2%，显示出一定的利率吸引力。例如，江苏苏商银行官方微信公众号日前发布的 产品信息显示，该行"上新"2年期大额存单，发行对象面向个人客户，起购金额为20万元，年利率为 2.1%。武汉众邦银行近日推出5年期大额存单，20万元起存，年利率为2.05%。 本报记者 熊悦 作为商业银行的揽储"利器"，临近年底，诸多中小银行大额存单密集"上新"。 12月份以来，江苏苏商银行、武汉众邦银行、宁夏银行、晋城农村商业银行、山西左云农村商业银行、 浙江禾城农村商业银行、阜阳颍淮农村商业银行等多家区域性银行推出新一期大额存单产品。 宁夏银行官方微信公众号日前发布信息，该行12月15日至12月21日发售3个月至18个月期限的大额存 单，起存金额为20万元（含），3个月期限的年利率为1.10%，18个月期限的年利率为1.43%。 12月18日，晋城农村商业银行在官方微信公众号发布信息，该行12月18日起售1年期大额存单，起存金 额为20万元，年利率为1.45%。当日，浙江禾城农村商业银行3年期大额存单开售，起购金额为10 ...

Core Viewpoint - The recent collective removal of 5-year large denomination certificates of deposit (CDs) by major Chinese banks indicates a shift in banks' strategies towards more cautious interest margin management and a potential reduction in the supply of long-term fixed-rate deposits [1][11]. Group 1: Market Changes - Major state-owned banks have collectively removed 5-year large denomination CDs from their mobile banking platforms, with current offerings limited to terms of 3 years or less, and interest rates ranging from 1.20% to 1.55% [1][2]. - The trend of discontinuing 5-year large denomination CDs is not new, as some institutions had already begun this practice last year [1]. - The interest rates for 3-year large denomination CDs are approximately 1.55%, with minimum purchase amounts typically set at 200,000 yuan [2]. Group 2: Historical Context - The development of large denomination CDs spans nearly 40 years, with their initial issuance by the Bank of Communications in 1986, followed by a long hiatus until their reintroduction in 2015 [5][6]. - The popularity of large denomination CDs surged around 2018 due to changes in the banking landscape, including the relaxation of interest rate caps and increased demand for fixed-term deposits [6]. Group 3: Financial Implications - The discontinuation of long-term high-interest deposits is primarily driven by banks' need to manage net interest margins more effectively, as the current environment of low loan rates and high deposit costs creates pressure on profitability [11]. - As of the end of Q3, the net interest margin for commercial banks was reported at 1.42%, indicating a challenging environment for maintaining high-interest deposit products [11]. Group 4: Customer Behavior - The removal of 5-year large denomination CDs has prompted customers to reconsider their investment strategies, shifting from a focus on high-interest deposits to a more diversified asset allocation approach [12][15]. - A survey indicated that 18.5% of residents are inclined to invest more, with non-principal guaranteed bank wealth management products becoming increasingly popular [14].

Core Viewpoint - The recent collective removal of five-year large denomination certificates of deposit (CDs) by major Chinese banks indicates a shift in banks' strategies towards more cautious interest margin management and a potential reduction in the supply of long-term fixed-rate deposits [2][7]. Group 1: Market Changes - Major state-owned banks have collectively removed five-year large denomination CDs from their mobile banking platforms, with current offerings limited to terms of three years or less, and interest rates ranging from 1.20% to 1.55% [1][3]. - This year's trend deviates from the traditional year-end practice of increasing the supply of high-interest deposit products, raising market concerns [2][3]. - The interest rates for three-year large denomination CDs are approximately 1.55%, with minimum purchase amounts typically set at 200,000 yuan [3]. Group 2: Historical Context - The five-year large denomination CD has been a significant product in the banking sector for nearly 40 years, initially gaining traction in 1986 but facing a long hiatus until its reintroduction in 2015 [4][5]. - The product saw a surge in popularity starting in 2018, with interest rates exceeding 3% and even reaching 4% in some smaller banks, making it attractive to conservative investors [5][6]. Group 3: Current Trends and Implications - The decline in the attractiveness of five-year large denomination CDs is attributed to narrowing net interest margins, with many banks controlling the issuance of long-term CDs and reducing interest rates [6][7]. - As of the third quarter, the net interest margin for commercial banks was reported at 1.42%, indicating ongoing pressure on banks' profitability due to high deposit costs amidst declining loan rates [7]. - The shift towards a "differentiated supply" model suggests that only a few banks with strong liability demands may continue to offer long-term deposits, while others will focus on shorter-term products [2][7]. Group 4: Investor Behavior - The changes in the availability and attractiveness of large denomination CDs are prompting investors to diversify their asset allocation strategies, moving away from a focus solely on high-interest deposits [9][10]. - A survey indicated that 18.5% of residents are inclined to invest more, with non-principal guaranteed bank wealth management products becoming increasingly popular [9]. - Investors are now considering a mix of investment options, including stable wealth management products and money market funds, reflecting a shift in financial strategies in response to the changing market landscape [10][11].

Core Viewpoint - The recent collective removal of 5-year large denomination time deposits by major banks indicates a strategic shift in banks' approach to interest margin management and a potential reduction in the supply of long-term fixed-rate deposits [1][15]. Group 1: Market Changes - Major state-owned banks have collectively removed 5-year large denomination time deposits from their mobile banking platforms, with current offerings limited to terms of 3 years or less, and interest rates ranging from 1.20% to 1.55% [1][3]. - Some banks have labeled their 3-year large denomination time deposits as "available," but many are already sold out, reflecting a significant departure from the traditional year-end deposit attraction strategies [1][13]. Group 2: Historical Context - The development of 5-year large denomination time deposits spans nearly 40 years, with their initial introduction in 1986 and a significant revival in 2015 after a long hiatus [6][7]. - The peak popularity of these deposits occurred around 2022, where they were highly sought after, often selling out quickly and leading to phenomena like "setting alarms to purchase" [7][9]. Group 3: Financial Implications - The decline in the attractiveness of 5-year large denomination time deposits is attributed to the narrowing net interest margins faced by banks, which have led to a reduction in the issuance of long-term deposits [8][15]. - As of the third quarter, the net interest margin for commercial banks was reported at 1.42%, indicating ongoing pressure on banks' profitability due to high deposit costs amidst declining loan rates [15]. Group 4: Strategic Adjustments - Banks are expected to adopt a differentiated supply model for long-term deposits, with only a few banks with strong liability demands likely to continue offering such products [1][15]. - The minimum investment thresholds for large denomination time deposits have changed, with current offerings showing minimal interest rate differences across various investment amounts, indicating a shift in product positioning [16]. Group 5: Investor Behavior - In response to the changing landscape, investors are shifting from a focus on high-interest deposits to a more diversified asset allocation strategy, with a notable increase in interest in non-principal guaranteed financial products [19][20]. - A significant portion of the population is now inclined to explore various investment options, reflecting a broader change in financial attitudes and strategies among retail investors [19].

Core Viewpoint - The performance meeting of Bank of Communications on November 7 highlighted the bank's strategies for managing net interest margin and optimizing liability structure, indicating a stabilization in net interest margin for the third quarter of 2025 [1] Group 1: Net Interest Margin Management - The bank reported that the net interest margin remained stable quarter-on-quarter, showing signs of stabilization [1] - The bank continues to enhance its market interest rate trend analysis, adjusting business structure and dynamically optimizing pricing strategies [1] - The market-oriented adjustment mechanism for deposit rates has played a continuous role in maintaining the stability of the net interest margin [1] Group 2: Liability Structure Optimization - The bank emphasizes the balance between funding sources and usage, focusing on enhancing the deposit customer base through targeted marketing strategies [1] - The bank is actively promoting consumption to strengthen low-cost fund retention [1] - The strategies include optimizing the asset-liability structure, refining pricing management, and improving the customer base [1]

Core Viewpoint - Zhejiang Merchants Bank reported a decline in revenue and net profit for the first three quarters of 2025, attributed to ongoing challenges in the industry, including low growth and narrowing interest margins [1][2]. Financial Performance - For the first three quarters of 2025, the bank achieved operating income of 48.93 billion yuan, a year-on-year decrease of 6.8%, and a net profit attributable to shareholders of 11.67 billion yuan, down 9.6% year-on-year [1]. - The net interest margin for the first three quarters was 1.67%, a decrease of 13 basis points year-on-year, with net interest income of 34.44 billion yuan, down 3.2% year-on-year [1]. - Non-interest income was 14.49 billion yuan, a decline of 14.3% year-on-year, impacted by external factors affecting bond market yields [1]. Loan and Credit Strategy - The bank has shifted focus towards low-risk, stable-yield lending, with a significant increase in personal consumption loans following the implementation of a government subsidy policy [2][3]. - As of September 2025, the bank's loan and advance balance was 1.9 trillion yuan, with a growth rate of 2.11% year-to-date, primarily driven by corporate loans, which increased by 5.1% [5]. Risk Management - The non-performing loan ratio stood at 1.36%, a slight decrease from the beginning of the year, while the provision coverage ratio dropped to 159.56%, down 19.11 percentage points [3]. - The bank is actively managing risks associated with the real estate sector and small micro-enterprises, emphasizing a cautious approach to new credit approvals [3][4]. Non-Interest Income Outlook - Non-interest income faced pressure, with a 14.3% decline in the first three quarters, but the bank anticipates gradual recovery through enhanced wealth management and service offerings [7]. - The bank plans to implement a "three-year action plan" to improve fee-based income, focusing on wealth distribution, custody, and payment services [7]. Shareholder Engagement - The bank has maintained a cash dividend payout ratio of over 30% for the past three years, totaling over 13.2 billion yuan, and is considering future dividend policies [6]. - The bank has established a market value management plan to enhance investor confidence and protect shareholder interests [6].

Core Viewpoint - In the third quarter of this year, Ruifeng Bank's net interest margin (NIM) showed signs of stabilization, with a notable increase of 3 basis points compared to the end of the second quarter, making it stand out among listed banks [2][5]. Financial Performance - As of September 30, Ruifeng Bank achieved an operating income of 3.356 billion yuan, a year-on-year increase of 1.03%, and a net profit of 1.541 billion yuan, up 5.50% year-on-year [3]. - The bank's income structure included net interest income of 2.421 billion yuan, net fee and commission income of 96 million yuan, and investment income of 815 million yuan, all showing growth compared to the same period last year, with increases of 6.12%, 162.66%, and 4.50% respectively [3]. Net Interest Margin Trends - Ruifeng Bank's NIM has been on a declining trend in recent years, dropping from 2.56% in 2019 to 1.50% by the end of 2024, and further to 1.46% by June 2025, representing a decrease of 1.1 percentage points since 2019 [3][4]. - The bank's net interest income has also seen a decline in contribution, with figures of 3.188 billion yuan, 3.054 billion yuan, and 3.004 billion yuan for the years 2022, 2023, and 2024 respectively [3]. Management Measures - In response to the pressure on NIM, Ruifeng Bank has implemented various management measures, including stabilizing NIM as a "hard indicator" since 2025, optimizing deposit structure, and enhancing loan pricing management [4][5]. - The bank organized a "2025 NIM Management Case Competition" in September to promote effective experiences and innovative practices in NIM management across its branches [5]. Asset Quality - As of the end of the third quarter, Ruifeng Bank's total assets reached 230.265 billion yuan, with total loans amounting to 133.544 billion yuan and total liabilities of 210.692 billion yuan [7]. - The bank's non-performing loan (NPL) ratio stood at 0.98%, unchanged from the second quarter but down 0.01 percentage points from the beginning of the year [7]. - The proportion of attention-class loans and loss-class loans has increased, with attention-class loans at 251.9 million yuan (1.89% of total loans) and loss-class loans at 57.3 million yuan (0.43% of total loans) [7][8]. Economic Environment Impact - The increase in overdue loans in the first half of the year was attributed to various factors, including weakened repayment capabilities among individual borrowers and a decline in regional property prices [8]. - Despite the challenges, the bank maintains that the overall risk from personal loans, primarily secured by real estate, remains manageable and will not significantly disrupt the stability of the NPL ratio [8].

Financial Performance Highlights - Q3 2025 net income reached $10844 thousand [2], while adjusted core net income was $10991 thousand [2] - Return on Average Assets (ROAA) stood at 233% [2] - Return on Average Tangible Common Equity (ROATCE) was 2072% [18] - Efficiency Ratio was 4112% [5] Balance Sheet and Loan Portfolio - Total assets amounted to $1891435 thousand [2] - Total loans reached $1534227 thousand [2] - Total deposits totaled $1636827 thousand [2] - The loan-to-deposit ratio was 9373% [79] Capital and Liquidity - Tier 1 Leverage Ratio was 1271% [74] - Common Equity Tier 1 (CET1) ratio was 1422% [5] - The company has 263x coverage of adjusted uninsured deposits with $81415 million in cash, securities, and undrawn lines of credit [5] Loan Portfolio Composition - Commercial & Industrial loans accounted for 2647% of the total loan portfolio, amounting to $40698 million [64] - Hospitality loans represented 1901% of the portfolio, totaling $29230 million [64] - Energy loans comprised 1097% of the portfolio, reaching $16860 million [64]

Core Viewpoint - The article emphasizes that China's monetary policy has been moderately loose in response to a complex macroeconomic environment, leading to a sustained low interest rate environment. State-owned large commercial banks must focus on serving the real economy and create greater value in the context of high-quality economic development [2][4]. Group 1: Interest Margin Analysis - The net interest margin (NIM) of state-owned large commercial banks has been narrowing significantly due to the continuous decline in market interest rates. From the end of 2018 to the end of 2024, the average NIM of the four major banks is projected to decrease from 2.18% to 1.52%, a drop of 0.66% [6]. - The average loan yield for the four major banks has decreased from 4.34% in 2018 to 3.55% in 2024, a decline of 0.79%. Similarly, the average investment yield has fallen from 3.59% to 3.09%, a reduction of 0.5% [7][8]. Group 2: Cost of Interest-Bearing Liabilities - The average deposit interest rate for the four major banks increased from 1.47% in 2018 to 1.76% in 2024, raising the cost of interest-bearing liabilities by 0.29%. The proportion of deposits in interest-bearing liabilities has decreased from 83.79% to 78.64% during the same period [9]. - The net interest income has shown negative growth as the effect of expanding asset scale to offset the narrowing NIM has diminished. Starting from 2023, the positive scale effect can no longer compensate for the negative rate effect, leading to a decline in net interest income for some banks [10]. Group 3: Future Interest Rate Trends - The article suggests that the low interest rate environment in China may persist for a considerable time due to various internal and external factors, including economic slowdown and structural issues such as technological stagnation and the fading demographic dividend [12]. - Internationally, major developed economies have entered a rate-cutting cycle, with central banks like the Federal Reserve and the European Central Bank reducing rates in response to easing inflation pressures and slowing employment growth [13].

Group 1: Loan Growth and Structure - As of mid-2025, the total customer loans of Qingdao Bank reached CNY 368.406 billion, an increase of CNY 27.716 billion from the end of the previous year, representing a growth of 8.14% [2] - The loan-to-asset ratio is 49.58%, up by 0.2 percentage points compared to the end of the previous year [2] - The bank plans to continue increasing credit investment to support the real economy, with a focus on eight key sectors including technology finance and rural revitalization [2][3] Group 2: Net Interest Margin Performance - The annualized net interest margin for the first half of 2025 is 1.72%, a slight decrease of 0.01 percentage points from the full year of 2024 [4] - The bank has implemented various measures to address the pressure of narrowing interest margins, including optimizing asset structure and increasing loan investments [4] - On the liability side, the bank aims to reduce costs by optimizing the structure of major liabilities and managing deposit costs effectively [4]