连日来，"五年定存退场怎么理财"的词条频频登上热搜，内蒙古土右旗蒙银村镇银行一则公告引发市场 关注。据了解，该行宣布取消五年期整存整取定期存款产品，成为业内首家下架该产品的商业银行。银 行取消五年期定期存款，只是个例还是行业趋势?为此记者进行了更大范围的"摸底"了解，发现不少民 营银行和互联网银行都存在这一情况。伴随利率普降、长期存款利率"倒挂"等现象持续显现，一度被视 为稳健理财首选的长期定存，正逐步退出主流舞台。 据了解，土右旗蒙银村镇银行是业内首家公告取消五年期定期存款的商业银行。值得注意的是，五年期 定存产品"消失"的现象并非个例。同样位于内蒙古的昆都仑蒙银村镇银行自11月4日起调整定期存款利 率，调整后5年期定存利率不再显示。此外，记者注意到，包括中信百信银行、中关村银行、苏商银行 在内的多家民营银行和互联网银行在售的存款产品中，也已难觅五年期定存的踪影。其中，中关村银行 甚至一同下架了三年期定存，仅限存量自动续存。 为何下架? 应对净息差收窄，压降计息负债成本 有业内人士分析，银行停售五年期定存主要是为应对净息差收窄。在当前货币政策适当宽松背景下，贷 款利率下降快于存款利率，导致中长期存款成本相对 ...

曾经稳稳的存款收益，如今正悄然"缩水"，甚至部分银行直接让五年期定存"下架"？ 早年，这五年期定期存款是中老年投资者最信赖的理财方式之一。它保本、保息，利率高于短期存款，是保守型投资者的"安心之选"。 然而，时过境迁，这类产 品正逐渐退出主流舞台。 银行此举并非盲目跟风，而是有着深刻的现实考量。数据显示，2025年一季度，超三成定期存款客户提前支取，平均损失超过七成利息。 以10万元存五年期定存为例，如果存满到期，按1.6%的年利率可获利息8000元；但若在两年后提前支取，只能按0.05%的活期利率计息，利息仅100元，损 失高达98.75%。对客户和银行来说，这都是不愿看到的结果。 与此同时，银行存款利率已全面进入"1时代"。 更让人困惑的是，利率"倒挂"现象愈发普遍。比如中国建设银行三年期定期存款利率最高为1.55%，而五年期最高仅为1.3%。存五年反而比存三年收益低， 这种看似违背常理的现象，折射出银行对长期资金成本的忧虑。 而银行客户经理的推荐话术也悄然生变。当客户对定存利率表示"不满意"时，银保产品成为新的推销重点。 实际仔细看，银行下架五年期定存产品的背后，是我国银行业净息差持续承压的现实。净息差 ...

Core Viewpoint - The cancellation of the five-year fixed deposit product by the Inner Mongolia Tuyuqi Mengyin Village Bank has sparked market attention, indicating a potential trend in the banking industry as many private and internet banks are also phasing out long-term fixed deposits due to declining interest rates and the phenomenon of interest rate inversion [1][4][5]. Group 1: Industry Trends - The Tuyuqi Mengyin Village Bank is the first commercial bank to announce the cancellation of the five-year fixed deposit product, which is not an isolated case as other banks like the Kundu Lun Mengyin Village Bank have also stopped offering this product [4]. - Several private and internet banks, including Citic Baixin Bank and Zhongguancun Bank, have also removed five-year fixed deposits from their offerings, with Zhongguancun Bank additionally discontinuing three-year fixed deposits [4][5]. - The trend of phasing out five-year fixed deposits is attributed to banks' need to respond to narrowing net interest margins, as loan rates are decreasing faster than deposit rates, leading to higher costs for long-term deposits [4][6]. Group 2: Interest Rate Adjustments - The Tuyuqi Mengyin Village Bank has not only canceled the five-year fixed deposit but has also lowered interest rates for various term deposits, with the one-year deposit rate reduced to 1.45%, the two-year to 1.55%, and the three-year to 1.85% [4]. - Major banks, including the "Big Four" state-owned banks, have seen significant declines in deposit rates this year, with the one-year fixed deposit rate dropping to 0.95% and the three-year rate to 1.25% [5]. - The phenomenon of interest rate inversion is evident, with banks like China Construction Bank offering a three-year fixed deposit rate of 1.55%, while the five-year rate is only 1.3% [5]. Group 3: Implications for Banking Sector - The reduction in deposit rates is expected to alleviate banks' funding costs and may open up space for future reductions in the Loan Prime Rate (LPR), which could enhance borrowing willingness among residents and businesses [6]. - The adjustment in deposit rates may lead to a "migration" of deposits, potentially directing more capital into the capital markets [6].

Core Viewpoint - The article highlights a trend among banks where the interest rates for three and five-year fixed deposits are either flat or inverted, leading to a decline in five-year fixed deposit offerings and a shift towards higher-yielding financial products [1]. Group 1: Interest Rate Trends - Some banks are experiencing a phenomenon where the interest rates for three-year fixed deposits are equal to or higher than those for five-year fixed deposits [1]. - For instance, Minsheng Bank's "Anxin Deposit" product offers an annualized return of 1.7%, surpassing the yield of five-year fixed deposits [1]. - Agricultural Bank of China reports that most customers prefer three-year fixed deposits, as the yield difference with five-year deposits is only 0.05 percentage points [1]. Group 2: Shift to Alternative Products - Despite most banks maintaining their five-year fixed deposit offerings, there is a noticeable trend of discouraging long-term deposits and guiding customers towards alternative products such as insurance [1]. - A staff member from Agricultural Bank of China mentioned that for customers seeking longer-term investment options, they would recommend fixed-income insurance products [1]. - China Construction Bank promotes a new insurance product with an annualized rate of up to 1.75%, along with an additional average dividend of around 1% [1].

当前，银行业净息差压力仍未缓解。薛洪言表示，中小银行集中调整存款业务，将对自身经营与行业竞争格局产生多维度 影响。短期内虽能降低负债成本、缓解息差压力，但长期可能面临储户流失风险，尤其那些曾高度依赖高息揽储的机构，需通 过提升服务效率、开发特色产品来重塑竞争力。在行业层面，中小银行或将加速分化，部分机构凭借差异化利率策略维持优 势，客户基础薄弱的则可能面临边缘化风险。展望未来，银行存款产品结构预计呈现短期化、差异化特征，中长期产品序列将 精简，利率整体趋降的同时，机构间分化可能加剧。 11月初，内蒙古土右旗蒙银村镇银行率先发布公告，自11月5日起取消5年期整存整取定期存款，并下调其余期限定存利 率。其中，1年期、2年期利率均下调5个基点，分别降至1.45%和1.55%；3年期降幅最大，下调10个基点至1.85%，原利率1.9% 的5年期定存利率显示为空缺。该行明确表示，此举是"综合考虑同业机构的利率水平"后作出的决策。 民营银行也纷纷加入调整阵营。网商银行、中信百信银行、华瑞银行、新安银行等多家机构App显示，存款产品中已无5年 期定期存款的相关选项。部分银行的调整力度更大，将3年期定期存款一并下架。例如，北 ...

Core Viewpoint - Several banks are discontinuing long-term fixed deposit products, particularly 3-year and 5-year terms, in response to ongoing pressure on net interest margins, indicating a shift in the banking industry's profit model [1][6][7] Summary by Sections Discontinuation of Fixed Deposits - Multiple banks, including village banks, have announced the cancellation of 5-year fixed deposit products, with some also removing 3-year fixed deposits from their offerings [1][2][3] - As of November 10, 9 private banks have removed 5-year fixed deposit products from their apps, and some have also discontinued 3-year fixed deposits [3][6] Interest Rate Adjustments - Interest rates for 1-year and 3-year fixed deposits are now often higher than those for 5-year deposits, leading to a common phenomenon of interest rate inversion [1][3][4] - For example, the Inner Mongolia Tongyu Bank has adjusted its 1-year fixed deposit rate from 1.50% to 1.45%, while the 5-year rate has been removed entirely [2][4] Impact on Banking Profitability - The banking sector is actively managing its liabilities by reducing the rates on long-term deposits and discontinuing high-cost deposit products to mitigate the pressure on net interest margins [1][7] - A report indicates that out of 26 listed banks, 14 are still experiencing a decline in net interest margins, highlighting the ongoing challenges in the banking sector [7] Market Trends - The trend of discontinuing long-term fixed deposits is primarily observed in small and medium-sized banks, while larger state-owned and joint-stock banks still offer 5-year fixed deposits [6] - The maximum interest rate for 3-year large certificates of deposit has dropped to 1.55%, indicating a broader decline in deposit rates across the banking sector [6][7]

Core Insights - The insurance industry in China has shown remarkable growth in Q3 2025, with the top five listed insurers reporting a total net profit of 426.04 billion yuan, a year-on-year increase of 33.5% [1] - The entry of tech giants like JD.com and Xiaomi into the insurance market is reshaping the industry landscape, indicating a shift towards a more integrated ecosystem [6][7] Group 1: Financial Performance - The top five insurers achieved a total investment income of 887.5 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 35.64% [1] - New China Life Insurance reported an investment net income of 40.41 billion yuan, with a staggering growth rate of 687.16% [2] - China Life's total investment income reached 368.55 billion yuan, up 41% year-on-year, with a total investment return rate exceeding 6.42% [2] Group 2: Market Dynamics - The life insurance sector saw a significant increase in premium income, with a year-on-year growth of 24.9% in Q3 2025 [2] - The property insurance market reported a premium income of 1.125 trillion yuan, a 3.6% increase year-on-year, with non-auto insurance surpassing 50% of the total [3] - The health insurance sector's premium income was approximately 759.9 billion yuan, growing by 2.38% year-on-year, but still facing significant coverage gaps [4] Group 3: Competitive Landscape - Tech giants are entering the insurance market with strategies focused on ecosystem integration and data utilization, such as JD.com embedding insurance products into its e-commerce platform [6][7] - Tesla's insurance model leverages driving behavior data to adjust premiums, showcasing a unique approach to insurance pricing [8] - Amazon has adopted a "scene-first" strategy, providing tailored insurance products for its platform sellers, indicating a different path for tech companies in the insurance space [9] Group 4: Challenges and Opportunities - The insurance industry faces challenges such as persistent interest rate inversion, with the ten-year government bond yield falling below 1.8%, while some insurance products require higher investment returns [3] - The introduction of the "reporting and operation in one" policy for non-auto insurance presents both challenges and opportunities for compliant and tech-savvy companies [7] - Traditional insurers are investing heavily in technology, with over 300 billion yuan allocated to tech advancements to enhance operational efficiency and customer service [10][11]

Core Viewpoint - The article discusses the continuous decline in deposit interest rates in China, highlighting the pressure on net interest margins and the phenomenon of inverted interest rates between short-term and long-term deposits [1][4]. Deposit Interest Rates - As of September 2025, the average interest rates for various deposit terms are as follows: 3-month at 0.944%, 6-month at 1.147%, 1-year at 1.277%, 2-year at 1.367%, 3-year at 1.688%, and 5-year at 1.519% [1][2]. - Compared to the previous month, the rates have decreased slightly across all terms, with the 3-year term seeing a decline of 0.4 basis points [1][2]. Net Interest Margin Pressure - The net interest margin for commercial banks has been on a downward trend, recorded at 1.52% at the end of last year, 1.43% at the end of Q1, and 1.42% at the end of Q2 this year [4]. - The decline in deposit rates is seen as a response to the ongoing pressure on net interest margins, with banks adjusting rates to manage costs associated with long-term deposits [4][5]. Inverted Interest Rates - The article notes a significant inversion in interest rates, where the average interest rate for 3-year deposits (1.688%) is higher than that for 5-year deposits (1.519%) [4][5]. - This inversion has been a recurring theme since 2024, indicating a shift in depositor behavior and banks' strategies to encourage shorter-term deposits [5]. Large Time Deposits - The interest rate advantage of large time deposits is diminishing, with average rates for various terms in September 2025 showing mixed changes [7]. - For instance, the 3-month large time deposit rate is at 1.134%, while the 1-year rate is at 1.394%, indicating a narrowing gap between large time deposits and regular deposits [7]. Structural Deposits - The average term for structured deposits has increased, with the average term for RMB structured deposits at 106 days, up 5 days from the previous month [8]. - The average expected middle yield for structured deposits is 1.59%, reflecting a slight decrease, while the average expected maximum yield is 2.09%, showing a small increase [8][9]. Conclusion - Overall, the article emphasizes the ongoing downward trend in deposit interest rates, the challenges posed by net interest margin pressures, and the implications of inverted interest rates on banking strategies [1][4][5].

Core Viewpoint - Recent adjustments in deposit rates by several small and medium-sized banks indicate a proactive response to the pressure on the liability side, reflecting a consensus expectation of declining interest rates [1][3]. Summary by Sections Deposit Rate Adjustments - Multiple banks, including Dalian Lushunkou Mengyin Village Bank, have lowered their deposit rates, with the current rate for demand deposits set at 0.15% and fixed-term rates for various periods adjusted downwards [2]. - Since October, banks such as Fujian Huatuo Bank and Shanghai Huarui Bank have also made similar rate cuts, with the latter having adjusted rates multiple times this year [2]. Reasons for Rate Cuts - The primary reason for the reduction in deposit rates among small and medium-sized banks is the continuous narrowing of net interest margins, driven by multiple cuts in the Loan Prime Rate (LPR) [3]. - Banks are adjusting long-term deposit rates in anticipation of further declines in interest rates, aiming to avoid locking in high-cost liabilities [3]. Interest Rate Inversion - Some banks are experiencing an inversion in deposit rates, where shorter-term rates exceed longer-term rates, indicating a strategic move to optimize liability structures in response to expected future rate declines [4]. - For instance, Dalian Lushunkou Mengyin Village Bank's five-year deposit rate is lower than its three-year rate, reflecting a cautious approach to managing long-term liabilities [4]. Strategies for Banks - To address challenges posed by declining deposit rates, banks are encouraged to adopt strategic management reforms, enhance regional market research, and leverage digital upgrades [5]. - Banks should focus on fine-tuning asset-liability management, expanding low-cost demand deposits, and increasing non-interest income through wealth management services [5][6]. - Overall, the current interest rate adjustments are seen as a necessary adaptation for banks to balance cost control and strategic transformation for sustainable growth [6].

Group 1 - International oil prices surged, with WTI crude futures rising by 3.74% and Brent crude futures increasing by 4.94% [1] - The U.S. Treasury announced sanctions against two major Russian oil companies, including Rosneft and Lukoil, along with their subsidiaries [3] - The European Union approved the 19th round of sanctions against Russia, which includes a ban on importing Russian liquefied natural gas [3] Group 2 - Goldman Sachs reported that the Chinese stock market is entering a "slow bull" phase, predicting a 30% increase in the MSCI China Index over the next two years [5] - Four key arguments supporting the continued rise of Chinese stocks were presented: favorable policy environment, accelerating economic growth, attractive valuations, and strong capital flows [6] - The A-share market showed weak fluctuations, with the Shanghai Composite Index closing at 3913.76 points, down 0.07% [6][7] Group 3 - The A-share market has been in a consolidation phase around the 3900-point mark for nearly two weeks, with trading volume decreasing [7] - Analysts suggest that the market's direction will depend on signals from important meetings and the confirmation of economic recovery through fundamental data [7] - Recent adjustments in deposit rates by several small and medium-sized banks indicate market expectations for future interest rate declines [8] Group 4 - The People's Bank of China has not made any changes to the Loan Prime Rate (LPR) for five consecutive months, but there are indications of potential downward adjustments [8] - The U.S. Federal Reserve is expected to maintain a dovish stance, with a nearly 100% probability of a 25 basis point rate cut in October [9] - External factors are gradually reducing their constraints on domestic monetary policy, with expectations for further monetary easing in the fourth quarter [9]