Core Insights - A discussion is emerging regarding whether to choose deposits or invest in wealth management products, as some banks see a rise in time deposit scales while others report a recovery in net fee income from non-interest sources, with some banks experiencing a doubling of this income [1][2]. Group 1: Wealth Management and Investment Trends - An increasing number of investors are moving funds from deposits to bank wealth management and fund products due to low deposit interest rates, with many seeking higher returns from these alternatives [2][5]. - The capital market's positive performance since the third quarter has led to significant increases in various wealth management products, contributing to the recovery of banks' net fee income [5][6]. - Among 42 listed banks, 26 reported a year-on-year increase in net fee income, with notable growth from Changshu Bank (364.75%) and Ruifeng Bank (162.66%) [5]. Group 2: Bank Performance and Fee Income - In the third quarter, net fee income for banks like China Merchants Bank reached 56.202 billion yuan, marking a 0.90% year-on-year increase, with wealth management fees growing by 18.76% [5]. - The growth in wealth management services is attributed to the favorable capital market conditions, with banks aiming to capitalize on the increasing wealth in society [6]. Group 3: Deposit Trends and Consumer Behavior - Despite a decline in deposit interest rates, personal time deposits have shown positive year-on-year growth across several banks, indicating a continued demand for savings [7][10]. - Some investors, particularly those with lower risk tolerance, continue to prefer time deposits as their primary investment method, even in a fluctuating market [7][8]. - A survey indicated that 62.3% of residents preferred saving over investing or spending, reflecting a cautious approach among consumers [8]. Group 4: Future Outlook - Industry experts predict that deposit interest rates will continue to decline, and the trend of moving funds from deposits to wealth management products is expected to persist [11][12]. - The outflow of funds from deposits to wealth management is driven by the faster decline in deposit rates compared to the yields on wealth management products, making the latter more attractive [13].

Core Insights - The rising trend of savings among Chinese residents is driven by uncertainties such as unemployment risks and medical expenses, as well as preparations for significant expenditures like children's education and home renovations [1] Group 1: Savings Trends - In the first quarter of 2025, new bank deposits from residents reached 9.22 trillion yuan, translating to an average increase of 6,585 yuan per person, or a monthly net increase of 2,195 yuan [1] Group 2: Concerns About Fixed Deposits - Experts advise against blindly choosing fixed deposits in the coming years due to three main reasons: declining deposit rates, inflation eroding purchasing power, and poor liquidity of fixed deposits [3] - Deposit rates have been on a downward trend, with three-year fixed deposit rates dropping from 3.05% a few years ago to around 1.9% currently, significantly reducing interest earnings [5] - Structural inflation in China is affecting essential goods, leading to rising prices that diminish the real purchasing power of savings [6] Group 3: Liquidity Issues - Fixed deposits lack liquidity; early withdrawal results in interest being calculated at the current account rate, leading to potential losses for depositors [7] Group 4: Balancing Savings and Investments - While maintaining some savings is crucial for emergencies, it is also important to keep a portion of funds liquid for unforeseen needs [9] - Alternatives to fixed deposits, such as stocks, funds, and bank wealth management products, carry risks, with many retail investors facing losses [9] - Fixed deposits, despite lower returns, offer safety for principal and interest, making them a preferable option compared to high-risk investments during unfavorable market conditions [9]

Core Insights - Deposit rates continue to decline, with average rates for various terms entering the "1 era" in 2023 [1] - The average rates for different 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] - There is a notable inversion in rates, where the 3-year average rate is higher than the 5-year average rate, indicating a shift in depositor behavior [1] Deposit Rate Trends - The downward trend in deposit rates has been consistent throughout the year, with long-term deposit rates being particularly affected [1] - The inversion of rates between the 3-year and 5-year terms highlights a significant change in the banking sector's approach to deposit products [1] Bank Strategies - Banks are lowering medium to long-term deposit rates to optimize their liability structure and manage rising costs associated with fixed-term deposits [1] - There is a strong willingness among depositors to maintain long-term deposits, which influences banks' strategies in adjusting rates [1]

Core Insights - The Chinese real estate market is undergoing significant adjustments, with property prices in major cities like Shanghai and Shenzhen experiencing substantial declines, reflecting a broader trend of "de-bubbling" in the market [3][5] - The downward trend in savings rates is evident, with a notable decrease in three-year deposit interest rates from 3.25% to 2.15%, indicating a challenging environment for savers [5][7] - By 2025, depositors may face three major challenges: declining deposit interest rates, increasing risks in high-yield investments, and the difficulties associated with entrepreneurship [5][8][9] Group 1: Real Estate Market Trends - The real estate market in China is shifting, with once-stable cities now seeing price drops, exemplified by Shanghai's average price falling from over 90,000 yuan per square meter to around 60,000 yuan, a decrease of approximately 30% [3] - Many second and third-tier cities are experiencing even steeper declines, with prices dropping to as low as 3,000 to 4,000 yuan per square meter, highlighting a significant market correction [3] Group 2: Savings and Investment Challenges - The trend of declining deposit interest rates is expected to continue, driven by an oversupply of bank deposits and weak loan demand, which pressures banks to lower rates [5][7] - As deposit interest rates decrease, many savers are considering reallocating their funds to higher-risk investments, but most lack the necessary expertise, increasing the likelihood of losses [7][8] - The stock market has seen a significant decline, with the A-share market losing approximately 26.94 trillion yuan in total market value in 2024, resulting in average losses of around 140,000 yuan per investor [8] - The performance of various investment products, including funds and bank wealth management products, has also deteriorated, with many investors facing losses of 20% to 30% [8] Group 3: Entrepreneurship Risks - The combination of falling deposit rates and a challenging job market is prompting individuals to consider entrepreneurship as a path to financial freedom, but this route is fraught with high risks [9] - Success in entrepreneurship requires exceptional skills, resilience, and thorough preparation, as many ventures fail, potentially leading to significant financial losses for those who invest their savings [9]

Core Viewpoint - The report from Rong360 Digital Technology Research Institute indicates a continued slight decline in bank deposit rates for September 2025, with specific rates for various terms being reported [3][6]. Summary by Sections Bank Deposit Rates - In September 2025, the average interest rates for fixed-term deposits across various 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% [3][5]. - Compared to the previous month, the rates have decreased slightly: 3-month down by 0.1 basis points (BP), 6-month down by 0.2 BP, 1-year down by 0.1 BP, 2-year down by 0.1 BP, 3-year down by 0.4 BP, and 5-year down by 0.1 BP [5][6]. Large Certificates of Deposit - For large certificates of deposit, the average interest rates in September 2025 are: 3-month at 1.134%, 6-month at 1.318%, 1-year at 1.394%, 2-year at 1.356%, 3-year at 1.729%, and 5-year at 1.610% [6][7]. - The changes compared to the previous month show mixed results: 3-month up by 0.43 BP, 6-month up by 2.53 BP, 1-year down by 1.39 BP, 2-year unchanged, and 3-year up by 5.93 BP [7]. Structured Deposits - The average term for RMB structured deposits in September 2025 is 106 days, an increase of 5 days from the previous month, with an average expected middle yield of 1.59%, down by 2 BP [7][8]. - The average expected highest yield for structured deposits is 2.09%, which has increased by 2 BP [7][8]. Bank Type Analysis - In September, the average term and expected highest yield for structured deposits vary by bank type: - State-owned banks: average term 85 days, highest yield 2.10% [8]. - Joint-stock banks: average term 87 days, highest yield 2.01% [8]. - City commercial banks: average term 197 days, highest yield 2.22% [8]. - Foreign banks: average term 405 days, highest yield 4.35% [8]. Market Trends - The downward trend in interest rates is expected to continue, influenced by the pressure on banks' net interest margins, leading to a flattening of the deposit rate curve and persistent term structure inversion [9].

Core Insights - The overall trend indicates continued downward pressure on deposit rates, with a slight decline observed in September 2025 [1][5] Deposit Rates Overview - In September 2025, the average interest rates for fixed-term deposits across various tenures were 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] - Compared to the previous month, the rates for different tenures showed minor declines: 3-month down by 0.1 basis points (BP), 6-month down by 0.2 BP, 1-year down by 0.1 BP, 2-year down by 0.1 BP, 3-year down by 0.4 BP, and 5-year down by 0.1 BP [2] Large Denomination Certificates of Deposit (CDs) - For large denomination CDs in September 2025, the average interest rates were: 3-month at 1.134%, 6-month at 1.318%, 1-year at 1.394%, 2-year at 1.356%, 3-year at 1.729%, and 5-year at 1.610% [2] - The rates for large denomination CDs varied: 3-month increased by 0.43 BP, 6-month increased by 2.53 BP, 1-year decreased by 1.39 BP, 2-year remained unchanged, and 3-year increased by 5.93 BP, indicating a trend of rising rates among small and medium-sized banks [3] Structured Deposits - The average term for RMB structured deposits in September 2025 was 106 days, an increase of 5 days from the previous month, with an average expected middle yield of 1.59%, down by 2 BP [3] - The average expected maximum yield for structured deposits was 2.09%, which increased by 2 BP [3] Bank Type Analysis - In September, the average term and expected maximum yield for structured deposits varied by bank type: - State-owned banks: average term 85 days, expected maximum yield 2.10% (up 3 BP) - Joint-stock banks: average term 87 days, expected maximum yield 2.01% (down 2 BP) - City commercial banks: average term 197 days, expected maximum yield 2.22% (up 8 BP) - Foreign banks: average term 405 days, expected maximum yield 4.35% (up 2 BP) [4] Yield by Linked Assets - For structured deposits linked to different assets in September 2025, the average expected middle yields were: - Currency-linked: 1.63% (down 6 BP) - Gold-linked: 1.57% (down 2 BP) - Index, fund, and stock-linked: 1.93% (down 7 BP) [5] - The average expected maximum yield for index, fund, and stock-linked structured deposits was 4.94%, down by 39 BP [5]

Core Viewpoint - The continuous decline in bank deposit interest rates has led to a situation where savings cannot keep up with inflation, prompting a shift in investment strategies for individuals to enhance their financial comfort and security [1][12]. Group 1: Bank Deposit Rates - Recent trends show a significant drop in bank deposit interest rates, from 2.25% to 1.35%, resulting in a decrease of 900 yuan in annual interest income for a deposit of 100,000 yuan [1]. - The current deposit rates are unable to outpace inflation, diminishing the purchasing power of savings over time [1]. Group 2: Investment Recommendations - Individuals are advised to acquire a skill or trade, as this can provide job security and additional income opportunities, especially during economic downturns [3]. - Investing in gold is recommended, as its price has been rising due to global economic instability and a declining US dollar index. It is suggested to buy gold during price corrections to maximize returns [8]. - Health investment is emphasized as crucial, with recommendations for regular exercise, proper sleep, and health check-ups, reflecting a growing awareness of the importance of physical well-being [9]. - Investing in dividend-paying bank stocks is encouraged, as many A-share listed banks offer dividend yields exceeding 3%, with some over 5%, providing a better return compared to current deposit rates [12].

Group 1 - The core viewpoint of the articles highlights the recent surge in demand for high-yield large-denomination certificates of deposit (CDs) with interest rates exceeding 2%, particularly from private banks, amidst a general trend of declining deposit rates in the market [1][2][3] - Private banks are leading the high-yield CD offerings, with products like those from SuShang Bank and Shanghai Huari offering rates of 2.1% and 2.35% respectively, while major state-owned banks offer lower rates around 1.4% to 1.65% [2][3] - The limited availability of these high-yield products has created a competitive environment, with many offerings selling out quickly due to their low-risk and high-return nature [3][5] Group 2 - The trend of short-term deposits is expected to continue, driven by banks' adjustments to their product structures and clients' liquidity needs, which may lead to a shortage of long-term large-denomination CDs in the future [4] - The net interest margin for commercial banks has been under pressure, with the average margin dropping to 1.42% as of the second quarter, indicating a challenging environment for banks [5][6] - Despite the pressure on net interest margins, some banks, like China Merchants Bank, maintain a competitive edge with a net interest margin of 1.88%, suggesting that effective management of deposit structures can mitigate some of the downward pressure [5][6]

Group 1 - Recent announcements from several banks regarding large-denomination certificates of deposit (CDs) with interest rates exceeding 2% have sparked significant market demand [1] - The appeal of low-risk, high-interest products has increased, especially as the annual interest rates for large-denomination CDs from major state-owned and joint-stock banks have generally entered the "1" range [1] - Private banks are leading the trend of high-interest customer acquisition, with some large-denomination CDs maintaining rates above 2%, such as SuShang Bank's 2-year and 3-year products with rates of 2.1% and 2.3% respectively [1] Group 2 - Many banks have recently "shelved" their 3-year and 5-year large-denomination CD products [2]

Core Viewpoint - The recent surge in demand for high-yield large certificates of deposit (CDs) from private banks highlights a competitive market environment, with rates exceeding 2% attracting significant interest from depositors [2][5][6]. Group 1: Market Dynamics - As the end of the month approaches, banks are intensifying their efforts to attract deposits, with some offering large CDs at rates above 2%, leading to a rush in subscriptions [2]. - Private banks are the main players in this high-yield competition, with products like SuShang Bank's 2-year and 3-year CDs offering rates of 2.1% and 2.3%, respectively [5]. - The overall trend indicates that while some banks are offering attractive rates, the majority of large CDs from state-owned banks remain at lower rates, making them less appealing [5][6]. Group 2: Product Availability and Demand - Many high-yield large CDs have limited availability, often selling out quickly due to their low-risk and high-return nature [6][9]. - The current market sees a scarcity of long-term deposit products, as banks are reducing deposit rates, leading to a situation where new high-yield large CDs are hard to come by [6][9]. - The demand for long-term deposits is expected to increase, but the supply of high-yield large CDs may not meet this demand in the future [7]. Group 3: Interest Rate Trends - The net interest margin for commercial banks has been under pressure, with the average margin dropping to 1.42% as of the second quarter [9]. - The trend of lowering interest rates is anticipated to continue, with banks adjusting their product structures to manage costs effectively [9][10]. - Despite the downward pressure on interest rates, the flexibility of large CDs in terms of transferability and liquidity continues to attract investors [7][9].