● 本报记者 张佳琳 11月26日，中国证券报记者点开梅州客商银行微信小程序，一则"关于我行五年期存款不再提供自动转 存服务的公告"跳了出来。公告称，由于政策调整，该行已下架五年期定期存款产品，因此，已无法为 持有五年期定期存款的客户提供自动续存服务。 11月以来，多家村镇银行在下调定期存款利率的同时，还下架了五年期定期存款。如今，民营银行也开 始告别长期限存款产品。与此同时，部分国有大行、股份制银行的大额存单货架上的产品最长期限仅为 三年。业内人士表示，银行此举的目的在于主动压降资金成本以应对净息差收窄压力。 民营银行停售五年期定期存款 "2022年，我在工商银行存了三年期、利率为3%的大额存单。眼看就要到期了，问银行客户经理才知 道，现在同期限大额存单利率只有1.55%。本以为五年期大额存单利率会高一些，得到的答复却是'没有 了'。"储户李女士告诉记者。 尽管目前国有大行、股份制银行五年期定期存款仍在售，但部分银行下架了三年期、五年期大额存单。 记者通过工商银行App已无法找到五年期大额存单产品。该行客服表示："大额存单额度为系统发放， 若App显示无额度，网点柜台大概率也买不到，可再看看其他产品。" " ...

日前，内蒙古土右旗蒙银村镇银行的一则公告引起市场关注。根据公告，该行在降低存款利率的同时， 取消五年期整存整取定期存款。调整之前，该行五年期定期存款利率为1.9%，比该行三年期定期存款 （调整前）低0.5%。该行也是业内首家正式宣布取消五年期定期存款产品的商业银行。 此外，在内蒙古昆都仑蒙银村镇银行最新的存款利率公告表中，五年期定存产品利率一栏显示为空缺。 记者注意到，湖北荆门农商银行也于11月12日下调了定期存款利率，其50万元起存的特色产品"福满 存"不再提供五年期选项。 事实上，此类调整在民营银行中已早有端倪。包括浙江网商银行、中信百信银行、安徽新安银行、苏商 银行、中关村银行在内的多家银行，已不再通过手机银行或APP提供五年期定期存款产品，部分银行甚 至下架了三年期产品。 "当前部分银行调整大额存单、定期存款等产品发行计划，包括压缩发行规模、下架部分产品以及下架 智能通知存款产品等，主要是为了降低存款利率，压降负债成本。"招联首席研究员董希淼指出，在存 款利率市场化改革背景下，央行已经建立存款利率市场化调节机制，商业银行可相对灵活调整存款利 率。 记者走访发现，当前下架三年期、五年期定期存款产品的情况 ...

Core Insights - The recent announcement by Inner Mongolia's Tongyu Mengyin Village Bank to cancel its 5-year fixed deposit product marks a significant shift in the banking sector, reflecting a broader trend of declining deposit rates and the market's response to interest rate adjustments [1][3][6] Deposit Rate Trends - Many banks are suspending or lowering the rates on 5-year fixed deposit products, with some banks like China Merchants Bank offering only a 1.3% interest rate for 5-year deposits, which is lower than the 1.4% for 2-year deposits [2][4] - The phenomenon of longer-term deposit rates being lower than shorter-term rates has become common, with several banks reporting that their 5-year deposit rates are less attractive compared to 3-year options [3][5] Market Dynamics - The market for 3-year specialty fixed deposit products is highly competitive, with customers needing to "抢" (grab) limited quotas, indicating a scarcity of available products [1][2] - Banks are adjusting their deposit products in response to market conditions, with some banks increasing the entry thresholds for 3-year deposits, reflecting a shift in customer demand and risk appetite [3][4] Future Outlook - Industry experts predict that deposit rates will continue to decline, driven by banks' need to reduce funding costs and maintain profitability amid shrinking net interest margins [6][7] - The ongoing adjustments in deposit products and rates are seen as necessary for banks to manage their liabilities effectively, especially for smaller banks that may struggle with long-term deposits [8][9]

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 Viewpoint - Recent adjustments by several banks in Guizhou province, including the cancellation of automatic renewal for notice deposits, reflect a response to regulatory requirements aimed at maintaining market order and reducing high-interest deposit products [1][2][4]. Group 1: Bank Adjustments - Guizhou Wuchuan Rural Commercial Bank announced the cancellation of the automatic renewal feature for notice deposit products effective October 17, 2023, requiring customers to register for withdrawals in advance [2][4]. - Over ten banks in Guizhou, including Chishui Rural Credit Union and Wanshan Changzheng Village Bank, have made similar announcements regarding notice deposits [4]. - Beijing Bank has also adjusted its notice deposit rates, linking new unit notice deposits to its published rates starting October 1, 2025, with automatic interest calculation based on rate changes during the deposit period [4]. Group 2: Market Trends - The adjustments by smaller banks are seen as a continuation of trends initiated by larger state-owned and joint-stock banks, which began phasing out high-interest notice deposit products in the second half of last year [6]. - The overall pressure on banks' interest margins has led to a reduction in high-interest deposit products, with some banks exploring alternative methods for attracting deposits, such as issuing large-denomination certificates of deposit [6][7]. - The decline of high-interest deposits and the continuous reduction of fixed deposit rates may encourage customers to shift their savings towards bank wealth management products and gold investments [7].

Core Insights - Luzhou Bank's core Tier 1 capital adequacy ratio decreased to 8.01%, down 0.26 percentage points from the beginning of the year, remaining above the regulatory threshold of 7.5% [3] - The bank reported a year-on-year net profit growth of 11.65%, despite a decline in revenue, which amounted to 2.423 billion yuan, indicating a mixed performance in the banking sector [3] - Profit growth was primarily driven by cost control on the liability side rather than significant business expansion or service value enhancement [4] Profitability Factors and Sustainability - The bank reduced the average cost rate of personal deposits from 3.22% to 2.71%, leading to a decrease in the average cost rate of interest-bearing liabilities to 2.26%, down 0.42 percentage points from the end of the previous year [5] - This cost optimization resulted in a 7.93% increase in net interest income to 1.897 billion yuan, which was a key factor supporting profit growth [5] - However, the sustainability of this cost control-driven profit model is questionable in the current market environment, as further reductions in liability costs may be limited [5] Revenue Structure and Asset Status - Luzhou Bank's non-interest net income fell by 51.24% to 526 million yuan, indicating a need for improvement in its non-interest income sources [6] - The bank's reliance on traditional interest margin income is high, as fee and commission income remained flat at 103 million yuan, accounting for only 4.23% of total revenue [6] - Total assets grew by 12.43% year-on-year, with total customer loans increasing by 13.15%, but there is a concentration risk in the loan structure, with corporate loans making up 88.26% of total loans [6][7] Capital and Asset Quality - The bank's capital consumption pressure is increasing, with the core Tier 1 capital adequacy ratio nearing the regulatory requirement, prompting the need for capital replenishment [8] - Luzhou Bank is pursuing a private placement project to supplement capital, but the process may face uncertainties due to market liquidity and approval timelines [8] - The non-performing loan ratio slightly decreased to 1.18%, with a high provision coverage ratio of 411.53%, indicating a capacity to withstand potential asset risks [8] Market Position and Future Outlook - The bank's net interest margin remained at 2.44%, which is notable given the overall trend of narrowing margins in the banking sector, primarily due to reduced liability costs [8][9] - The current macroeconomic environment shows a scarcity of quality assets, leading to a downward trend in asset yields, which could impact future profit growth if the bank cannot enhance its asset selection and pricing capabilities [9] - Luzhou Bank's valuation is relatively low, reflecting investor concerns regarding its growth sustainability, business structure diversity, and capital pressures [9] - Long-term development will require the bank to expand non-interest income sources, optimize asset and business structure, and overcome capital constraints to effectively respond to market challenges [9]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the trends in household deposits in China from 2017 to 2025, highlighting the impact of macroeconomic factors and regulatory changes on wealth allocation among residents [1][2][4]. Core Insights and Arguments - **Rapid Growth of Household Deposits**: From 2017 to 2022, household deposits grew rapidly, reaching a peak of 17.8 trillion yuan in 2022, with growth rates increasing from 1.1% to 17.4%. However, growth rates are expected to decline to around 10% by 2025 [1][2]. - **Drivers of Deposit Growth**: The primary drivers for the increase in deposits include a downturn in the real estate market and a decline in the returns on asset management products. Financial regulatory tightening has also led to a return of funds to bank deposits [1][4]. - **Shift in Investment Preferences**: As deposit rates decrease and capital market returns improve, residents are diversifying their investment preferences, favoring wealth management products and money market funds. Risk assets like bonds and stocks are expected to attract more funds due to enhanced relative returns in 2024 [1][6]. - **Regulatory Impact**: Financial regulatory policies have significantly influenced wealth allocation. The tightening of regulations and the implementation of new asset management rules have led to a reduction in the scale of various financial products, causing funds to flow back into bank deposits [5][10]. - **Asset Allocation Trends**: There has been a notable shift in asset allocation since 2017/2018, with a significant increase in cash deposits, which reached 85% by 2022. Although the investment ratio in financial products and asset management products has rebounded to 31% in 2024, it remains below the levels seen from 2014 to 2017 [7][8]. Other Important Insights - **Preference for Low-Risk Products**: Low-risk asset management products, such as bank wealth management and money market funds, are increasingly favored by residents due to their higher yields compared to deposits and better liquidity. The bond market's performance in 2023-2024 has also attracted some deposits into bond funds [9]. - **Future Monetary Policy Outlook**: The future monetary policy is expected to focus on stabilizing growth and the economy, with potential continued interest rate cuts. This is likely to enhance the comparative returns of various financial products, leading to an increased allocation of wealth into money market funds, wealth management, and bonds [10][11]. - **Emerging Trends in Wealth Migration**: Despite the overall decline in risk asset allocation since 2016, there are signs of emerging trends as the stock market improves, indicating a potential shift in risk appetite among residents [9][11].

Core Viewpoint - The banking industry is experiencing a significant shift in deposit rates, with many banks reducing rates below 2%, leading to a migration of funds from deposits to wealth management products [1][2][3] Group 1: Wealth Management Market Trends - In April, the wealth management market saw a substantial increase, with total assets reaching 31.3 trillion yuan, an increase of 1.39 trillion yuan from the end of the previous year and 2.2 trillion yuan from the previous month [1] - Historically, the second quarter is a crucial period for the expansion of bank wealth management, with April being a key month for growth [1] - Factors driving the growth in April include a stable bond market and a reduction in deposit rates by several small and medium-sized banks, which has attracted more funds into wealth management [1][2] Group 2: Deposit Rate Changes - Since April, many banks, including joint-stock and local small and medium-sized banks, have announced a new round of deposit rate cuts, with fixed deposit rates for both one-year and five-year terms falling below 2% [2] - The decline in deposit rates is reducing the attractiveness of deposits, prompting banks to shift marketing resources towards wealth management products [2][3] Group 3: Performance Benchmark Adjustments - The average performance benchmark for newly issued RMB fixed-income wealth management products in April was 2.97% for the upper limit and 2.27% for the lower limit, with expectations for further declines [3] - The downward adjustment of performance benchmarks is influenced by market rate expectations, regulatory changes, and the prohibition of "manual interest supplementation" [3] - Despite the pressures on product yields, the comparative advantage of wealth management over deposits remains, and the overall scale of wealth management is expected to grow throughout the year [3]

Core Viewpoint - Several small and medium-sized banks in regions such as Shanghai, Guangdong, and Shandong have announced reductions in deposit interest rates, leading to instances of "inverted" deposit rates where shorter-term rates exceed longer-term rates [1][7][10]. Group 1: Interest Rate Adjustments - Shanghai Songjiang Fuming Village Bank reduced its three-month deposit rate from 1.85% to 1.70% and its six-month rate from 1.90% to 1.75%, resulting in the six-month rate being higher than the three-month rate [3][6]. - Shandong Yinan Blue Ocean Village Bank adjusted its rates to 1.15% for three months, 1.45% for six months, 1.80% for one year, 1.90% for two years, 2.00% for three years, and 1.80% for five years, with the three-year rate exceeding the five-year rate by 20 basis points [7]. - Urumqi County Lifeng Village Bank set its two-year, three-year, and five-year rates at 2.35%, 2.25%, and 2.25% respectively, with the two-year rate exceeding the three-year and five-year rates by 10 basis points [7]. - Guangdong Qingxin Rural Commercial Bank's rates for three months, six months, one year, two years, three years, and five years are 0.80%, 1.00%, 1.10%, 1.20%, 1.53%, and 1.50% respectively, with the three-year rate exceeding the five-year rate by 3 basis points [7]. - Xinjiang Korla Fumin Village Bank reported a one-year rate of 2.00%, which is higher than the five-year rate of 1.95% [8]. Group 2: Market Trends and Implications - The traditional understanding that longer-term deposits yield higher interest rates is being challenged, as many banks are now offering higher rates for shorter-term deposits [10]. - Analysts suggest that banks are adjusting rates to optimize their deposit product structures and manage costs, with a focus on reducing long-term deposit rates to control the scale of long-term deposits and enhance liquidity [10][11]. - The phenomenon of inverted rates may persist in the short term, but analysts believe it is likely a temporary situation, with expectations that long-term rates will eventually return to more typical levels [11].