【环球网财经综合报道】近期，中小银行再迎来存款降息潮。浙江、广东、吉林等地农商行及村镇银行纷纷宣布下调存款利率。不同期限的存款利率降幅在 5BP - 20BP之间，其中三年期和五年期的降幅显著。 | 项目 | 人行基准利率(%) | 潮阳农商银行 挂牌利率(%) | | --- | --- | --- | | 一、活期存款 | 0.35 | 0.05 | | 二、定期存款 | | | | (一) 整存整取 | | | | 三个月 | 1.1 | 0.7 | | 六个月 | 1.3 | 0.9 | | 一年 | 1.5 | 1.0 | | 二年 | 2.1 | 1.1 | | 三年 | 2.75 | 1.3 | | 五年 | | 1.35 | 吉林也有多家村镇银行跟进降息。长春朝阳和润村镇银行、吉林长白榆银村镇银行、吉林白山浑江恒泰村镇银行、吉林龙潭华益村镇银行等自8月20日起调 整存款挂牌利率。调整后，活期利率为0.15%，下调5BP；1天期和7天期通知存款利率分别为0.55%、0.95%，均下调10BP；整存整取储蓄存款三个月期、半 年期、一年期、二年期利率分别为1.15%、1.35%、1.6%、1.65% ...

Group 1 - The core viewpoint is that the downward adjustment of deposit rates in China has led to a significant increase in life insurance premium income, with life insurance premium income reaching 3.19 trillion yuan in 2024, a year-on-year growth of 15.45%, surpassing the overall industry growth rate [3][4] - The attractiveness of savings-type life insurance products has increased as the value preservation and appreciation attributes of bank deposits have weakened, making insurance products a "safe haven" for residents' savings [3][4] - The low interest rate environment presents a double-edged sword for the insurance industry, benefiting short-term sales of savings insurance but increasing the risk of interest spread losses in the long term [3][4] Group 2 - Insurance companies are changing their product strategies by increasing the supply of floating income products, with nearly 40% of life insurance being dividend and universal products in the first quarter of this year [4] - The industry is expected to shift from "savings replacement" to a focus on "risk protection + long-term financial planning," emphasizing the risk protection function of products [4] - Insurance companies are gradually transitioning to risk management services, which may become less sensitive to interest rate fluctuations [4]

Core Viewpoint - The recent adjustment of deposit rates by major banks marks the seventh round of rate cuts, significantly lowering the cost of bank liabilities and stabilizing profit margins, which is expected to enhance the banks' internal growth capabilities and maintain sound operations [4][7]. Group 1: Deposit Rate Adjustments - As of May 21, nine joint-stock banks have announced adjustments to their deposit rates, following the lead of the six major state-owned banks [5]. - The new rates include a 5 basis point reduction in demand deposit rates and a 15-25 basis point reduction in time deposit rates, with the one-year fixed deposit rate falling below 1% [3][5]. - The current demand deposit rate is now close to zero, and the one-year fixed deposit rate has been set at 1.15% for most banks [5][6]. Group 2: Impact on Banking Sector - The reduction in deposit rates is expected to lower banks' funding costs, thereby stabilizing net interest margins and enhancing their ability to support the real economy [8][12]. - Analysts suggest that the ongoing low interest rate environment may lead to a shift in deposits from large banks to smaller banks, which could affect the competitive landscape [8][12]. - The overall banking sector is entering a low interest rate and low spread cycle, with net interest margins for various types of banks showing a downward trend [10][12]. Group 3: Future Outlook - The adjustments in deposit rates are anticipated to lead to a decrease in overall deposit rates by approximately 0.11-0.13 percentage points, which may help stabilize banks' net interest margins [13]. - Despite the downward pressure on net interest margins, it is expected that the decline will not continue indefinitely, as measures to control funding costs are taking effect [12][13]. - The shift in deposit rates may also influence the allocation of bank assets towards bonds, potentially increasing demand in the bond market [8][13].

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the monetary policy and bond market in China, focusing on the People's Bank of China's (PBOC) strategies and implications for the economy and financial markets. Core Insights and Arguments - The PBOC is likely to adopt a more accommodative monetary policy in response to a complex international economic environment and a recovering domestic economy that still requires consolidation [1][2] - The central bank emphasizes the balance between supporting the real economy and maintaining the stability of the banking system, indicating a potential reduction in deposit rates to sustain bank net interest margins, marking the sixth adjustment since April 2022 [1][2] - The market-oriented adjustment mechanism for deposit rates links them to the 10-year government bond yield and the 1-year Loan Prime Rate (LPR), resulting in a more significant decline in long-term deposit rates compared to short-term rates, which is beneficial for the long-term bond market [1][3] - The PBOC has clarified its future liquidity injection tools, elevating government bond transactions to a position equal to reserve requirement ratio (RRR) cuts, which will help lower bank financing costs [1][4] - The timing of the resumption of government bond transactions is crucial, as it directly affects market supply and demand, with expectations for the PBOC to resume purchases shortly to avoid passive withdrawal of base currency [1][5][6] - The 1-year government bond yield is considered a key indicator for observing whether the PBOC will resume government bond transactions, with a significant drop in yield suggesting large-scale purchases [1][7] - The PBOC highlights the importance of strengthening the bond market, noting that long-term government bonds carry interest rate and duration risks that investors must closely monitor [1][8] - The efficiency of pricing in China's bond market and the risk management capabilities of institutional investors are seen as areas needing improvement, with state-owned banks expected to play a more significant role in guiding market pricing [1][9][10] Additional Important Insights - The current structure of bond types shows a trend towards increased activity in long-term government bonds, with about 30% of trading volume concentrated in a small number of bonds, indicating potential liquidity improvements for less active bond types [1][11] - The PBOC identifies low inflation, particularly in core CPI, as a result of supply-demand imbalances, suggesting that monetary policy alone may not lead to price increases without coordinated efforts across various policy areas [1][12] - Future monetary policy is expected to remain accommodative, with a focus on further reducing social financing costs to support a more robust economy [1][13]