证券日报网1月6日讯，苏州银行（002966）在接受调研者提问时表示，本行积极把握市场动态，持续优 化负债结构，通过灵活调整存款定价策略以适应利率市场变化。在存款重定价过程中，本行始终坚持以 客户需求为导向，深化存款产品创新，强化财富业务布局，在保持合理付息成本的同时不断提升客户服 务质效，争取保持存款规模的较好增长。 ...

Core Viewpoint - The banking industry is undergoing a significant transformation in its liability structure optimization due to sustained pressure on net interest margins, leading to the reduction or cancellation of long-term deposit products, particularly five-year fixed deposits, which are becoming scarce in the market [1][4]. Group 1: Changes in Deposit Products - Some small and medium-sized banks have begun to adjust or eliminate three-year and five-year fixed deposit products, reflecting a trend towards reducing funding costs and managing liabilities more precisely [1][2]. - The Inner Mongolia Tuyuqi Mengyin Village Bank has become the first commercial bank to officially cancel its five-year fixed deposit product, highlighting the cost pressure associated with long-term deposits [1]. - Other banks, such as the Hubei Jingmen Rural Commercial Bank, have also reduced rates and eliminated five-year options from their special deposit products [1]. Group 2: Market Trends and Responses - Several private banks, including Zhejiang Webank and CITIC Baixin Bank, have already stopped offering five-year fixed deposit products, indicating a broader trend among banks to compress high-cost long-term deposits [2]. - National banks still offer five-year fixed deposits, but their yield advantages have significantly narrowed, with some banks like China Merchants Bank suspending higher interest rate offerings [4]. - The phenomenon of interest rate inversion, where longer-term deposits yield less than shorter-term ones, is becoming more common, indicating a shift from a focus on scale to precise control in deposit management [5]. Group 3: Economic Context and Future Outlook - The continuous pressure on net interest margins is evident, with 14 out of 26 listed banks reporting a downward trend in net interest margins [4]. - The People's Bank of China has noted that the decline in loan rates is outpacing deposit rates, further compressing banks' net interest margins and limiting their ability to support the real economy [4]. - Experts predict that the trend of eliminating high-cost long-term deposit products will likely be adopted by more banks, as they seek to stabilize net interest margins and diversify funding sources [5].

Group 1 - The core viewpoint of the news is that several small and medium-sized banks in China are actively adjusting their deposit products and interest rates to optimize their liability structure and reduce costs [1] - The China Securities Bank Index (399986) has shown a positive performance, with notable increases in stocks such as Industrial Bank (601166) and Zijin Bank (601860) [1] - Analysts predict that the upcoming expiration of a large volume of fixed-term deposits from December to March will lead to a further decline in risk-free interest rates for residents, prompting a shift of deposits towards insurance assets [1] Group 2 - The Bank ETF Index closely tracks the China Securities Bank Index and serves as an analytical tool for investors, categorizing the sample into various industry levels [2] - As of October 31, 2025, the top ten weighted stocks in the China Securities Bank Index account for 64.87% of the total index, with major banks like China Merchants Bank (600036) and Industrial Bank (601166) among them [2]

Core Viewpoint - The cancellation of 5-year fixed deposits by banks, including Inner Mongolia's Mengyin Village Bank, reflects a broader trend in the banking industry aimed at managing liability costs amid narrowing net interest margins and strong expectations for interest rate cuts [1][2][3]. Summary by Sections Industry Trends - Several banks have removed 5-year deposit options from their product lists, indicating a shift towards shorter-term funding to reduce long-term interest rate risks [1][2]. - The trend is driven by banks' need to optimize their liability structures and respond to regulatory guidance encouraging lower-cost funding [3][4]. Bank Strategies - Banks are increasingly favoring short-term deposits over long-term ones due to the high costs associated with 5-year deposits in the current economic environment [2][3]. - The expectation of interest rate cuts has led banks to adjust their deposit products, shortening the average maturity of liabilities to enhance pricing flexibility [2][3][4]. Customer Behavior - There is a notable decline in customer demand for 5-year fixed deposits, influenced by uncertainty in interest rate trends and the current lower rates compared to previous periods [3][4]. - The existing interest rate inversion between 3-year and 5-year deposits further discourages customers from opting for longer-term deposits [3][4]. Recommendations for Depositors - With the phasing out of 5-year fixed deposits, customers are advised to adopt diversified wealth management strategies, such as creating a laddered deposit portfolio with varying maturities [5][6]. - Alternative investment options for risk-averse customers include large-denomination certificates of deposit, government bonds, and structured deposits, which offer better returns than traditional savings [6][7]. - For those seeking stable returns, options like pension savings and insurance products are recommended, although they may come with lower liquidity [6][7].

Group 1 - The company announced a non-public issuance of subordinated bonds not exceeding 600 million RMB to optimize the debt structure of its wholly-owned subsidiary, Maigao Securities [1] - The purpose of the bond issuance is to reduce liquidity risk and support the continuous expansion of business [1] - The issuance aims to enhance the net capital scale of Maigao Securities [1]

Core Viewpoint - Greentown China reported a significant decline in profitability for the first half of the year, but maintained a robust performance in sales despite challenging market conditions [1][3]. Financial Performance - As of June 30, Greentown China achieved revenue of 53.368 billion yuan, a year-on-year decrease of 23.3% [3]. - The company recorded an impairment and fair value change of 1.938 billion yuan, an increase of 10.7% compared to the same period last year [3]. - The net profit attributable to shareholders plummeted by 89.7% to 210 million yuan, while gross profit fell by 21.4% to 7.159 billion yuan [3]. - The gross margin for the first half was 13.4%, a slight increase of 0.3 percentage points year-on-year, primarily due to the delivery of the Shanghai Bund Lanting Phase II project, which contributed nearly 5 billion yuan in revenue with a gross margin of 35% [3][5]. Sales Performance - Greentown China achieved a contract sales amount of approximately 122.2 billion yuan, ranking second in the industry [6]. - The company launched 17 projects in the first half, with a price realization rate of 88% and a de-stocking realization rate of 82%, both exceeding last year's full-year levels [7]. - The company emphasized a strategy focused on balancing speed and price, aiming for high-quality de-stocking without resorting to indiscriminate price cuts [8]. Inventory and Project Management - As of June 30, Greentown China had a saleable value of approximately 270 billion yuan, with about 50% of this value coming from projects acquired in 2021 or earlier [8]. - The company plans to focus on optimizing resource allocation and enhancing the value of existing projects while continuing to promote new projects [8]. Land Acquisition Strategy - In the first half, Greentown China added 35 new projects with a land cost of 36.2 billion yuan, with 88% of the new land located in first- and second-tier cities [12]. - The company intends to slow down its land acquisition pace in the second half, adjusting its annual land acquisition target to between 120 billion and 130 billion yuan based on sales performance and cash flow [12]. Debt and Financial Management - As of June 30, Greentown China's total borrowings increased by 4.3% to 143.027 billion yuan, with bank loans rising by 11.8% [13]. - The net asset liability ratio increased by 7.3 percentage points to 63.9% compared to the end of last year [13]. - The company aims to balance inventory reduction, development, and debt reduction while optimizing its debt structure [13].

Group 1 - The core point of the announcement is that the company plans to register and issue medium-term notes to optimize and adjust its debt structure [1][2] - The meeting of the supervisory board was held on July 31, 2025, with all three supervisors present, and the decision to issue medium-term notes was unanimously approved [1][2] - The proposal for the issuance of medium-term notes will be submitted for review at the company's first extraordinary general meeting of shareholders in 2025 [2] Group 2 - The issuance of medium-term notes is in compliance with relevant laws and regulations, including the Company Law and the Management Measures for Non-Financial Enterprise Debt Financing Instruments in the Interbank Bond Market [1] - The company assures that the issuance does not harm the interests of minority shareholders [1]

Core Viewpoint - Agricultural Bank successfully issued 30 billion TLAC bonds in the interbank market, marking the first combination issuance of three maturities in the financial bond market this year [1] Summary by Categories Issuance Details - The bond issuance consists of three maturities: 150 billion for 3+1 years at an interest rate of 1.83%, 30 billion for 5+1 years at an interest rate of 1.87%, and 120 billion for 10+1 years at an interest rate of 2.06% [1] Financial Strategy - The bank has set up a mechanism for additional issuance, with an excess issuance of 10 billion allocated entirely to the 10+1 year maturity, which helps ensure compliance with TLAC requirements while further optimizing the liability structure [1]

Core Viewpoint - The availability of high-yield large-denomination certificates of deposit (CDs) is decreasing, with many banks no longer offering products with longer maturities, and the interest rates have entered the 1% era for most banks [1][2]. Group 1: Availability of Large-Denomination CDs - Many banks, including major state-owned and joint-stock banks, have removed five-year and some three-year large-denomination CDs from their offerings, now only providing up to two-year products [1][2]. - The interest rates for large-denomination CDs have significantly decreased, with most banks offering rates below those of money market funds [4][2]. Group 2: Interest Rate Comparison - The annualized interest rates for large-denomination CDs vary by bank size and type, with major banks offering rates as low as 0.9% for one-month CDs and 1.55% for three-year CDs, while some private banks offer rates as high as 2.3% for three-year CDs [3][6]. - The average annualized interest rate for listed banks' deposit rates has decreased to 1.82% in 2024, down 15 basis points from 2023 [9]. Group 3: Market Trends and Strategies - In response to declining interest rates, banks are focusing on optimizing their liability structures and shifting resources towards high-net-worth clients [6][9]. - The trend of transferring high-yield large-denomination CDs is gaining traction, with clients seeking to acquire older CDs with better rates through transfer zones [5][6]. Group 4: Regional Rate Discrepancies - There are notable regional differences in the interest rates for the same large-denomination CD products, with variations observed across cities such as Shanghai, Zhejiang, and Jiangsu [6][9]. Group 5: Impact of Regulatory Changes - The continuous decline in the interest rates for large-denomination CDs is a result of the market-oriented interest rate reforms and the reduction of the Loan Prime Rate (LPR) [6][8]. - The net interest margin for banks has narrowed, with the average margin dropping to 1.43% in the first quarter of 2025, down from 1.54% in the previous year [6][8].

Core Viewpoint - The recent decline in bank deposit rates, particularly for large-denomination certificates of deposit (CDs), is primarily driven by the narrowing net interest margin pressures faced by banks, necessitating a reduction in high-cost liabilities to stabilize operations [1][3]. Group 1: Current Trends in Deposit Rates - Many banks have seen their large-denomination CD rates drop to the "1" range, with significant reductions in medium to long-term products [1]. - Major state-owned banks have lowered their large-denomination CD rates below "2," with China Bank's recent offerings showing rates as low as 0.9% for 1-month and 1.55% for 3-year terms [1]. - Smaller banks are also following suit, with some approaching rates near 1%, indicating a widespread trend across the banking sector [1]. Group 2: Factors Influencing Rate Changes - The decline in large-denomination CD rates is influenced by three main factors: policy transmission mechanisms, an increasing trend towards fixed-term deposits, and pressures on banks' net interest margins [3]. - The central bank's actions, such as lowering reserve requirements and reverse repo rates, are guiding market interest rates downward, prompting banks to adjust deposit rates accordingly [3]. - The shift towards fixed-term deposits is leading banks to lower long-term rates to alleviate pressure on their liabilities [3]. Group 3: Implications for Banks and the Economy - The reduction in large-denomination CD rates directly impacts banks' funding costs and profitability, allowing them to stabilize net interest margins and create room for lower financing rates for the real economy [3]. - The decrease in deposit yields may encourage a shift of funds towards wealth management products, thereby diversifying asset allocation for residents and expanding the wealth management market [3]. Group 4: Strategic Responses from Banks - Banks are exploring diverse strategies to cope with the impact of declining rates, including innovating financial product offerings and focusing on inclusive finance for small and micro enterprises [4]. - Optimizing liability structures by increasing the proportion of demand deposits and expanding interbank certificates of deposit is also a key strategy [4]. - Accelerating digital transformation and encouraging smaller banks to adopt differentiated competitive strategies are recommended to enhance product offerings [4]. Group 5: Future Outlook - The outlook suggests that large-denomination CD rates are likely to remain low in the short term, with any future reductions expected to be gradual [5].