日前，内蒙古土右旗蒙银村镇银行的一则公告引发了市场的广泛关注。该行不仅下调了存款利率，更正式宣布取消五年期 整存整取定期存款，成为业内首家采取此措施的商业银行。调整前，该行五年期定存利率仅为1.9%，甚至低于其三年期定 存利率0.5个百分点，这种利率倒挂现象已凸显了长期限存款对银行而言的成本压力。无独有偶，内蒙古昆都仑蒙银村镇 银行最新的存款利率表中，五年期定存产品利率一栏已显示为空缺；湖北荆门农商银行也于近期下调利率，并取消了其特 色存款产品的五年期选项。 事实上，此类调整在民营银行中早已显现端倪。包括浙江网商银行、中信百信银行、安徽新安银行在内的多家民营银行， 已不再通过手机银行等渠道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。招联首席研究员董希淼指出，银 行压缩高成本长期存款的发行规模，核心目的在于降低负债成本，这在存款利率市场化改革的背景下，是商业银行相对灵 活的自主调节行为。 尽管目前下架长期限存款的情况主要集中在中小银行，但国有大行与股份制银行也在通过其他方式应对息差压力。记者走 访发现，虽然全国性银行的五年期定存产品仍在销售，但其收益率优势已大幅收窄。招商银行已暂停发行利率上浮的五年 ...

截至2025年11月14日 09:54，中证银行指数(399986)上涨0.69%，成分股兴业银行(601166)上涨1.27%，紫 金银行(601860)上涨1.04%，南京银行(601009)上涨1.04%，齐鲁银行(601665)上涨0.96%，北京银行 (601169)上涨0.88%。银行ETF指数(512730)上涨0.64%，最新价报1.74元。 消息面上，近期，多家中小银行存款调整动作密集：不仅集中下架3年期、5年期定期存款产品，部分机 构更明确取消5年期定期存款产品，与此同时，不少银行还同步下调了各期限存款利率。分析认为，银 行此举的核心目的是主动优化负债结构、降低负债成本。 中邮证券指出，今年12月至次年3月末或将仍有大量定期存款到期，居民存量资产无风险利率将进一步 下行，居民存款或将继续向保险资产迁移，同时受益于新型政策性金融工具等工具支持，重点省市固定 资产投资增速或将明显改善。投资方向上：一是建议继续关注存款到期量较大，息差改善有望超预期改 善相关标的。二是建议关注明显受益于固定资产投资改善的城商行。 银行ETF指数紧密跟踪中证银行指数，为反映中证全指指数样本中不同行业公司证券的整体表 ...

日前，内蒙古土右旗蒙银村镇银行发布公告称，取消5年期整存整取定期存款，是业内鲜少明确取消5年 期定存产品的案例。 同时，《中国经营报》记者注意到，多家银行的产品列表中已经没有5年期存款的选项。业内人士普遍 认为，这一变化是银行业在净息差持续收窄背景下的主动调整，旨在缓解负债端成本压力，应对强烈的 降息预期。随着利率市场化进程深化与监管政策引导，银行正加速优化负债结构，逐步减少长期高成本 存款占比，推动资金投向更灵活、高效的领域。 在这一过程中，储户的资产配置逻辑也需相应转变，从单一依赖长期定存转向多元化、阶梯化的财富管 理策略。 取消5年期定存成长期趋势 上海金融与发展实验室特聘研究员王润石认为，部分银行不再提供5年期存款的原因主要是商业银行负 债成本管理的需要。5年期存款的长期资金成本较高，而当前经济环境下，银行（尤其是中小银行）更 倾向于吸收短期资金以保持灵活性，降低长期利率风险。若未来降息预期较强，提前锁定高成本的5年 期存款对银行不利。 北京财富管理行业协会特约研究员杨海平从利率预期角度进一步分析，基于利率下调的预期，通过对产 品或者利率定价的调整对存款行为进行主动调节引导，以缩短负债的平均到期时间， ...

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].

Performance Overview - In Q1 2025, the company achieved total revenue of 152 million yuan, a year-on-year decrease of 0.25% [1] - The net profit attributable to shareholders was -2.43 million yuan, a year-on-year decline of 141.66% [1] - The net profit after deducting non-recurring items was -3.06 million yuan, a year-on-year decrease of 180.99%, indicating a loss for the quarter [1] Profitability Analysis - The company's gross margin was 21.57%, down 12.02% compared to the same period last year [2] - The net margin was -1.72%, a year-on-year reduction of 146.01% [2] - Earnings per share were -0.02 yuan, a decrease of 140.00% year-on-year [2] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 27.07 million yuan, accounting for 17.78% of revenue, which is a year-on-year increase of 21.02% [3] Cash Flow and Asset Status - Operating cash flow per share was 0.14 yuan, a year-on-year increase of 184.64%, indicating improvement in cash flow from operations [4] - However, cash and cash equivalents decreased from 152 million yuan to 83.86 million yuan, a decline of 44.98%, raising concerns about liquidity risk [4] Accounts Receivable and Liabilities - As of the end of Q1 2025, accounts receivable stood at 217 million yuan, a year-on-year increase of 14.43%, with accounts receivable accounting for 555.68% of the latest annual net profit, highlighting the need to monitor collection [5] - Interest-bearing liabilities significantly decreased from 41.43 million yuan to 2.99 million yuan, a reduction of 92.79%, indicating progress in reducing debt [5] Business Model and Capital Return - The company's performance relies heavily on R&D and marketing, necessitating further analysis of these drivers' effectiveness [6] - The return on invested capital (ROIC) was 5.75%, indicating average capital returns, while the net margin was 5.82%, suggesting that the added value of products or services is also at an average level [6] Summary - Overall, the company's performance in Q1 2025 was poor, particularly with a significant decline in profitability [7] - The company needs to focus on managing accounts receivable, controlling costs, and optimizing cash flow management and debt structure [7]