大额存单是指由银行业存款类金融机构面向个人、非金融企业、机关团体等发行的一种大额存款凭证，受《存款保险条例》保障。此前，市场上 各家银行大额存单起步门槛基本为20万元。 分析人士认为，长期大额存单对银行而言是一笔刚性负债，利率锁定期越长，息差压力越大。 据经济参考报报道，六大国有银行近日集体下架五年期大额存单。工、农、中、建、交、邮储六大行官网及App显示，五年期大额存单已集体"消 失"，仅剩的三年期产品利率普遍降到1.5%至1.75%，且额度紧张。与此同时，部分中小银行也开始调整甚至直接取消三年期、五年期普通定期存 款产品。 近期，中长期存款正悄然"退场"。土右旗蒙银村镇银行成为近期首家公开宣布取消五年期定期存款的银行，该行于11月初公告，自11月5日起正式 取消五年期整存整取产品。近期，民营银行调整更为积极，目前至少已有梅州客商银行、网商银行等7家机构下架五年期定期存款。 这正是银行息差压力向产品端传导的体现。进入第四季度，已经有浙江平阳浦发村镇银行、昆明官渡沪农商村镇银行、嵩县兴福村镇银行、辉县 珠江村镇银行、上海华瑞银行多家中小银行宣布下调人民币存款利率，有的降幅甚至达到80个基点。 图片来源：视觉中 ...

Core Viewpoint - The performance of seven A-share listed banks in the first half of 2025 shows steady growth in total assets, operating income, and net profit attributable to shareholders, with a decrease in non-performing loan ratios, indicating ongoing risk improvement [1][2]. Group 1: Financial Performance - Seven banks reported positive growth in total assets compared to the beginning of the year, with Ningbo Bank leading at an 11.04% increase, the only bank exceeding 10% [2]. - All seven banks achieved year-on-year growth in operating income and net profit attributable to shareholders, with Shanghai Pudong Development Bank's total revenue surpassing 90 billion yuan, a 2.62% increase [2]. - Jiangyin Bank reported the highest revenue growth at 10.45%, while Changshu Bank followed closely with a 10.1% increase in revenue [3]. Group 2: Asset Quality - The non-performing loan ratios of Ningbo Bank, Hangzhou Bank, and Jiangyin Bank remained stable compared to the beginning of the year, while the other four banks showed varying degrees of improvement, with Qilu Bank experiencing the largest decline of 10 basis points [2]. Group 3: Dividend Expectations - Several banks have announced expectations for mid-year dividends, with the high dividend yield of bank stocks enhancing their investment value [1][4]. - The total cash dividends of A-share listed banks reached 646.025 billion yuan in 2024, reflecting a year-on-year increase of 5.33%, which has bolstered investor confidence [4]. Group 4: Market Trends - The banking sector has seen a significant upward trend, with the China Securities Banking Index rising by 52.7% since the beginning of 2024 [4]. - The average net interest margin for commercial banks was 1.42% in the first half of the year, down 10 basis points from the end of the previous year, indicating pressure on interest margins [5].

Core Viewpoint - A new round of interest rate cuts for large-denomination certificates of deposit (CDs) has begun, with some products' rates falling below 1% for the first time in recent years, indicating a significant shift in the banking sector's approach to deposit rates [1][9]. Summary by Category Interest Rate Changes - Major banks, including state-owned banks, have reduced the annualized interest rates for 1-month and 3-month large-denomination CDs to 0.9%, marking a historic low [1][3]. - The latest issuance by Bank of China shows a reduction of 25 basis points for 1-month, 3-month, 6-month, and 1-year products, while the 3-year product saw a reduction of 35 basis points [3][10]. - Other banks, such as Industrial and Agricultural Banks, have also lowered their rates to 0.9% for similar products [3][6]. Implications for the Banking Sector - The reduction in deposit rates is seen as a strategy to alleviate pressure on net interest margins, which have been declining [10][11]. - Analysts suggest that lowering deposit rates will help banks stabilize their net interest margins and reduce financing costs for the real economy [10][11]. Investor Guidance - Investors are advised to adjust their expectations regarding investment returns and consider a diversified asset allocation strategy in light of the declining interest rates [1][8][11]. - The trend of decreasing deposit rates is expected to continue, prompting investors to seek alternative investment options such as cash management products, money market funds, and government bonds [11].