近日，多家国有银行相继下架五年期大额存单，三年期存款产品利率普遍降至1.5%至1.75%区间，部分 中小银行更是直接取消三年期、五年期普通定期存款。 在存款利率持续下行的背景下，一种被称为"新三金"的资产配置方式，即将资金分散投入货币基金、债 券基金和黄金ETF，正悄然在年轻群体中兴起。蚂蚁财富平台数据显示，截至2025年4月底，已有超过 937万90后、00后在支付宝上配齐了"新三金"。 "新三金"配置： 收益优于单一存款 在此背景下，今年居民转向投资理财的热情逐渐升温。根据央行发布的金融统计数据报告，2025年10 月，住户存款减少了1.34万亿元，而非银行业金融机构存款则增加1.85万亿元。可以看到，资金正从传 统储蓄账户流向理财与投资市场。 在此背景下，对于普通居民，尤其是刚开始积累财富的年轻人而言，如何让"钱袋子"保值增值，成为现 实的焦虑。 趋势研判： 短期调整还是长期变革？ 所谓"新三金"，并非传统意义上的黄金饰品或金条，而是一种资产配置组合的通俗说法，主要指货币基 金（如余额宝等）、债券基金和黄金ETF（交易型开放式指数基金）这三类资产。其核心逻辑是通过分 散配置相关性较低的资产，在控制整体波 ...

近日，多家国有银行相继下架五年期大额存单，三年期存款产品利率普遍降至1.5%至1.75%区间，部分中小银行更是直接取消三年期、五年期普通定期存 款。 在存款利率持续下行的背景下，一种被称为"新三金"的资产配置方式，即将资金分散投入货币基金、债券基金和黄金ETF，正悄然在年轻群体中兴起。蚂蚁 财富平台数据显示，截至2025年4月底，已有超过937万90后、00后在支付宝上配齐了"新三金"。 "新三金"配置成年轻人理财新选择 所谓"新三金"，并非传统意义上的黄金饰品或金条，而是一种资产配置组合的通俗说法，主要指货币基金（如余额宝等）、债券基金和黄金ETF（交易型开 放式指数基金）这三类资产。其核心逻辑是通过分散配置相关性较低的资产，在控制整体波动的同时，争取获得优于单一存款的收益。蚂蚁财富平台数据显 示，截至今年4月底，已有937万90后、00后在支付宝上配齐了"新三金"组合。 值得关注的是，在豆瓣"丧心病狂攒钱小组"等年轻人聚集的网络社区中，关于如何配置"新三金"的讨论也日益热烈。"现在我选债基和指数基金，再搭配黄 金定投。"一位豆瓣网友分享了自己的配置心得。也有网友坦言，经历过股市波动后，心态转向求稳，"日常 ...

证券研究报告 | 2025年11月30日 超长债周报 TL 放量大跌 核心观点 固定收益周报 超长债复盘：上周 A 股连续反弹，万科展期一度拖累债市情绪，周五传 六大行停售五年期大额存单，并调降三年期存款产品利率，国内降息预 期升温债市小幅反弹，全周来看债市先抑后扬，超长债继续下跌。成交 方面，上周超长债交投活跃度保持平稳，交投非常活跃。利差方面，上 周超长债期限利差走平，品种利差缩窄。 超长债投资展望： 30 年国债：截至 11 月 30 日，30 年国债和 10 年国债利差为 34BP，处于 历史较低水平。从国内经济数据来看，10 月经济下行压力继续增加。我 们测算的 10 月国内 GDP 同比增速约 4.2%，增速较 9 月回落 1.1%。通胀 方面，10 月 CPI 为 0.2%，PPI 为-2.1%，通缩风险依存。我们认为，当 前债市低位震荡概率更大。一方面，去年四季度以来的经济企稳，主要 来自于中央加杠杆的托底。考虑到今年四季度增发国债的概率较低，预 计四季度政府债券融资增速继续回落，四季度国内经济依然承压。另一 方面，利率绝对水平偏低，市场对利好因素有所脱敏，近期投资者情绪 转弱。另外 30-1 ...

Core Insights - The banking industry is undergoing a transformation characterized by a shift from high-interest deposit competition to more refined and restrained liability management strategies [2][3] - The current interest rate cuts reflect a deeper adjustment towards actuarial and stratified operations within banks, rather than a simple price war [3] Group 1: Interest Rate Trends - Many small and medium-sized banks have lowered deposit rates, with some three-year products dropping to the "1" range [2] - Some joint-stock banks and rural commercial banks have initiated year-end "deposit drives" using incentives like red envelopes and exclusive rates to stabilize funds [2] Group 2: Profitability and Liability Management - The compression of net interest margins limits profitability, while the cost of liabilities remains difficult to reduce further [2] - Banks are focusing on structural adjustments, moving away from a blanket high-interest deposit strategy to a more segmented approach based on customer type, deposit duration, and fund stability [2] Group 3: Targeted Products - Certain banks have launched "senior" or "long-term" deposit products aimed at older customers, offering slightly higher rates and lower thresholds to retain stable, risk-averse clients [2] - For younger customers, banks are enhancing account activity through mobile banking tasks and investment points to indirectly stabilize general deposits [2] Group 4: Competitive Landscape - The evolution of product strategies reflects a shift in banks' liability management thinking, focusing on retaining stable funds at lower costs [3] - The competition will increasingly center on who can maintain stable funding and lower costs, rather than simply offering higher interest rates [3]

Core Viewpoint - Several regional banks in China have accelerated the pace of deposit rate cuts, with some products seeing reductions of up to 80 basis points, indicating a trend of decreasing deposit interest rates across various banks [1] Group 1: Deposit Rate Cuts - Banks such as Pingyang Pudong Development Rural Bank, Fujian Huatong Bank, and Huixian Zhujiang Rural Bank have announced reductions in deposit rates since October [1] - There is a phenomenon of "inverted yield" on deposit rates across different bank types, with some banks offering better rates for shorter-term deposits compared to longer-term ones, exemplified by China Construction Bank's three-year deposit rate at 1.55% and five-year rate at 1.3% [1] Group 2: Impact on the Banking Industry - The reduction in deposit rates may lead to a "deposit migration" where funds shift towards mid-risk low-volatility dividend ETFs, which have seen significant net inflows over the past 20 trading days [1] - Conversely, the rate cuts could alleviate pressure on banks' interest margins, helping to stabilize net interest income, which has shown improvement compared to previous negative growth trends [1] - According to China International Capital Corporation, the net profit of listed banks is expected to grow by 1% year-on-year by Q3 2025, indicating overall profitability remains stable [1]