近日，记者查询包括大行、股份行等多家大中型银行App发现，5年期大额存单已不见踪影。部分银行 尚存3年期大额存单产品，利率水平集中在1.5%~1.8%区间。 尽管利率普遍已在1字头，但大额存单依旧非常抢手。农行App显示，3年期大额存单"额度紧张"；工行 及兴业银行App均显示，3年期大额存单已"售罄"。 曾被视为"揽储利器"的中长期大额存单正在逐渐消失。近日，《每日经济新闻》记者注意到，六大国有 银行及多家股份行App上已无5年期大额存单。此外，尽管3年期大额存单产品仍在，但部分银行App显 示"售罄"或"额度紧张"。 在业内看来，压降高成本的中长期大额存单是银行优化负债结构、稳定净息差的直接手段。据国家金融 监督管理总局披露，截至2025年三季度末，我国商业银行净息差为1.42%，环比持平，仍处于历史低 位。 另有部分银行App上3年期大额存单也一并"消失"，仅剩下2年期及更短期限产品。 5年期大额存单难觅 已有不少投资者将目光转向银行理财等其他投资渠道。央行发布的《2025年第三季度城镇储户问卷调查 报告》对此也有印证。报告显示，该季度倾向于"更多储蓄"的居民占62.3%，比上季低1.5个百分点；倾 向 ...

曾被视为"揽储利器"的中长期大额存单正在逐渐消失。近日，《每日经济新闻》记者注意到，六大国有 银行及多家股份行App上已无5年期大额存单。此外，尽管3年期大额存单产品仍在，但部分银行App显 示"售罄"或"额度紧张"。 "预计后续利率仍有下行空间，银行主动减少中长期大额存单发行，可以避免在未来利率进一步走低时 被长期高息存款锁定成本。"上述股份制银行从业人士称。 记者注意到，类似调整中长期存款结构的情况，同样出现在不少地方性中小银行。11月初，内蒙古土右 旗蒙银村镇银行宣布自今年11月5日起取消5年期定存产品。该行同步下调其他期限定存利率，1年期和2 年期均下调5个基点，分别降至1.45%和1.55%；3年期下调幅度最大，达10个基点，降至1.85%。 这并非个例，四季度以来，浙江、云南、河南等多地村镇银行也都纷纷下调了人民币存款利率。 在业内看来，压降高成本的中长期大额存单是银行优化负债结构、稳定净息差的直接手段。据国家金融 监督管理总局披露，截至2025年三季度末，我国商业银行净息差为1.42%，环比持平，仍处于历史低 位。 5年期大额存单难觅 近日，记者查询包括大行、股份行等多家大中型银行App发现，5 ...

Core Viewpoint - The long-term large-denomination certificates of deposit (CDs), once seen as a tool for attracting deposits, are gradually disappearing from the market, particularly the 5-year CDs, as banks aim to optimize their liability structure and stabilize net interest margins [1][2][3]. Summary by Sections Current Market Situation - Major state-owned banks and several joint-stock banks have removed 5-year large-denomination CDs from their apps, while 3-year CDs are still available but often marked as "sold out" or "in limited supply" [2][3]. - The interest rates for the remaining 3-year large-denomination CDs are concentrated in the range of 1.5% to 1.8% [2]. Bank Strategies - Banks are actively reducing high-cost long-term large-denomination CDs as a direct method to optimize their liability structure and stabilize net interest margins, which currently stand at 1.42%, remaining at historical lows [1][3]. - The net interest margins of most A-share banks have shown a downward trend, with state-owned banks experiencing an average decline of about 15 basis points [3]. Future Expectations - There is an expectation of further interest rate declines, prompting banks to reduce the issuance of long-term large-denomination CDs to avoid being locked into high-cost deposits as rates fall [3]. - Similar adjustments in deposit structures are observed in various local small and medium-sized banks, with some banks announcing the cancellation of 5-year fixed deposit products and lowering interest rates on other terms [3][4]. Investment Trends - Since the establishment of the market-oriented deposit rate adjustment mechanism in April 2022, major banks have reduced deposit rates in several rounds, with the latest cuts occurring in May 2023 [5]. - As interest rates decline, there is a shift in investor behavior towards diversified asset allocation, with a growing interest in low-risk investment products such as government bonds and bank wealth management products [5]. - According to a recent survey, 62.3% of urban residents prefer "more savings," a decrease of 1.5 percentage points from the previous quarter, while 18.5% prefer "more investments," an increase of 5.6 percentage points [5]. Future Growth Projections - A report from CITIC Securities anticipates that the growth of wealth management scale will continue to be driven by the "migration" of deposits towards various asset management products, with an expected growth of at least 10% in 2026 [6]. - If the wealth management scale reaches 34 trillion yuan by the end of 2025, it is projected to reach approximately 38 trillion yuan in 2026 [6].

Core Viewpoint - The issuance of financial bonds has shifted from being an option to a necessity for both banks and non-bank institutions, driven by significant growth in issuance volumes and changing market conditions [1][2]. Group 1: Financial Bond Issuance Trends - As of July 1, 2023, the issuance of financial bonds by banking institutions, excluding interbank certificates of deposit and asset-backed securities, exceeded 9.11 trillion yuan, marking a year-on-year increase of 110% [1]. - Non-bank institutions, particularly insurance and trust companies, saw bond issuance growth rates of 134% and 71%, respectively [1]. Group 2: External and Internal Factors - The low interest rate environment has created favorable conditions for financial institutions to issue bonds, with the 10-year government bond yield remaining below 1.7% in 2024, allowing for financing costs under 2% [2]. - The cost of issuing bonds has significantly decreased, exemplified by a state-owned bank's issuance of a 10-year subordinated debt at a coupon rate of 1.93%, down 69 basis points from the previous year [2]. - The current 3-year AAA-rated financial bond yields are 30 basis points lower than comparable time deposits, indicating a shift towards lower-cost financing options [2]. Group 3: Capital Needs and Regulatory Support - Financial institutions are compelled to issue bonds to strengthen their capital base in response to narrowing interest margins and increasing regulatory pressures [3]. - The regulatory environment has evolved to facilitate bond issuance, transitioning from "single approval" to "annual filing," and encouraging banks to support small and micro enterprises through bond financing [3]. Group 4: Market Dynamics and Future Outlook - The surge in bond issuance may lead to increased market supply pressure, potentially raising interest rates and destabilizing the bond market, prompting the central bank to adopt a macro-prudential approach to assess market conditions [3]. - The industry is urged to adopt a consensus on "rational bond issuance," balancing financing needs with market capacity, while regulators should enhance forward-looking guidance to prevent systemic risks [3]. - The future of financial bonds as a stabilizing force for the industry and support for the real economy hinges on orderly expansion while maintaining risk management [3][4].

Core Insights - Recent trends show that many medium and large banks, as well as urban commercial banks, are withdrawing five-year large-denomination certificates of deposit (CDs), with three-year CDs also becoming less available, leaving two-year CDs as the most common option [1] - The interest rates for large-denomination CDs have dropped to the "1s," indicating a significant decline in their attractiveness as a savings tool for banks [1] - The narrowing of banks' net interest margins, which fell to 1.43% in Q1 2023, is a key factor driving this trend, as banks seek to lower long-term funding costs to alleviate operational pressures and support the real economy [1][2] Group 1 - The withdrawal of medium and long-term large-denomination CDs will effectively relieve pressure on banks' net interest margins and optimize their financial structures [2] - Banks are expected to adjust their liability structures by increasing short-term deposits, structured deposits, and short-term wealth management products to replace the high-cost long-term CDs [2] - This shift allows banks to allocate more resources to support the real economy, reduce overall operating costs, enhance profitability, and mitigate financial risks [2] Group 2 - In response to market demand, banks are likely to accelerate the development of financial markets and introduce new financial products and services [2] - Customers can diversify their investment portfolios based on their risk tolerance and investment goals, with options such as government bonds for low-risk preferences and cash management products or money market funds for those needing higher liquidity [2] - When building investment portfolios, customers should consider their actual circumstances, including investment experience, expected returns, risk tolerance, and liquidity needs [2]

Group 1: Public Fund Market - The total scale of public funds in China reached 33.74 trillion yuan as of May 2025, marking the eighth historical high since early 2024 [1] - In May, the scale of money market funds increased by over 400 billion yuan, while bond funds grew by over 220 billion yuan [1] - The number of newly registered private funds in May 2025 was 1,219, with a total new registration scale of 607.26 billion yuan [1] Group 2: Banking Sector Changes - Many national banks have stopped offering medium to long-term large-denomination certificates of deposit due to reduced interest rate advantages [2] - This shift reflects a strategic adjustment in banks' cost control and liquidity management in response to pressure on net interest margins [2] Group 3: Semiconductor Industry Growth - The global semiconductor manufacturing industry is expected to maintain strong momentum, with monthly production capacity projected to reach 11.1 million wafers by 2028, growing at a CAGR of 7% [3] - Advanced process capacity (7nm and below) is expected to grow approximately 69%, from 850,000 wafers per month in 2024 to a historical high of 1.4 million wafers per month by 2028 [3] Group 4: New Technology Developments - The launch of the new generation of domestic general-purpose processor, Longxin 3C6000, was announced, which does not rely on foreign technology or supply chains [4] - This processor is designed to meet various computing needs across multiple scenarios, indicating advancements in China's tech capabilities [4] Group 5: Corporate Developments - Tianfeng International has upgraded its securities trading license to provide virtual asset trading services in Hong Kong [6] - Longjian Co. won a bid for a national road project valued at 780 million yuan, with a planned construction period of 48 months [8] - Anqi Yeast plans to invest 502 million yuan in a bio-manufacturing center, expected to be completed by the second half of 2027 [10]

Core Viewpoint - The long-term large-denomination certificates of deposit (CDs) are rapidly disappearing from the market due to various factors, including narrowing bank interest margins and changing regulatory environments [1][2]. Group 1: Industry Trends - The availability of 3-year and 5-year large-denomination CDs has significantly decreased, with many banks only offering CDs with a maximum term of 2 years [1]. - The net interest margin for commercial banks in China has dropped to 1.43%, a historical low, prompting banks to reduce high-cost liabilities like large-denomination CDs [1][2]. - The expectation of declining interest rates is increasing, leading banks to withdraw long-term large-denomination CDs to avoid locking in high-interest liabilities [2]. Group 2: Regulatory Influence - Regulatory bodies are guiding banks to lower deposit costs through market-oriented mechanisms, aiming to maintain reasonable profit and net interest margin levels [2]. - Banks are encouraged to balance scale and efficiency, with many identifying the reduction of long-term deposits as a key strategy for adjusting their liability structure [2]. Group 3: Customer Adaptation - Customers are advised to shift from a single savings model to a diversified asset allocation approach to adapt to the changing market [3]. - It is essential for customers to recognize the scarcity of high-yield assets and avoid blindly pursuing high returns, which could lead to investment risks [3]. - Building an investment portfolio should consider individual circumstances, including investment experience, return expectations, risk tolerance, and liquidity needs [3].