内蒙古土右旗蒙银村镇银行、昆都仑蒙银村镇银行等纷纷取消 5年期整存整取定期存款，部分民营银行的存款产品列表中也 不再显示3年或5年期定存产品。 作者：老盈盈 封图：图虫创意 近期，多家中小银行调整存款产品结构，内蒙古土右旗蒙银村镇银行、昆都仑蒙银村镇银行等纷纷 取消5年期整存整取定期存款，部分民营银行的存款产品列表中也不再显示3年或5年期定存产品。 尽管大多数银行仍在售5年期定存，但长期定存的收益吸引力持续下降。 苏商银行特约研究员薛洪言对经济观察报记者表示，此次调整背后，是银行业净息差收窄压力的体 现，中小银行尤为突出，因此减少长期限高成本存款、优化负债结构成为必然选择。 面对这一趋势，有投资者的资金配置开始向"稳健低波+高流动性"转型，货币基金、短期理财及红 利低波类产品受到投资者的青睐。 多家中小银行下架5年定存 11月初，内蒙古土右旗蒙银村镇银行通过官方微信公众号发布了关于调整该行存款利率的相关公 告。在公告中，该村镇银行表示，综合考虑同业机构的利率水平，自2025年11月5日起，对定期 人民币存款利率进行调整，取消5年期整存整取定期存款。土右旗蒙银村镇银行此前在售的5年期 定期存款原利率为1.90% ...

Core Viewpoint - The recent announcement by Tongyu Mengyin Village Bank regarding the adjustment of deposit interest rates indicates a potential shift in the banking industry towards reducing long-term deposit products, reflecting a broader trend in response to narrowing net interest margins [1][7]. Group 1: Deposit Rate Adjustments - Tongyu Mengyin Village Bank will cancel the 5-year fixed deposit product starting from November 5, 2025 [1]. - Many banks, including the six major state-owned banks, still offer 5-year fixed deposit products, suggesting that the trend may not be widespread yet [2]. - The availability of 5-year large certificates of deposit (CDs) has significantly decreased, indicating a shift in investor preferences and bank offerings [3][5]. Group 2: Market Demand and Supply - The demand for long-term deposit products, such as 5-year large CDs, has diminished compared to previous years when they were highly sought after [4]. - Currently, major banks do not offer 5-year large CDs, with the longest available term being 2 years at a low annualized interest rate of 1.40% [5]. Group 3: Banking Profitability and Strategy - The reduction in long-term deposit products and lower interest rates is primarily driven by banks' need to address the pressure from narrowing net interest margins [7]. - The traditional banking profit model of earning from interest rate spreads is evolving, with banks focusing on lower-cost funding and diversifying income sources through wealth management and intermediary services [7]. Group 4: Investment Strategies - Investors are encouraged to consider alternative investment products, such as savings-type insurance, and to adopt a tiered asset allocation strategy based on their risk tolerance and liquidity needs [8][9]. - Recommendations for investors include prioritizing short to medium-term deposits or government bonds, while also considering low-volatility financial products and equities for those with higher risk tolerance [9].

Core Viewpoint - The long-term deposit products, once considered a "stabilizing force" for investors, are gradually disappearing from the shelves of some banks, indicating a profound restructuring of the banking industry's profit logic in response to deepening interest rate marketization and a low-interest environment [1][4][8]. Group 1: Disappearance of Long-term Deposits - As of November 9, major state-owned banks and some joint-stock banks have removed 5-year large certificates of deposit (CDs) from their offerings, with banks like ICBC, ABC, and BOC no longer listing these products [2][3]. - The interest rates for commonly available 3-year large CDs are now between 1.5% and 1.75%, with some banks facing a "one order hard to find" situation due to limited availability [2][3]. - Regional banks are also tightening their long-term CD offerings, with many now focusing on shorter terms such as 1 month, 3 months, and 1 year [3][5]. Group 2: Strategic Shift in Banking - The current low net interest margin has prompted banks to lower their liability costs to maintain stable profit levels, leading to the reduction or cancellation of high-interest long-term CDs [4][7]. - Smaller banks, particularly village banks, are also halting long-term deposit products, reflecting a broader industry trend towards optimizing balance sheets in response to regulatory pressures and changing market conditions [5][7]. - The traditional banking model of high-interest deposits and low-interest loans is facing unprecedented challenges, with net interest margins dropping to historical lows [8][9]. Group 3: Future Directions - The banking sector is expected to increasingly favor short-term adjustments and flexible combinations of various financial products to enhance customer loyalty and stabilize relationships [9]. - Banks are likely to optimize their liability structures by offering more medium- and short-term deposit products, reducing the proportion of high-cost deposits, and improving overall profitability through wealth management services [9].

Core Insights - The report indicates a significant growth in internet insurance in China, driven by an increase in mobile internet users and online payment users, with mobile internet users reaching 1.105 billion and online payment users at 1.029 billion by the end of 2024 [1] Group 1: Consumer Behavior and Trends - In 2024, nearly 60% of households are expected to spend over 8,000 yuan annually on insurance, marking a nearly 10 percentage point increase from 2023 [2] - 76% of consumers plan to adjust their insurance configurations and increase their premium budgets in the next two years, reflecting a growing awareness and willingness to invest in family protection [2] - The online insurance purchase rate among consumers is projected to reach 78%, nearly equal to the offline rate of 79%, with expectations for online purchases to surpass offline in the coming years [1] Group 2: Insurance Product Preferences - In 2024, 60% of consumers opted to upgrade their existing insurance products, while 38% chose to purchase new insurance, and 41% decided to switch insurance providers [3] - Critical illness insurance is expected to see the highest upgrade rate among insurance products, with nearly 30% of holders choosing to enhance their coverage [4] - 57% of consumers are using insurance for wealth management, making it the second most favored method after bank financial products [4] Group 3: Demographic Insights - The "post-95" generation shows a high online insurance purchase rate of 84%, surpassing the "post-85" generation, attributed to their familiarity with the internet and emphasis on family protection [5][6] - Concerns about mental health and daily accidents are prevalent among the "post-95" demographic, with 51% worried about daily accidents and 46% about mental health issues [6] - Nearly 70% of "post-95" consumers actively purchase insurance for their parents, indicating a strong sense of family responsibility and risk awareness [6] Group 4: Consumer Challenges - The primary concern for consumers in 2024 is "difficulty in product selection," with 63% expressing challenges in choosing suitable insurance products due to the overwhelming number of options available [7] - Approximately 70% of consumers are considering paying for professional insurance consultation services, highlighting a growing awareness of the need for expert guidance [7] Group 5: Technology and AI in Insurance - 10% of consumers utilize AI tools to gather insurance information, while 40% use AI-driven personalized recommendations to aid in decision-making [8] - Satisfaction with online claims processing has exceeded 95%, with speed of payment and efficiency of review being key factors in this satisfaction [8] - Over half of consumers expect AI to play a significant role in various aspects of insurance, including rapid claims processing, insurance consultation, and simplifying the purchasing process [8]

Core Insights - The A-share market showed a trend of fluctuating growth in the first half of 2025, with quantitative private equity becoming a prominent investment force, achieving an average return of 8.32% across all private equity securities products, and 10% for stock strategy private equity [1] - Among 1,243 quantitative long strategy products, 93.32% achieved positive returns, with an average return rate of 15.42%, significantly outperforming other sub-strategies [1] - A wave of dividends emerged in the industry, with 558 private equity products distributing dividends, accounting for 14.09% of the total, amounting to 5.655 billion yuan [1] - High income for private equity managers leads to increased tax burdens, prompting them to seek legal and compliant tax optimization strategies [1] Group 1: Investment Performance - The average return for private equity securities products in the first half of 2025 was 8.32% [1] - Stock strategy private equity led with an average return of 10% [1] - Quantitative long strategy products had a remarkable average return of 15.42%, with 93.32% achieving positive returns [1] Group 2: Dividend Distribution - By the end of June 2025, 558 private equity products had distributed dividends, representing 14.09% of the total products with performance data [1] - The total amount of dividends distributed reached 5.655 billion yuan [1] Group 3: Tax Optimization Strategies - High income levels for private equity managers result in significant tax liabilities, including corporate income tax and value-added tax [1] - The need for tax optimization strategies is emphasized due to the high tax burden faced by managers in the quantitative private equity sector [1] Group 4: Risk Management and Insurance - Private equity managers face core risks including compliance, investment, operational, liquidity, reputation, and ethical risks throughout the fundraising, investment, management, and exit processes [3] - Professional liability insurance is deemed essential for private equity managers to mitigate risks associated with investment decisions and internal management [3][4] - The selection of professional liability insurance should focus on coverage that matches core business risks, including management and professional liability [4] Group 5: Employee Benefits and Insurance - The importance of a comprehensive employee benefits and insurance system is highlighted for attracting and retaining top talent in private equity firms [5] - Group accident insurance and employer liability insurance are included in the core benefits to provide comprehensive protection for employees [5] Group 6: Tax-Advantaged Insurance - The organization considers tax-advantaged insurance options, such as supplementary medical insurance, which can be deducted from total wages within 5% to reduce tax burdens [6] - The focus is on balancing tax compliance, employee needs, and cost-effectiveness when selecting insurance products [6] Group 7: Insurance Configuration Recommendations - Recommendations for insurance configurations for different roles within private equity firms include high-end medical insurance, critical illness insurance, and professional liability insurance [10][12][13][15] - Specific insurance products are suggested based on the unique risks associated with investment research, marketing, and operational roles [10][12][13][15]

Core Insights - The report indicates that 57% of consumers are using insurance for family wealth management in 2024, marking a significant shift towards insurance as a primary financial tool, second only to bank wealth management products [5][6][9] - There is a notable increase in the investment in savings-type insurance, with 29% of consumers opting for this, while only 2% are increasing investments in real estate, highlighting a trend towards insurance as a stable wealth management option amid economic uncertainty [6][9] Consumer Behavior Trends - Consumers are increasingly recognizing insurance not just as a protection tool but as an effective wealth management strategy, especially among younger demographics who are entering the market [7][8] - The flexibility and transparency of internet insurance platforms are attracting younger consumers, allowing them to start with smaller investments and gradually build their asset pools [8][9] Market Dynamics - The report emphasizes that savings-type insurance products, such as endowment and annuity insurance, are gaining traction, particularly among the 41-50 age group, which is typically at the peak of wealth accumulation [9] - The insurance industry is evolving to meet the growing demand for stable returns and risk management, positioning itself as a crucial component of family wealth management strategies [9]

Core Insights - The Chinese insurance industry is transitioning towards high-quality development by 2025, focusing on modern "ecological services" rather than traditional "risk compensation" [2] - The implementation of new policies is driving changes in the industry, including the rise of floating income products, enhanced service models, and significant technological advancements [2] Market Trends - The recent reduction in deposit rates has led to increased interest in savings-type insurance products, which are seen as attractive alternatives for asset allocation [3][4] - Approximately 57% of consumers are now using insurance for wealth management, making it the second-largest investment channel after bank wealth management [3][4] Consumer Behavior - Nearly 30% of consumers have increased their investment in savings insurance, with the highest growth seen in the 41-50 age group [4] - The demand for savings-type life insurance is driven by low-risk preferences and the need for stable returns in a declining interest rate environment [4][5] Product Characteristics - Savings-type insurance combines insurance and savings functions, including products like annuities and increasing death benefit life insurance [5][6] - Key differences between savings insurance and bank deposits include product nature, return structure, liquidity, and risk coverage [5][6] Industry Impact - The ongoing decline in deposit rates is expected to boost short-term sales of savings-type insurance products, but it also increases the long-term risk of interest rate spread losses for insurance companies [7][8] - Regulatory measures have been introduced to adjust the maximum guaranteed interest rates for various insurance products, linking them to market interest rates [8][9] Consumer Guidance - Consumers are advised to carefully evaluate their needs and risk tolerance before purchasing savings-type insurance, as these products require long-term commitment and may involve penalties for early withdrawal [10] - Understanding the differences between guaranteed and actual returns, as well as the complexities of product terms, is crucial for informed decision-making [10]

Core Viewpoint - AIA Group announced the resignation of its independent non-executive chairman and director, Mark Tucker, will return to the company as independent non-executive chairman and director starting October 1, 2025, following the retirement of the current chairman, Sir Mark Tucker, on September 30, 2025 [2][3] Group 1: Leadership Changes - Sir Mark Tucker, currently the chairman of HSBC Group, will return to AIA after an eight-year absence, having previously served as CEO from 2010 to 2017 [2][4] - The board has decided to honor the outgoing chairman, Sir Mark Tucker, with the title of Honorary Chairman for his significant contributions over 60 years [3][4] - The return of Tucker is seen as crucial for AIA's strategic direction, especially as the company accelerates its expansion in mainland China [2][5] Group 2: Company Performance and Strategy - AIA has been expanding its operations in mainland China, with its subsidiary AIA Life covering 70% of the life insurance market after restructuring in 2020 [7] - In 2024, AIA reported a new business value growth of 18% to $4.712 billion and an annualized new premium increase of 14% to $8.606 billion [7][8] - The company is facing challenges due to changes in product structure and market conditions, which have affected profitability and stock performance [8][9] Group 3: Market Context - The Chinese insurance market has evolved significantly, with total premium income reaching 56,963 billion yuan in 2024, a year-on-year increase of 11.15% [7] - AIA's product mix is shifting towards long-term savings insurance, which is becoming a major growth driver in a low-interest-rate environment [9] - The demand for participating products is rising, as they offer higher expected returns for policyholders in the current economic climate [9]

Core Viewpoint - The decline in mainstream bank deposit rates has led to a surge in interest for savings-type insurance products, which offer both protection and value appreciation [2][6]. Group 1: Market Trends - Bank deposit rates have entered a "1" era, with significant reductions observed in recent months, marking the seventh cut by major state-owned banks since September 2022 [3][4]. - In the first quarter of this year, nearly 40% of new life insurance products launched were dividend-type and universal-type products, indicating a shift in consumer preference [12]. Group 2: Consumer Behavior - A report indicates that nearly 30% of consumers increased their investment in savings insurance in 2024, with the 41-50 age group showing an 18% increase in new insurance purchases, becoming the main force in this trend [8][12]. - The growth of savings-type insurance is attributed to its unique "dual protection" feature, appealing to consumers seeking both safety for their principal and inflation protection [6][8]. Group 3: Insurance Industry Performance - The original insurance premium income in China's insurance industry has shown consistent growth over the past three years, with a projected income of approximately 5.7 trillion yuan in 2024, reflecting an 11.15% year-on-year increase [5][11]. - Life insurance premium income is expected to reach 3.19 trillion yuan in 2024, marking a 15.45% increase compared to the previous year [5]. Group 4: Regulatory Environment - To mitigate the risk of interest rate spread losses, regulatory authorities have lowered the upper limit of the predetermined interest rate for life insurance products and established a dynamic adjustment mechanism linked to market rates [10][11]. - The upper limit for new ordinary life insurance products is set at 2.5%, while for dividend-type products, it is 2%, and for universal-type products, it is 1.5% [11]. Group 5: Product Development - The insurance industry is increasingly focusing on floating yield products, with dividend insurance becoming a mainstream offering. In the first quarter, nearly 40% of new life insurance products were dividend-type and universal-type [12][13]. - Major insurance companies are planning to enhance their offerings of dividend-type products, with executives expressing confidence in delivering returns that exceed market averages [12][14].

Core Viewpoint - Frequent personnel changes have occurred in the financial industry this year, with AIA also undergoing leadership adjustments [1][2]. Leadership Changes - AIA announced the resignation of Chairman Mark Tucker, effective September 30, with Du Jiaqi set to take over on October 1 [2]. - Mark Tucker, aged 87, has been with AIA since 1961 and has held various leadership roles, including CEO and Honorary Chairman [2]. - Du Jiaqi, a British national, previously served as AIA's CEO and led the company through its IPO, returning to AIA after a stint at HSBC [2][3]. Governance Structure - The role of Chairman at AIA is non-executive, primarily overseeing rather than managing daily operations, which is the responsibility of the CEO, Lee Yuanxiang [3][4]. - AIA's board consists of a mix of independent directors from various regions, enhancing its operational reach in Asia-Pacific markets [4][5]. Strategic Implications - The change in leadership is not expected to significantly impact AIA's business operations due to its governance structure [3][10]. - Du Jiaqi's return is seen as a move to maintain strategic continuity, as he is familiar with AIA's operations and has previously implemented successful strategies [11][12]. Financial Performance - AIA's premium growth is projected at 18% for 2024, reaching 71.8 billion, ranking it tenth in the life insurance industry [12]. - The company has experienced a steady increase in new business value, with a rise from 2.765 billion in 2020 to 4.712 billion in 2024 [18][26]. Market Position - AIA's focus on high-quality agents and a strong recruitment strategy has contributed to its market growth, despite challenges in the insurance product structure and competition [14][19]. - The company is expanding its distribution channels, including bancassurance, to enhance sales of savings-type products [15][16].