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 Insights - The article discusses the investment choices of two individuals, Lao Zhou and Xiao Yang, highlighting their differing risk tolerances and investment strategies for managing idle cash [3][4]. Group 1: Investment Strategies - Lao Zhou prefers short-term bank wealth management products due to his need for stability and low risk, having previously experienced a small loss in a short bond fund [3]. - Xiao Yang, being younger and more tolerant of market fluctuations, opts for short bond funds, which provide higher potential returns despite occasional minor losses [3][4]. - The article emphasizes that the choice between short-term wealth management and short bond funds depends on the investor's specific needs and risk appetite [4]. Group 2: Market Behavior - Lao Zhou's experience illustrates the importance of having a clear purpose for funds, as he seeks consistent, albeit small, returns without the stress of market volatility [3]. - Xiao Yang's approach demonstrates that accepting some level of fluctuation can lead to better overall returns, as she earned more from her short bond fund compared to a bank product [3][4]. - The article suggests that investors should align their investment choices with their financial goals and comfort with risk, rather than seeking one option as universally superior [4].

Summary of Financial Data and Credit Activity Analysis Industry Overview - The analysis focuses on the financial sector in China, particularly the credit activity and monetary policy environment as of September 2025. Key Points and Arguments Financial Data Trends - In September, new RMB loans decreased year-on-year, while social financing (社融) maintained good growth, primarily driven by government actions. The loan growth rate was recorded at 6.6% [1][2][3]. - M2 growth was 8.4%, down 0.4 percentage points from August, while M1 growth was 7.2%, up 1.2 percentage points from the end of August [2]. - New RMB loans amounted to less than 1.3 trillion yuan, a decrease of 300 billion yuan year-on-year, while social financing under the same currency increased by 1.6 trillion yuan [2]. Credit Activity Characteristics - Current credit activity shows a significant structural change, heavily reliant on government actions. Loan interest rates continue to decline, indicating a stable pricing system [1][9]. - There is a notable contradiction between credit supply and demand, leading to price suppression to stabilize volume [9]. - The effectiveness of fiscal subsidies on consumer credit activity remains uncertain, with potential discrepancies in actual support levels [10]. Future Credit Activity Projections - Credit activity in Q4 is expected to be influenced by several factors: 1. Gradual release of 500 billion yuan in policy financial tools, which may stimulate credit activity [6]. 2. Fiscal subsidies impacting consumer and operational credit, with an increase in short-term and long-term loans observed in September [6]. 3. Increased credit from policy banks, which may enhance overall credit supply [6]. - Social financing growth is projected to decline to around 8% by year-end, while credit growth may stabilize at approximately 6% [7]. Monetary Policy Framework - The transformation of the monetary policy framework requires consideration of the interest rate transmission mechanism, with a focus on enhancing the LPR's (Loan Prime Rate) role as a policy interest rate [4][15]. - There is little likelihood of lowering the deposit benchmark interest rate in the short term, as management strategies can help reduce funding costs [16]. - The central bank is maintaining liquidity through various tools, ensuring a stable funding environment despite seasonal pressures [14]. Market and Investment Outlook - The banking sector has faced challenges, with A-shares down 5.5% and H-shares remaining flat. However, the valuation of H-shares has significantly decreased, with some falling below 0.5 times PB [20]. - High dividend yields and low valuations are evident, with A-shares yielding over 4% and H-shares over 5% [20]. - The market is expected to enter a seasonal investment phase from year-end to Q1 of the following year, despite current market conditions not favoring the banking sector [20]. Government Bond Issuance - The issuance of government bonds in Q4 will be crucial for supporting "two new" projects, with potential impacts on economic momentum and social financing growth [11]. M1 and M2 Dynamics - M1 growth is influenced by changes in resident and corporate demand deposits, while M2 growth is affected by high base effects from the previous year [13]. Additional Important Insights - The reliance on government actions for credit activity highlights the need for careful monitoring of fiscal policies and their effectiveness in stimulating economic growth [8]. - The current credit environment reflects insufficient market demand, emphasizing the importance of government-led initiatives in shaping the overall credit landscape [8].

Core Insights - The article discusses the current sentiment towards three-year fixed deposits, highlighting concerns from potential customers about liquidity and interest rate fluctuations [2][3][5] Group 1: Customer Sentiment - There is a noticeable decline in inquiries about three-year fixed deposits, with customers fearing potential losses [2] - Customers express concerns about needing access to funds before the three-year term ends and the possibility of interest rates increasing during that period [2][3] - A specific case illustrates a customer regretting their decision to lock in funds for three years due to an unexpected financial need [3] Group 2: Bank Perspective - Bank employees feel pressure to promote three-year fixed deposits, as many customers are hesitant due to liquidity concerns [2][3] - Banks offer alternative financial products, such as short-term investments and money market funds, which provide more flexibility despite potentially lower interest rates [3][5] - There is a general reassurance that deposits in reputable banks are secure, with deposits up to 500,000 being insured [4] Group 3: Financial Advice - The article emphasizes the importance of assessing individual financial situations before committing to a three-year fixed deposit [5] - A diversified approach to savings is suggested, where individuals can allocate funds across different deposit terms and investment vehicles to balance interest earnings and liquidity [5] - The article concludes that there is no one-size-fits-all answer regarding three-year fixed deposits, and individuals should consider their specific needs and circumstances [5]