"20万元存3年，赚了2万多利息，现在想续存却找不到同款产品了。"西安的李先生告诉经济观察报记 者。 2025年12月6日，他所购买的3年期大额存单要到期了。曾经3.35%的年利率，如今却成了难以复刻的高 息记忆。 同样面临着资金安放困扰的，还有烟台的郭女士。作为曾经的"存款特种兵"，她曾为抢高息大额存单开 车跨市开户。今年10月，部分资金到期后，她发现此前的跨省找高息存款的思路已然行不通，转而将到 期资金购买黄金。 近日，郭女士有50万元定存资金到期，她再次陷入纠结。12月4日，记者查询六大行手机银行显示，发 现在售的产品中，5年期大额存单已不见踪影。"现在大额存单利率很低，国有大行3年期利率是 1.55%，中小银行最高的也就2%左右，还得抢额度、绑开户条件。"郭女士说。 她翻看手机里的存款交流群，发现曾经热闹的"存款特种兵"们如今大多沉默，偶尔有人分享产品，也多 是利率2%左右的小银行定存。 国有大行集体"弃长" 2022年12月6日，经客户经理介绍，李先生在昆仑银行购入20万元3年期大额存单时，年利率达3.35%， 到期后能拿到利息20397.78元。 随着大额存单到期日的临近，李先生每天都会翻看四五家 ...

"存款群中，越来越多人开始讨论黄金和股票了。"郭女士说， 曾经的"存款特种兵"们，有人跟风买黄金，有人尝试债券基 金，还有人选择分散存到多家中小银行。 作者：刘颖 封图：图虫创意 "20万元存3年，赚了2万多利息，现在想续存却找不到同款产品了。"西安的李先生告诉经济观察 报记者。 2025年12月6日，他所购买的3年期大额存单要到期了。曾经3.35%的年利率，如今却成了难以 复刻的高息记忆。 同样面临着资金安放困扰的，还有烟台的郭女士。作为曾经的"存款特种兵"，她曾为抢高息大额 存单开车跨市开户。今年10月，部分资金到期后，她发现此前的跨省找高息存款的思路已然行不 通，转而将到期资金购买黄金。 近日，郭女士有50万元定存资金到期，她再次陷入纠结。12月4日，记者查询六大行手机银行显 示，发现在售的产品中，5年期大额存单已不见踪影。"现在大额存单利率很低，国有大行3年期利 率是1.55%，中小银行最高的也就2%左右，还得抢额度、绑开户条件。"郭女士说。 她翻看手机里的存款交流群，发现曾经热闹的"存款特种兵"们如今大多沉默，偶尔有人分享产 品，也多是利率2%左右的小银行定存。 国有大行集体"弃长" 2022年12 ...

Core Viewpoint - The long-term large-denomination certificates of deposit (CDs) are disappearing from banks, leading to a significant shift in savings habits among depositors as interest rates decline sharply [1][3][5]. Group 1: Product Supply - Major state-owned banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank, have stopped selling 5-year large-denomination CDs [3]. - Some banks have also ceased offering 3-year large-denomination CDs, with no clear timeline for their return [3]. - Local banks are following suit, with announcements of the cancellation of 5-year fixed-term deposits [3]. Group 2: Interest Rate Decline - The interest rates for large-denomination CDs have dropped to the "1" range, with 3-year CDs at 1.55% for major banks [5]. - In contrast, prior to 2020, 3-year and 5-year CDs had yields above 3%, with some smaller banks offering rates close to 4% [5]. - The traditional practice of higher interest rates for larger deposit amounts has been disrupted, as the rates for different deposit amounts are now the same [5]. Group 3: Banking Strategy - The collective withdrawal of long-term large-denomination CDs is a response to the ongoing pressure on banks' net interest margins, which fell to 1.42% by Q3 2025 [7]. - Banks aim to lower liability costs and stabilize net interest margins by reducing the supply of long-term deposits [7]. - The current low net interest margin environment compels banks to avoid high-cost long-term deposits to maintain profitability [7]. Group 4: Shift in Depositor Behavior - With the discontinuation of long-term large-denomination CDs, depositors are seeking alternative investment products, such as savings insurance, government bonds, or structured deposits [9]. - However, these alternatives come with their own limitations, such as lower liquidity for savings insurance and limited issuance for government bonds [9]. - A survey indicates an increase in residents inclined to invest more, rising by 5.6 percentage points to 18.5% [9]. Group 5: New Investment Preferences - Non-principal guaranteed bank wealth management products have become a preferred investment method among residents, with the market size reaching 32.13 trillion yuan, a 9.42% year-on-year increase [11]. - Financial advisors are recommending a diversified asset allocation strategy to improve returns and liquidity, moving away from excessive reliance on long-term deposits [11]. - Low-risk bank wealth management products are suggested as alternatives that may offer better returns than traditional deposits [11]. Group 6: Future Trends - The banking sector is expected to shift towards shorter-term products, emphasizing flexibility and a diverse range of financial products [13]. - Banks need to enhance their wealth management capabilities to maintain customer relationships and ensure stable returns [13]. - Depositors are encouraged to prioritize liquidity in their investments during a declining interest rate environment, allowing for better opportunities in the future [13].

【环球网财经综合报道】曾备受储户青睐的中长期大额存单，正从银行货架悄然"消失"。记者调查发现，目前六大国有银行及多家股份制银行手机App上已 无5年期大额存单在售。不仅如此，3年期大额存单也普遍"额度紧张"甚至"售罄"，部分银行仅保留2年期及以下产品。 某股份制银行人士分析称，大额存单特别是中长期产品，是银行成本较高的负债来源。在息差不断收窄的压力下，压降此类产品是银行优化负债结构的直接 手段。此外，此举也能避免在未来利率进一步走低时，被长期高息存款锁定成本。 这一调整趋势已从大行蔓延至地方性中小银行。近期，内蒙古、浙江、云南、河南等多地村镇银行纷纷下调人民币存款利率，部分银行甚至直接取消了5年 期定存产品。 随着传统存款产品吸引力下降，居民储蓄正呈现出明显的"搬家效应"。央行发布的《2025年第三季度城镇储户问卷调查报告》显示，倾向于"更多储蓄"的居 民占比下降，而倾向于"更多投资"的居民占比显著提升5.6个百分点。其中，"银行非保本理财"成为居民最偏爱的投资方式。 资金流向的变化在数据上得到印证。银行业理财登记托管中心报告显示，截至2025年三季度末，中国银行业理财市场存续规模达32.13万亿元，同比增长 ...

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, indicating a shift in banks' strategies to optimize their liability structures and stabilize net interest margins [1][2][3]. Summary by Sections Disappearance of Long-term Large-denomination CDs - Major banks have removed 5-year large-denomination CDs from their offerings, with some still having 3-year CDs available, but these are often marked as "sold out" or "in short supply" [2][3]. - The interest rates for the remaining 3-year large-denomination CDs are concentrated between 1.5% and 1.8%, despite the general trend of rates being in the 1% range [2]. Impact on Banks' Liability Management - The reduction of high-cost long-term large-denomination CDs is a direct method for banks to optimize their liability structures and stabilize net interest margins, which are currently at historical lows [1][3]. - Data shows that most banks in the A-share market have experienced a decline in net interest margins, with state-owned banks seeing a decrease of around 15 basis points [3]. Adjustments in Deposit Structures - Some banks are also eliminating 3-year large-denomination CDs, leaving only shorter-term products available [3]. - A specific bank has announced the cancellation of its 5-year fixed deposit products and has lowered interest rates for other term deposits, indicating a broader trend among regional banks to adjust their deposit offerings [3][4]. Shift in Investment Preferences - Since the establishment of a market-oriented deposit rate adjustment mechanism in April 2022, major banks have reduced deposit rates multiple times, prompting depositors to consider diversifying their investments into lower-risk assets such as government bonds and wealth management products [5]. - A recent survey indicates a shift in consumer behavior, with a decrease in the percentage of residents preferring to save more and an increase in those looking to invest more [5]. Growth in Wealth Management Products - The scale of the banking wealth management market has seen significant growth, with a reported increase of 9.42% year-on-year, reaching a total of 32.13 trillion yuan by the end of the third quarter of 2025 [5]. - Projections for 2026 suggest that the wealth management scale could grow by at least 10%, potentially reaching around 38 trillion yuan [6].

Core Insights - The article discusses the findings of the "Urban Depositors Survey Report" released by the People's Bank of China, which serves as an indicator of residents' consumption and investment potential [3][8] - There is a notable shift in residents' financial behavior, with an increase in the inclination towards investment while the desire for consumption and savings has decreased [4][5] Summary by Sections Consumption and Savings Trends - The proportion of residents inclined towards "more consumption" is 19.2%, down 4.1 percentage points from the previous quarter [3] - The inclination towards "more savings" stands at 62.3%, a decrease of 1.5 percentage points from the last quarter, but an increase from 58% in Q1 2023 [3][4] - The trend of preferring "more savings" has generally risen over the past two years, reaching a peak of 64% in Q3 2024 [3] Investment Behavior - The percentage of residents inclined towards "more investment" is 18.5%, marking a 5.6 percentage point increase from the previous quarter and the highest since Q2 2023 [4][5] - Recent months have seen a trend of residents moving their savings into the stock market, indicating a shift in asset allocation [5][7] Financial Data Insights - In the first three quarters of 2025, the total increase in RMB deposits was 22.71 trillion yuan, with household deposits rising by 12.73 trillion yuan, leading to a total household deposit scale of 164.03 trillion yuan, reflecting a year-on-year growth of 10.2% [3][6] - The top five preferred investment methods among residents are: "bank non-principal guaranteed wealth management" (36.0%), "fund trust products" (26.4%), "stocks" (17.2%), "bonds" (14.8%), and "non-consumption insurance" (11.1%) [7] Economic Outlook and Consumer Confidence - There remains a cautious attitude among residents regarding future economic expectations, as indicated by the survey results [8] - The government emphasizes the need to enhance residents' consumption capacity and willingness through stable employment and income growth [8]

Core Insights - The report indicates a significant shift in residents' financial behavior, with an increase in the proportion of those inclined towards "more investment" by 5.6 percentage points, reaching 18.5%, the highest since Q2 2023 [2][4][3] Group 1: Investment Trends - The proportion of residents inclined towards "more investment" has risen to 18.5%, marking a notable increase from previous quarters [4] - The overall inclination towards "more consumption" and "more savings" has decreased by a total of 5.6 percentage points in Q3 2025, indicating a shift in focus towards investment [3] - The financial data suggests a trend of residents reallocating their savings from traditional deposits to capital markets, particularly in the context of a recovering stock market [12] Group 2: Savings and Consumption - The inclination towards "more savings" stands at 62.3%, which is a decrease of 1.5 percentage points from the previous quarter, yet it remains higher than the 58% recorded in Q1 2023 [2][4] - The report highlights that the total household deposits have increased by 22.71 trillion yuan in the first three quarters of 2025, with household savings specifically rising by 12.73 trillion yuan [2] - The top five preferred investment methods among residents include "bank non-principal guaranteed wealth management," "fund trust products," "stocks," "bonds," and "non-consumption insurance," with respective proportions of 36.0%, 26.4%, 17.2%, 14.8%, and 11.1% [12] Group 3: Economic Outlook - The cautious attitude of residents towards future economic expectations is evident, as indicated by the analysis of income and consumption data [13] - The government emphasizes the need to enhance residents' consumption capacity and willingness through stable employment and income growth [13] - The survey conducted by the People's Bank of China serves as a key indicator of consumer and investment potential, reflecting broader economic sentiments [13]

Core Viewpoint - The phenomenon of increased savings in China amidst low interest rates is a paradox that reflects economic uncertainty and a shift in wealth management strategies [1][10]. Group 1: Savings Trends - In July 2025, the People's Bank of China reported a significant year-on-year increase of 8.7% in RMB deposits, with household deposits rising by 9.66 trillion yuan, marking a historical high for the same period [1]. - A survey indicated that 63.8% of urban residents preferred to save more, a rise of 1.5 percentage points from the previous quarter, while only 23.3% were inclined to consume more [3]. - The precautionary savings rate reached 39.2% in Q1 2025, while the consumption propensity index fell to a six-year low of 61.4, indicating a clear inverse relationship between savings and consumption [5]. Group 2: Economic Context - The current savings trend aligns with Keynes' "liquidity preference" theory, where individuals prefer liquid assets during economic downturns to mitigate potential risks [5]. - Despite a stable urban unemployment rate of 5.3% in Q1 2025, structural changes in the job market have heightened income uncertainty, prompting families to increase savings as a risk management strategy [5]. Group 3: Monetary Policy Impact - The People's Bank of China has implemented multiple interest rate cuts since 2025 to lower financing costs, yet this has inadvertently led to a surge in savings deposits instead of stimulating investment and consumption [6]. - Residents' investment preferences have shifted, with 34.8% opting for "bank non-principal guaranteed wealth management" and 24.7% for "fund trust products," while only 16.3% chose "stocks" [6]. Group 4: Structural Changes in Savings - The savings structure in China is beginning to mirror Japan's experience, where the proportion of demand deposits increased significantly in a low-interest environment [7]. - As interest rates decline, more savers are prioritizing liquidity over yield, indicating a fundamental shift in wealth management logic [7]. Group 5: Strategic Recommendations - Households are advised to maintain a liquidity reserve of 3-6 months of living expenses, optimize insurance configurations, and cautiously engage in policy-guided investments [9]. - Future policies aimed at developing offshore RMB markets and optimizing currency integration may provide residents with more diverse investment options [9].

Core Insights - The People's Bank of China released a survey indicating that the top five preferred investment methods among residents are "bank non-principal guaranteed wealth management," "fund trust products," "stocks," "bonds," and "non-consumption insurance," with respective selection rates of 34.8%, 24.7%, 16.3%, 15.3%, and 9.8% [1] Group 1: Investment Preferences - Bank non-principal guaranteed wealth management products are favored due to their higher potential returns and flexibility in investment strategies, allowing for adjustments based on market conditions [1] - The demand for diverse returns has led to a broad investment scope in bank non-principal guaranteed products, catering to various investor preferences [1] Group 2: Market Trends - As of June 2023, the bank wealth management market's total scale reached 30.67 trillion yuan, reflecting a growth of approximately 0.7 trillion yuan from the end of the previous year, indicating sustained market attractiveness [2] - Fixed income products dominate the market, with a total scale of 29.81 trillion yuan, accounting for 97.20% of all wealth management products [2] Group 3: Product Development - There is a need for banks to develop equity-based wealth management products to meet diverse investment needs and support the equity market's growth [3] - The trend of "fixed income + equity" products is gaining momentum, with increased development and supply of related products [3] Group 4: Regulatory Compliance - Following the implementation of asset management regulations, banks must enhance information disclosure and risk warnings for equity products, ensuring investors are well-informed about product characteristics and risks [4]

Core Viewpoint - The People's Bank of China released a survey indicating that residents prefer various investment methods, with non-principal guaranteed bank wealth management products being the most favored option, reflecting a shift towards diversified investment strategies [1] Group 1: Investment Preferences - The top five investment methods preferred by residents are non-principal guaranteed bank wealth management (34.8%), fund trust products (24.7%), stocks (16.3%), bonds (15.3%), and non-consumption insurance (9.8%) [1] - Non-principal guaranteed bank wealth management products are favored due to their higher potential returns and flexibility in investment strategies, catering to diverse investor preferences [1] Group 2: Market Trends - As of June 2023, the total scale of the bank wealth management market reached 30.67 trillion yuan, showing an increase of approximately 0.7 trillion yuan from the end of the previous year, indicating sustained growth and attractiveness in the sector [2] - Fixed income products dominate the market, accounting for 97.20% of the total wealth management product scale, while mixed, equity, and derivative products remain relatively small [2] Group 3: Product Development - There is a need for banks to diversify their product offerings by developing equity-based wealth management products to meet varying customer investment needs and support the equity market's growth [3] - The trend of "fixed income + equity" products is gaining momentum, with an emphasis on developing mixed and equity products to enhance investment options [3] Group 4: Regulatory Compliance - Following the implementation of new asset management regulations, banks must improve the information disclosure and risk warnings for equity products, ensuring transparency throughout the product lifecycle [4] - Clear communication of risk characteristics and product details is essential to prevent misleading sales practices and ensure investors have a comprehensive understanding of the risks involved [4]