岁末年初往往是银行揽储的关键时期。然而，与往年火热喧嚣的揽储氛围不同，当前时点，国有大行普 遍低调，少有主动营销；更多中小银行则选择通过实物奖励、积分翻倍、抽奖活动等"非价格手段"开展 揽储活动，也有部分中小银行推出"新客专享利率存款"，比如1.75%的3年期存款利率，虽略高于国有大 行普遍1.55%的存款年利率，但与此前动辄3%以上的存款利率相比已不可同日而语。曾经火热的"揽储 大战"熄火了吗？ 策略分化 "2025年年末开始，银行业揽储总体呈现'稳中偏冷、结构分化、成本约束更强'的特征。"上海金融与发 展实验室首席专家、主任曾刚指出，新年伊始，银行业揽储仍在进行，但营销声量和利率刺激力度弱于 往年：一方面存款仍在回流与沉淀，居民风险偏好偏谨慎，定期化倾向仍较明显，使得银行负债 端"量"的压力不大；另一方面，部分中小银行更强调"控价、控结构、控期限"，不再追求简单的规模冲 刺。 银行业整体揽储氛围趋于理性。苏商银行特约研究员薛洪言分析，银行不再普遍采用大幅推高利率的激 进策略争抢存款，而是更加注重对负债成本和期限结构的优化管理。比如，近期6家国有大型商业银行 集体下架了5年期大额存单产品。以工商银行为例，通 ...

临近年末，许多人的投资储蓄需求增加，但是部分市民发现，市场上的中长期存款产品有所减少。这是怎么回事？ △多家银行下架5年期大额存单。（资料图，图片由摄图网提供） "这清晰地反映出在息差压力下，银行普遍不愿意吸收成本更高的长期负债，正主动通过下调利率或压缩长期限产品供给来优化负债结构。"中国邮储银行 研究员娄飞鹏分析。 对于普通储户而言，长期限存款产品的减少让资产配置陷入两难。上海储户李先生的遭遇颇具代表性，他手中有100万元闲置资金，原本计划配置5年期大 额存单以求稳定收益，"但现在六大行都没有了5年期大额存单产品，定期存款利率也很低，真不知道该把钱放哪里。" 个体困惑背后，折射出当前储户群体资产配置心态的微妙转变。《2025年第三季度城镇储户问卷调查报告》显示，今年第三季度，倾向于"更多储蓄"的储 户占比62.3%，较上一季度下降1.5个百分点。这表明，在低利率背景下，部分储户已开始主动调整资产配置策略。 "在存款利率和各类资管产品收益率持续下降的情况下，投资者应尽快调整好投资心态，降低对投资收益的预期。"招联首席研究员、上海金融与发展实验 室副主任董希淼建议，"从总体而言，投资者应平衡好风险和收益的关系， ...

每经编辑｜杜宇 最近，家住北京朝阳的万女士拿到年终奖，计划配置5年期大额存单，但是查询多家银行也没有选到合适产品。 据央视财经，记者查询工、农、中、建、交、邮储六大国有银行的App发现，五年期大额存单已不显示，三年期相关产品的利率普遍降到1.5%至1.75%。 近期，临近年末，市民们的投资储蓄需求增加，但是部分市民发现，市场上的中长期存款产品有所减少。这是怎么回事？ 图片来源：视觉中国-VCG211390665395 此外，部分中小银行也开始密集调整存款业务。梅州客商银行近期公告已下架五年期定期存款产品，亿联银行等机构App也已不显示五年期大额存单。 某资深银行业分析人士在接受《每日经济新闻》记者采访时指出，这正是银行息差压力向负债端产品策略传导的清晰信号，其影响不仅关乎银行自身的成本 控制，更可能为后续贷款利率调整打开空间，并引导资金流向资本市场。 分析人士认为，存款利率降低会削弱其吸引力，可能促使一部分寻求更高回报的资金从银行体系流出，转向股票、债券、基金等资本市场，为市场带来增量 资金。这种"存款搬家"效应如果形成趋势，将对直接融资市场的发展产生积极影响。 每日经济新闻综合央视财经、金融时报、每日经济新 ...

Core Viewpoint - The recent adjustment of deposit rates by banks, particularly the removal of 5-year fixed deposit products by smaller banks, reflects a strategic response to the current declining interest rate environment and regulatory pressures [1][2]. Group 1: Deposit Rate Adjustments - The Tongmu Teqi Mengyin Village Bank has announced a reduction in deposit rates for terms ranging from 3 months to 3 years, while also canceling the 5-year fixed deposit option [1]. - Major state-owned and joint-stock banks still offer 5-year fixed deposits, with China Bank's rate at 1.6% [1]. - The decision to eliminate 5-year deposits is primarily seen in smaller banks, indicating a divergence in strategies based on bank size and regulatory constraints [1]. Group 2: Interest Rate Environment - The current interest rate is in a downward cycle, leading banks to avoid locking in long-term deposits at higher costs, which could increase interest rate risk and operational pressure [1]. - There is a notable trend of interest rate inversion for 3-year and 5-year deposits in some smaller banks, suggesting a market-driven adjustment to optimize liability structures and reduce costs [2]. Group 3: Alternative Investment Options - In light of reduced availability or lower rates for 5-year deposits, banks and financial markets continue to offer stable alternatives such as 3-year fixed deposits or large-denomination certificates of deposit, which maintain similar safety and yield characteristics [3]. - For investors seeking long-term returns, government bonds (e.g., electronic savings bonds) are recommended as a secure alternative to fixed deposits, providing clear yields and high safety [3].

部分银行年末逆势上调存款利率 临近年底，银行存款市场呈现出"冰火两重天"的景象。在全国性银行普遍下调存款利率的背 景下，部分银行却逆势上调存款利率，打响年末揽储战。例如，杭州银行针对北京等地的新 资金客户，将20万元起的3年期定存利率上调至1.9%；吉林银行在沈阳地区推出的专属3年 期定存产品，利率较官网挂牌的同期限整存整取利率高出25个基点。 然而，这种上调并未扭转银行业存款利率整体下行的长期趋势。今年10月以来，全国多地数 十家中小银行已相继降息，部分长期限产品利率下调幅度显著，5年期定存产品在多地被下 架或利率"倒挂"，长期高息存款选项日渐稀缺。 伴随存款利率的持续下行，商业银行净息差仍处于不断收窄的态势中。业内人士认为，后续 银行降存款成本进程仍将延续，未来，银行竞争力将更多取决于其资产负债管理能力、差异 化服务能力以及综合金融解决方案的供给水平。 盛京银行上海市某支行客户经理表示，该行针对金融资产20万元及以上的客户，推出1万元 起存的3年期存款产品，年化利率达1.95%。本次活动时间为2025年12月1日至2026年3月31 日，每新增5万就送大米或葵花籽油，多存多送，存入符合条件的新资金后还能参 ...

Core Insights - The long-term large-denomination certificates of deposit (CDs) are gradually disappearing, with major state-owned banks ceasing to offer 5-year CDs, reflecting a shift in banks' liability management strategies in a low-interest-rate environment [1][2][4] Group 1: Changes in Product Offerings - Six major state-owned banks, including ICBC, ABC, BOC, CCB, BOCOM, and PSBC, have completely removed 5-year large-denomination CDs from their offerings [2][3] - The remaining products from these banks have shifted towards shorter terms, with ICBC offering rates of 1.55% for 3-year CDs and 1.20% for 1-year and 2-year CDs [2][3] - The absence of 5-year CDs has been noted across other banks, with Agricultural Bank of China also not listing any 5-year products in its catalog from 2018 to 2025 [3] Group 2: Impact on Interest Margins - The reduction of long-term high-cost CDs is seen as a direct method for banks to optimize their liability structure and stabilize net interest margins [4] - As of Q3 2025, the net interest margin for commercial banks in China was reported at 1.42%, remaining at a historical low [4] - Since the establishment of the market-oriented deposit rate adjustment mechanism in April 2022, major banks have reduced deposit rates in seven rounds, with the latest cuts occurring in May 2025 [4] Group 3: Shifts in Investment Behavior - With declining interest rates, there is a growing need for depositors to adopt rational expectations and consider diversified asset allocations, such as government bonds and low-risk investment products [5] - A survey indicated that 62.3% of urban residents preferred "more savings," a decrease of 1.5 percentage points from the previous quarter, while 18.5% favored "more investments," an increase of 5.6 percentage points [5] - The scale of the banking wealth management market reached 32.13 trillion yuan by the end of Q3 2025, reflecting a year-on-year increase of 9.42% [5]

"昨天刚收到的通知，现在只有3年期大额存单了，广州所有网点5年期的都已经取消。"12月3日，某国 有大行网点客户经理在接受南都湾财社记者采访时直言。 五年期大额存单集体"隐身"？记者查询工商银行、农业银行等六大国有行APP及官网发现，曾是储户长 期理财首选的五年期大额存单已集体下架，仅剩的三年期产品利率普遍回落至1.55%左右，且不同产品 设置了20万元、100万元乃至500万元的分级准入门槛，部分热门额度已显示"售罄"。这一集体动作背 后，是银行业净息差持续收窄的行业性压力。 从额度紧张到彻底消失？ 六大国有行5年期大额存单集体下架 曾被银行业视为稳存揽储"压舱石"的大额存单，正迎来长期限产品的集中退场。 在利率市场化持续深化、银行净息差承压的行业背景下，南都湾财社记者近日登陆工商银行、农业银 行、中国银行、建设银行、交通银行、邮储银行六大国有行官方APP查询核实，5年期大额存单已全面 从线上在售产品列表中"下架"，核心供给集中于3年期及以下期限。 具体来看，工商银行"大额存单"栏目下仅保留1个月、3个月、6个月、1年、2年、3年六个期限选项，其 中3年期产品年利率为1.55%，1年期、2年期产品利率统一降 ...

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - The overall market shows a weak performance in both stocks and bonds. The stock index futures experience a pullback in hot sectors, the implied volatility of stock index options fluctuates at a low level, and the bond market remains weak in the short - term but is expected to be volatile and slightly stronger in the medium - term [1][2][3]. 3. Summary by Directory 3.1 Market Views - **Stock Index Futures**: On Tuesday, the sentiment in the equity market was weak, with sectors like computer, media, and new energy leading the decline, and only the dividend index being resilient. The factors contributing to the pullback are the sharp decline of Bitcoin against the US dollar on December 1st and the historical value - oriented style in December. Although it's unlikely to fall below the November low, the market is expected to be volatile in December, being stable before major meetings and facing risks in the second half of December. The recommended operation is to hold IM + dividend [1][7]. - **Stock Index Options**: On Tuesday, the trading volume of financial options decreased, and the implied volatility of each variety showed differentiation. The skewness remained at a high level, and the PCR of open interest decreased slightly, indicating weak market sentiment. In the short - term, the implied volatility may remain low, and the recommended strategy is to hold covered or short - put strategies. In the long - term, the market is expected to rise in a volatile manner, and it's advisable to pay attention to the layout window of far - month call options [2][7]. - **Treasury Bond Futures**: On the previous day, treasury bond futures closed lower across the board, and the yields of major inter - bank interest - rate bonds generally increased. The central bank's net withdrawal of 145.8 billion yuan through 7 - day reverse repurchase had a stabilizing effect on the short - end of the bond market. The sharp decline of Vanke bonds and the non - exceeding - expected net investment of 50 billion yuan in treasury bond trading in November by the central bank were negative factors. However, the central bank's restart of treasury bond trading may boost market sentiment, and the bond market is expected to be volatile and slightly stronger. The recommended strategies include trend, hedging, basis, and curve strategies [3][7][8]. 3.2 Economic Calendar - China's SPGI manufacturing PMI in November was 49.9, lower than the previous value of 50.9 and the forecast value of 50.5. The SPGI services PMI for November and other data are yet to be released. In the US, the ISM manufacturing PMI in November was 48.2, lower than the previous value of 48.7 and the forecast value of 49. Other data such as the ADP employment change and ISM non - manufacturing PMI for November are also pending release [9]. 3.3 Important Information and News Tracking - The director of the National Development and Reform Commission proposed to strengthen the domestic cycle, build a strong domestic market, and promote the coordinated resolution of risks in real estate, local government debt, and small and medium - sized financial institutions [9]. - As of December 1st, 27 provinces in China have fully implemented the direct payment of maternity allowances to individuals. - Six major state - owned banks and some other banks have stopped selling 5 - year large - denomination certificates of deposit, and the term structure of large - denomination certificates of deposit has become "short - term" [10]. 3.4 Derivatives Market Monitoring - The report mentions data monitoring for stock index futures, stock index options, and treasury bond futures, but specific data details are not presented in the provided content.

Core Viewpoint - Major state-owned banks in China have completely stopped offering 5-year large denomination certificates of deposit (CDs), with some joint-stock banks and city commercial banks also following suit by reducing long-term deposit products [1][9]. Group 1: Changes in Deposit Products - The six major state-owned banks have significantly shortened the maturity structure of their large denomination CDs, now only offering products with maturities of 1 month, 3 months, 6 months, 1 year, 2 years, and 3 years [3][9]. - The interest rates for the 3-year large denomination CD is 1.55%, while the 1-year and 2-year products have interest rates of 1.20% [3]. Group 2: Withdrawal of 5-Year CDs - The 5-year large denomination CDs have been removed from the product offerings of several banks, including China Bank, Construction Bank, and Postal Savings Bank, with no trace of 5-year products in Agricultural Bank's catalog from 2018 to 2025 [9][10]. - The withdrawal of 5-year large denomination CDs has been a gradual process, as evidenced by China Bank's earlier announcement in May 2023, which included 5-year products but was limited to specific customers [9][10]. Group 3: Availability of Other Maturities - The 3-year large denomination CDs have also become scarce this year, with banks like China Merchants Bank confirming that both 3-year and 5-year options are no longer available [11]. - The longest available term for large denomination CDs is now 2 years, with an interest rate of 1.40% [11].

Core Viewpoint - The recent collective withdrawal of 5-year large deposits by six major state-owned banks has raised concerns among ordinary depositors regarding asset allocation [2][13]. Group 1: Withdrawal of Long-term Deposit Products - Six major state-owned banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China, have completely stopped offering 5-year large deposits [2][13]. - The exit of 5-year large deposits is not sudden; for instance, Bank of China had previously announced the sale of various deposit terms, including 5-year deposits, but limited them to specific customers [8][19]. - The availability of 3-year large deposits has also become scarce, with some banks indicating that the longest available term is now 2 years at a rate of 1.40% [10][21]. Group 2: Impact on Depositors - The reduction of long-term deposit products has left ordinary depositors in a dilemma regarding asset allocation, as many are uncertain about where to place their funds [11][22]. - A representative case is highlighted where a depositor with 1 million yuan intended to invest in a 5-year large deposit for stable returns but found no available options [11][22]. Group 3: Industry Response and Trends - The trend of withdrawing long-term deposit products reflects banks' reluctance to absorb higher-cost long-term liabilities due to pressure on interest margins, leading them to lower rates or reduce the supply of long-term products [11][22]. - The industry is being compelled to accelerate transformation, with suggestions for banks to expand non-interest income through wealth management and custodial services while stabilizing net interest margins [11][22].