Group 1 - The China Securities Regulatory Commission (CSRC) aims to maintain a stable and orderly control over bond defaults and risks in private equity funds [1] - Experts suggest that banks removing 5-year large-denomination time deposits is a move to reduce funding costs [2] - The Ministry of Finance plans to issue 11 ultra-long-term special government bonds in the third quarter, with 4 of them having their issuance dates advanced [3] Group 2 - The first batch of 10 Science and Technology Innovation Bond ETFs has been approved [4] - Longfor Group has repaid nearly 9 billion yuan in public bonds this year [5] - A low-cost financing window has opened, leading to increased enthusiasm among banks for issuing Science and Technology Innovation Bonds [6] Group 3 - The China Securities Index has officially approved the China Merchants CSI AAA Technology Innovation Corporate Bond ETF [7] - Chipone Technology plans to issue no more than 4 billion yuan in corporate debt financing instruments [8] - Poly Developments' second phase of corporate bonds has interest rates of 2.12% and 2.39% for two varieties [9] Group 4 - Mexican bonds surged by 22%, with institutions stating that "the trading is far from over" [10] - SoftBank in Japan plans to issue 4.2 billion USD in bonds, focusing on investments in the AI sector [11]

Core Viewpoint - Major Chinese banks, including ICBC, CCB, and CMB, have recently suspended the issuance of 5-year large-denomination certificates of deposit (CDs) as a strategy to reduce funding costs amid low net interest margins in the banking sector [1] Group 1: Banking Sector Actions - Several large and medium-sized commercial banks, along with rural commercial banks, have withdrawn 5-year large-denomination CDs from the market [1] - The issuance volume of 3-year large-denomination CDs has also decreased significantly [1] Group 2: Financial Strategy - The banking industry is currently facing low net interest margins, prompting banks to explore ways to stabilize these margins by reducing funding costs [1] - Deposits are a primary source of liabilities for banks, making it essential to lower the costs associated with deposits [1] Group 3: Expert Recommendations - Experts suggest that in a low-interest-rate environment, households should adopt a "fixed income +" strategy by allocating investments in medium- and short-term bond funds [1] - Additionally, global asset allocation is recommended to capture economic growth opportunities worldwide [1]

Group 1 - Major commercial banks, including ICBC, CCB, and CMB, have recently suspended 5-year large-denomination certificates of deposit (CDs), with a reduced issuance of 3-year CDs as well [1] - The suspension of 5-year CDs is a strategy to lower funding costs as banks face low net interest margins and need to stabilize them by reducing liabilities [1] - The overall trend in the financial market shows a simultaneous decline in both deposit and loan interest rates, which is necessary for stabilizing banks' net interest margins and better serving the real economy [1] Group 2 - In May, a significant adjustment in deposit interest rates occurred, with major state-owned banks leading the way, resulting in medium- and long-term deposit rates entering the "1%" era [2] - The withdrawal of 5-year large-denomination CDs indicates a diminishing opportunity for investors to rely on medium- to long-term savings for wealth preservation and growth, highlighting the need for diversified investment strategies [2] - Investors are advised to compare different financial products, focus on interest rate trends, and choose products with better overall returns, while also being aware of the terms and conditions of these products [2] Group 3 - Investors are encouraged to allocate a portion of their portfolios to high-rated bonds and bond funds to complement savings with stable returns [3] - For those with higher risk tolerance, investing in equity assets through index funds can provide long-term capital appreciation potential [3] - Establishing a dynamic rebalancing mechanism is recommended to adjust asset allocations based on economic conditions and market valuations, achieving an effective balance between risk and return [3]

Macro Insights - The U.S. has decided to revoke student visas for Chinese students linked to the government or studying in key fields, which has been criticized by China's Foreign Ministry as a discriminatory act that harms the rights of Chinese students and disrupts cultural exchanges between the two countries [3] - The U.S. economy shrank by 0.2% in the first quarter, marking the first decline in three years, attributed to the impact of the trade war initiated by former President Trump [29] Financial Alerts - Several banks have begun to withdraw 5-year large-denomination certificates of deposit (CDs) as deposit rates are lowered, indicating a shift in banks' strategies to optimize deposit structures under pressure [35] - The average monthly cancellation of private fund managers has reached nearly 100, reflecting a trend of industry consolidation amid stricter regulations [34] Company Alerts - Li Auto reported a first-quarter adjusted net profit of 1.02 billion yuan, a year-on-year decline of 20%, with revenue of 25.93 billion yuan, a slight increase of 1.1% [16] - *ST Jinkang is set to face mandatory delisting due to significant violations, as determined by the China Securities Regulatory Commission [18] - *ST Modern has accumulated unresolved litigation involving 57.44 million yuan, representing 17.09% of its latest audited net assets [19] - Zhongke Xingtu has been suspended from participating in military procurement activities due to violations, which may impact its operations in the short term [20] - The debt restructuring of Country Garden is facing obstacles as key banks have not yet joined the restructuring agreement [14] Industry Alerts - The EU has initiated an anti-dumping investigation into Chinese tires, which has raised concerns from China's Ministry of Commerce about the negative impact of trade protectionism [38] - The domestic fuel surcharge for air travel will be adjusted starting June 5, with routes under 800 kilometers exempt from the surcharge [37] - IDC has significantly lowered its global smartphone shipment growth forecast for 2025 from 2.6% to 0.6%, citing economic uncertainties and reduced consumer spending [41]