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 ...

临近年末，股债"跷跷板"效应弱化。 债市持续承压，超长债收益率逼近年内高点。临近年末，股债"跷跷板"效应弱化，市场分歧加剧。 12月3日，债市延续震荡趋势，利率债收益率多数上行，超长期特别国债明显更弱，30年期"25超长特别 国债06"收益率来到2.24%附近。消息面上，市场密切关注的央行国债买卖靴子落地，500亿元净投放规 模高于上月，但仍低于预期。 有市场人士对记者表示，国债买卖和公募基金赎回费率新规是近期债市交易的两大主线。尽管11月央行 买债规模较上月增加，但相比去年月均买债规模仍偏低，不及市场预期。 不过，从市场反应来看，在上述消息公布后，持续阴跌的超长债收益率一度出现小幅修复。在此之前， 债市持续承压，超长债表现明显更弱，多只30年期国债活跃券收益率来到年内高位，期限利差不断走 阔。 回顾来看，11月以来，10年期国债活跃券"25附息国债16"收益率从1.79%抬升至1.84%左右，"25超长特 别国债06"收益率则从2.14%附近一路升至2.24%附近。 "债市连日阴跌，市场对买卖国债的规模本身就有较高的预期。从债券的走势来看，显然（央行）买卖 国债500亿元不及市场预期，昨日（2日）早盘开始， ...

Group 1: Banking Sector Developments - The one-year deposit rate has officially dropped below 1%, reaching 0.95% as of May 20, with state-owned banks leading the reduction [1] - The five-year fixed deposit rate has decreased by 135 basis points over the past two years, with many banks reducing rates across various terms [1] - The net interest margin for commercial banks is nearing a critical threshold, recorded at 1.43% in Q1 2025, prompting banks to lower interest rates to save costs [1] Group 2: ESG Fund Growth - The number of ESG funds in China has continued to increase, with a total scale surpassing 820 billion yuan, reaching 824.23 billion yuan as of May 23 [2] - The China Securities Regulatory Commission has emphasized the importance of ESG funds in promoting green finance and has proposed measures to enhance the product system for green financial products [2] Group 3: Hong Kong Stock Market Insights - The Hong Kong stock market has shown strong upward trends in both traditional and emerging sectors, becoming a key factor for A-share fund managers in achieving performance rankings [2] - New technology, new consumption, and pharmaceuticals are identified as the three core investment themes in the Hong Kong market, with expectations of continued foreign capital inflow [2] Group 4: Convertible Bonds Market - The banking sector's convertible bonds may face a new wave of early redemption, with several bonds nearing their redemption thresholds due to strong bank stock performance [3] - The scarcity of blue-chip convertible bonds is becoming more pronounced as a result of the upcoming exits of certain bank varieties from the market [3] Group 5: Robotics Industry Developments - Human-shaped robots are accelerating the "competition promotes production" initiative, with various competitions planned to enhance the industrial application of humanoid robots [4] - Events like the "World Humanoid Robot Sports Conference" are expected to foster talent and technological advancements in the robotics sector [4] Group 6: Financial Regulatory Actions - Chongqing Haier Small Loan Company has been penalized for violating credit information management regulations, incurring fines totaling 551,000 yuan [6] - Huaxi Securities has received penalties for improper client solicitation practices, highlighting ongoing regulatory scrutiny in the financial sector [6]

Core Viewpoint - The recent collective decision by nine joint-stock banks to lower deposit rates marks China's official entry into a low-interest-rate era, with significant implications for the banking sector and the economy as a whole [1]. Group 1: Interest Rate Trends - The deposit interest rates have seen a dramatic decline from 4% in 2014 to as low as 0.05% for current deposits and below 1% for one-year fixed deposits [1]. - Since 2022, commercial banks have implemented seven rounds of interest rate cuts, totaling a reduction of over 300 basis points [1]. - The one-year Loan Prime Rate (LPR) has decreased by 35 basis points, while the five-year LPR has dropped by 60 basis points in 2024 alone, indicating a rapid decline in interest rates [1]. Group 2: Banking Sector Implications - The net interest margin for banks has fallen below the critical threshold of 1.8%, with a current figure of 1.43%, raising concerns within the industry [4]. - The significant drop in deposit rates (up to 25 basis points) has outpaced the LPR reduction (10 basis points), reflecting a strategic choice by banks to alleviate operational pressures while ensuring lower financing costs for enterprises [4]. - This adjustment is projected to relieve the banking system of over 200 billion yuan annually, which can be redirected to support manufacturing and small enterprises [4]. Group 3: Investment Strategies - With the decline in deposit rates, there is a suggestion for depositors to consider alternative investment options, such as government bonds, cash management products, and long-term fixed-rate insurance products [5]. - Financial experts recommend diversifying investments, with allocations suggested for large-denomination certificates of deposit, money market funds, and bond funds, while maintaining some liquidity [5]. - The transition to a low-interest-rate environment necessitates a shift in investment strategies, encouraging investors to accept moderate risks to adapt to the new financial landscape [5]. Group 4: Economic Context - The trend of declining interest rates is not unique to China, as similar patterns have been observed in Japan and Europe, where low or negative interest rates have persisted for years [1]. - The capital return rate in China has decreased from 15% in 2007 to 5.8% in 2023, which is a key factor driving the downward trend in interest rates [1]. - The shift towards lower interest rates is viewed as a necessary phase in economic transformation rather than a regression of the financial system [7].