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存得越久利率越高成过去式？上海这家村镇银行把1至3年期定存统一拉平至1.65％_我的网站

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一 |

A photo shows WuXi AppTec in the Waigaoqiao Bonded Area of the Shanghai Free Trade Zone. Photo: VCG
A US federal judge on Friday temporarily "barred the Pentagon from including Chinese biotechnology group WuXi AppTec on a list of companies believed to support Beijing's military," according to Reuters. Chinese experts said the ruling sends a positive signal for Chinese companies operating in the US, showing that Washington's arbitrary, fact-deficient national security blacklists are not beyond challenge and that firms should make greater use of legal means to defend their legitimate rights.
US District Judge James Boasberg issued an order blocking enforcement of the designation of WuXi in June after the company filed suit. WuXi in a statement welcomed the court's ruling, saying it "relieves us from the immediate adverse consequences" of the Defense Department's designation during the litigation. "We believe that the facts, as demonstrated in our court filings, will prevail after an objective and fair judicial review," a WuXi spokesperson said, according to the report.
A South China Morning Post report noted that the ruling represents an early legal victory for one of China's largest pharmaceutical research and manufacturing service providers and a setback for Washington's expanding use of national-security restrictions against major Chinese commercial companies.
Gao Lingyun, a research fellow at the Chinese Academy of Social Sciences, told the Global Times that the Pentagon's controversial "list-first, evidence-later" approach has bred massive operational uncertainty for Chinese enterprises conducting legitimate business in the US. By arbitrarily imposing restrictive labels before presenting credible proof, Washington creates an opaque and unpredictable regulatory environment that disrupts normal commercial expectations.
The US Department of Defense released its updated Section 1260H list on June 8, marking the first time WuXi AppTec was formally included, alongside Alibaba, Baidu, BYD and Unitree Robotics, among others.
On June 12, WuXi AppTec announced it had filed suit against the Department of Defense in the US District Court for the District of Columbia. The company said the department's decision was erroneous and lacked factual basis or support under applicable statutes and case law.
He Weiwen, a senior fellow at the Center for China and Globalization, noted that when Chinese companies face unfair and unjustified suppression in the US, they cannot rely solely on corporate statements or diplomatic representations; they must also protect themselves through legal means. Filing suit in federal court is entirely necessary and correct, he said.
"In the past, quite a few Chinese companies had nothing to do with so-called military matters but were hit with US countervailing and anti-dumping measures. Many won their cases after appealing to the Court of International Trade. Legal recourse is an indispensable tool and one we need to take more seriously," he said.
In January 2021, Xiaomi was placed on a similar Pentagon list. The Chinese company later announced on May 26, 2021 that a US court has removed the company's designation as a military-related company and lifted all restrictions on US persons buying or holding its stock, Reuters reported.
The designation has so far had little impact on WuXi AppTec's business. The company reported on August 3 that first-half revenue rose 38.9 percent year-on-year to 28.9 billion yuan, while net profit attributable to shareholders climbed 29.4 percent to 11.08 billion yuan — its first half-year profit above the 10-billion-yuan mark, said media reports.
When asked about US placing several Chinese technology companies including Alibaba, Tencent, BYD, on a list of firms that it says aid China's military, Chinese Foreign Ministry spokesperson Lin Jian said that China firmly opposes the US overstretching the concept of national security and formulating various types of discriminatory lists to go after Chinese businesses. "We urge the US to correct its wrongdoings, and stop the unwarranted suppression of Chinese businesses. China will do what is necessary to firmly protect their legitimate and lawful rights and interests," said Lin.
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二 | 　　华夏时报记者李明会北京报道　　“存得越久、利率越高”，这条关于银行存款的传统认知，正在被打破。　　近日，上海松江富明村镇银行一则存款利率调整公告引发市场关注。公告显示，自8月21日起，该行2年期、3年期整存整取利率分别在原有基础上下调10个基点。

三 | 此番调整后，其1年期、2年期、3年期存款利率罕见“并轨”至1.65%。依据公开市场信息，这应是银行业内首家出现1年、2年、3年期定期存款利率完全相同的银行。　　对此，业内人士在接受《华夏时报》记者采访时指出，此次该行1至3年期定存利率并轨，核心是净息差约束下的负债端精细化管理，暂不能排除其延续为阶段性常态。一旦行业净息差企稳或出现向上拐点，存款利率曲线也将逐步修复至正常形态。

四 | 　　1至3年期定存利率罕见“拉平”　　在老百姓的传统观念里，钱在银行存得越久，利息自然就越高。

五 | 这背后正是“流动性溢价”的基本逻辑——存期越长，储户放弃的短期用钱自由就越多，牺牲了更大的流动性，理应获得更高的收益作为补偿。　　然而，上海松江富明村镇银行将1年期、2年期、3年期定期存款利率统一“拉平”，这一举动彻底颠覆了这一固有认知。　　据该行公告，本次存款利率调整中，仅2年期与3年期定期存款利率有所下调，均由1.75%降至1.65%，降幅为10个基点；而三个月、半年及1年期定存产品的利率则维持不变。　　对此，中国邮政储蓄银行研究员娄飞鹏在接受《华夏时报》记者采访时表示，这一现象出现的直接原因是村镇银行净息差承压、负债成本高企，为压降成本主动下调中长期存款利率，同时为稳定流动性、缓解存款流失，适度维持短期利率，导致各期限利率趋同。　　“这背后是银行预判利率仍处下行通道，不愿高成本锁定长期负债，主动压缩长期限高息存款、引导存款短期化，以优化负债结构、增强重定价机动性，是利率下行周期中银行对负债端的主动定价管理。”娄飞鹏如是说。　　苏商银行特约研究员武泽伟对《华夏时报》记者补充道，调整后，利率扁平化可以引导储户更多选择中短期存款，优化存款久期结构，降低资产负债久期错配带来的经营压力。　　值得注意的是，上海松江富明村镇银行此次利率“拉平”并非一蹴而就。

六 | 今年3月，其2年期、3年期存款利率分别为1.93%和1.75%，已呈明显的利率倒挂；4月一轮调整后，2年期与3年期曾短暂持平，为1.75%；此次再下调2年、3年期定存利率，最终实现三档期限“拉平”。

七 | 　　记者注意到，利率倒挂近年来在中小银行中频频出现。

八 | 以云南石屏北银村镇银行为例，其3年期定存利率一度反超5年期20个基点，且倒挂格局长期维持；河南宜阳兴福村镇银行的3年期与5年期定存利率倒挂则由去年的5个基点扩大到今年的15个基点。此外，部分中小行甚至直接“砍掉”长期限存款产品。今年5月，湖南三湘银行五年期定存产品在最新存款产品表中悄然消失，北京中关村银行则官宣暂时下架3年期定存产品。

九 | 　　中长期存款收益弱化或成趋势　　“银行业出现‘存久息不高’，部分机构直接下架中长期存款产品，是负债成本管控大背景下的行业现象，但不会演变为所有机构完全统一的标准常态。

十 | ”武泽伟表示，当前资产收益持续下行，使得中长期存款的期限溢价空间被不断压缩，机构吸纳长期资金的意愿明显减弱，不同银行会根据自身存款竞争格局、信贷投放节奏做出差异化调整。

十一 | 　　武泽伟进一步表示，大型银行依旧会保留中长期存款品类，只是利率水平持续走低，部分中小银行会选择拉平期限利率或者直接停售相关产品。中长期存款不会彻底从市场消失，更多会转向小范围定制化供给。“整体来看，中长期存款收益弱化会成为中长期大趋势，但各家机构会结合自身客户基础与经营目标，形成分化的产品供给格局。”　　从利率“倒挂”到利率“拉平”，在娄飞鹏看来，这反映出银行存款利率曲线趋于扁平化，同时也表明银行定价更趋市场化、精细化。他解释道，一方面，市场对利率继续下行的预期高度一致，银行主动规避长期高息负债锁定风险；另一方面，银行净息差维持稳定的难度上升，负债端成本管控成为稳息差的关键抓手；此外，当前信贷投放仍面临有效需求不足，银行缺乏长期资产配置动力，所以压低长期利率。　　娄飞鹏同时坦言，不能排除利率“拉平”现象成为阶段性常态。他表示，在利率下行周期、净息差承压的背景下，存款利率曲线扁平化及期限结构倒挂的现象可能持续，但幅度会逐步收窄。随着存量定期存款陆续到期重定价，以及监管反对“内卷式”竞争、抑制资产端利率下行，净息差收窄有望缓和。如果净息差稳定或者出现向上拐点，利率曲线有望逐步回归正常形态，所以“拉平”更多是过渡期的特征而非长期稳态。　　对储户而言，“存得越久、利率越高”的红利时代或在终结。面对存款收益持续下行，武泽伟建议，风险偏好保守的居民需要跳出单纯依靠定期存款获取收益的固有思路，采用分层配置的思路管理家庭财富。　　他表示，首先要做好流动性资金储备，将短期生活开支放置于高流动性产品，保障资金随时可以支取。中期闲置资金可以搭配储蓄国债，或是风险等级较低的固收类资管产品，平衡安全性与收益水平。对于超长期资金，可以合理配置具备确定属性的保险类工具，用来锁定跨周期收益。配置过程中需要厘清不同产品的风险边界，客观看待收益与流动性之间的取舍。