7家股份制银行跟进下调人民币存款利率 智通财经5月21日电，中国银行、工商银行、建设银行、招商银行等多家银行5月20日宣布下调人民币存 款利率后，5月21日，平安银行、中信银行、兴业银行、浦发银行、民生银行、广发银行、华夏银行7家 银行跟进下调存款利率，将1年、2年定期利率均下调15个基点。 ...

Core Viewpoint - Several Chinese banks have announced a reduction in RMB deposit interest rates effective from May 21, 2025, indicating a trend towards lower interest rates in the banking sector [1][2]. Group 1: Interest Rate Adjustments - The seven joint-stock banks, including Ping An Bank, Industrial Bank, Minsheng Bank, CITIC Bank, Huaxia Bank, Guangfa Bank, and Pudong Development Bank, will lower the interest rate on demand deposits from 0.1% to 0.05%, a decrease of 5 basis points [1]. - The fixed deposit rates for 3-month, 6-month, and 1-year terms will be adjusted from 0.85%, 1.10%, and 1.30% to 0.70%, 0.95%, and 1.15%, respectively, each down by 15 basis points [1]. - For 3-year and 5-year fixed deposits, the rates will be reduced from 1.55% and 1.60% to 1.30% and 1.35%, representing a decrease of 25 basis points [1]. Group 2: Specific Bank Adjustments - Minsheng Bank will adjust its 2-year deposit rate from 1.30% to 1.15%, while the other six banks will lower their rates from 1.35% to 1.20%, a reduction of 15 basis points [2]. - Prior to this announcement, China Merchants Bank and Everbright Bank had already adjusted their deposit rates effective May 20, aligning their rates with the six major state-owned banks [2]. - After the adjustments, China Merchants Bank's fixed deposit rates for various terms will be set at 0.65%, 0.85%, 0.95%, 1.05%, 1.25%, and 1.30% for 3-month, 6-month, 1-year, 2-year, 3-year, and 5-year deposits, respectively [2].

Investment Rating - The industry rating is "Positive" (maintained) [4] Core Viewpoints - The reduction in deposit rates is greater than expected, with the average reduction being 16 basis points, which is higher than the 10 basis points reduction in loan rates, indicating a clear regulatory support for interest margins [5] - The phenomenon of deposit disintermediation is expected to persist long-term, although the degree of disintermediation is weaker than last year due to manual interest compensation governance [2] - The average annualized yield for cash management products is 1.46%, which is higher than the actual interest rate for state-owned banks' 1-year deposits by 36 basis points, suggesting that wealth management products still have a comparative advantage over deposits [2] Summary by Sections Deposit Rate Adjustments - As of May 20, 2025, the LPR for 1-year and 5-year has been lowered by 10 basis points to 3.0% and 3.5% respectively, with significant reductions in various deposit rates across state-owned banks and China Merchants Bank [5] - The new rates for different deposit types include a reduction in the current deposit rate to 0.05% and a 15 basis point reduction for 3-month, 6-month, and 1-year fixed deposits [5] Market Impact - Short-term market expectations for interest rate cuts have been fully priced in, with limited immediate impact on bond market prices. However, in the medium to long term, the reduction in deposit rates may improve funding costs and lead to a decline in bond yields [3] - The improvement in funding costs is expected to enhance the ticket yield for banks, as previous constraints on allocation due to funding costs are alleviated [3] Investment Recommendations - The report suggests that bank stocks are not in the latter stage but rather at the beginning of a long cycle, with regulatory support for interest margins and declining rates benefiting dividend stocks [6] - Key recommendations include city commercial banks such as Jiangsu Bank and Chengdu Bank, as well as dividend-paying banks like Agricultural Bank and China CITIC Bank [6]

来源：环球网 2025年5月20日，宁德时代新能源科技股份有限公司于香港联交所成功上市，成为A+H双平台上市企 业，并创下多项IPO市场纪录。中信集团通过多种金融工具深化与宁德时代合作，并协同旗下各板块资 源，为宁德时代全球化布局与可持续发展提供全方位赋能。 中信建投证券全力做好绿色金融、科技金融等"五篇大文章"，紧扣"要出国、找中信" "来中国、找中 信"服务品牌，以香港为国际化发展的桥头堡与主阵地，通过资本市场服务助力绿色企业、科技企业、 民营企业提升核心竞争力、加速企业出海等国际化进程。宁德时代作为新能源代表企业，本次融资有助 于推动"科技—产业—金融"良性循环，是中信助力新能源企业出海的又一标杆项目。 中信综合金融板块充分发挥"综合金融"的优势，在中信金控牵引下，坚定做好科技金融、绿色金融大文 章，推出"股贷债保"联动科技金融服务体系，"五位一体"绿色金融服务体系，通过多种金融工具深化与 宁德时代合作，为其提供综合金融服务。 2022年，宁德时代成为中信金控战略客户，中信企业家办公室客户。 展望未来，中信将继续秉持专业精神，深耕新能源领域，助力更多优秀企业走向世界舞台，向着"双 碳"目标携手共进，共同 ...

Investment Rating - The overall industry investment rating is "Positive" for state-owned banks, joint-stock banks, and regional banks [3][40]. Core Views - Incremental policies are stabilizing market expectations, enhancing the allocation value of the banking sector. The banking sector remains attractive as a dividend asset under a moderately loose monetary policy environment [5][36]. - Recommended stocks include: CITIC Bank (Increase), China Merchants Bank (Buy), Chongqing Bank (Increase), and Yunnan Rural Commercial Bank (Buy) [3][38]. Market Review - The Shanghai Composite Index and CSI 300 Index saw weekly changes of 1.92% and 2.00%, respectively. The Shenwan Banking Index increased by 3.88%, outperforming the CSI 300 by 1.88 percentage points, ranking 4th among Shenwan's primary industries [12][11]. - The performance of various banking sectors was as follows: state-owned banks increased by 1.75%, joint-stock banks by 5.33%, city commercial banks by 3.80%, and rural commercial banks by 3.47% [12][11]. Data Tracking - As of May 9, 2025, the banking sector's PB-LF valuation was 0.67 times, at the 74.10 percentile level over the past five years. The median dividend yield for individual stocks was 4.53%, exceeding the 10-year government bond yield by 2.90 percentage points [4][21]. - The total social financing stock was 424 trillion yuan, with a year-on-year increase of 8.70%. The loan and deposit balances of Chinese banks were 258.36 trillion yuan and 293.94 trillion yuan, respectively, with year-on-year increases of 7.73% and 7.99% [4][34]. Industry Dynamics - The People's Bank of China released the "2025 Q1 Monetary Policy Implementation Report," emphasizing the need for macroeconomic stability and the implementation of moderately loose monetary policies to support economic recovery [33][35]. - A comprehensive financial policy package was announced by the People's Bank of China, the Financial Regulatory Administration, and the Securities Regulatory Commission to stabilize the market and expectations, providing strong financial support for economic recovery [36][37].

Core Viewpoint - Several banks have adjusted consumer loan interest rates, ceasing discounts below 3%, while simultaneously offering promotional rates for credit card cash installment services, indicating a shift in strategy towards more refined customer management in credit card operations [1][5]. Group 1: Credit Card Cash Installment Promotions - Banks like China Merchants Bank and Bank of Communications are offering significant discounts on cash installment rates, with annualized rates as low as 2.76% and 5.49% for specific terms [2][3]. - Credit card cash installment services allow banks to provide cash credit directly to customers' designated accounts, with flexible repayment options and generally do not occupy credit card limits [3][4]. Group 2: Market Trends and Regulatory Environment - The People's Bank of China has emphasized the need for financial institutions to support consumer loans, which may lead to increased competition in the retail loan market [5][6]. - The credit card market is transitioning from a phase of broad expansion to one of meticulous management, with a decline in the issuance of new cards due to market saturation and stricter regulations [6][7]. Group 3: Industry Challenges and Future Outlook - The proportion of credit card loans in retail lending has decreased from 13.09% in 2022 to 12.54% in 2024, while personal business and consumer loans have seen an increase [6][7]. - Industry experts suggest that the focus should shift towards retaining valuable customers and leveraging technology and risk management to ensure sustainable growth in the credit card sector [7].

Core Viewpoint - The recent competition among banks in credit card cash installment services has intensified, following a previous price war in consumer loans, with banks offering significant discounts to attract high-quality customers [1][4][6]. Group 1: Credit Card Cash Installment Promotions - Several banks, including China Merchants Bank and CITIC Bank, have launched promotional activities for credit card cash installments, offering discounts such as 1.7-fold and 1.9-fold for 12-month installments, with annualized rates as low as 2.76% and 3.09% respectively [1][4]. - The discounts are primarily targeted at high-quality customers, as the eligibility criteria are stringent, indicating a shift towards prioritizing customer quality over quantity [1][6]. Group 2: Market Dynamics and Regulatory Environment - The shift to credit card cash installments is a strategic response to tightened regulations on consumer loans, with banks aiming to attract customers from the consumer loan segment by offering lower rates [4][5]. - The People's Bank of China has emphasized the importance of supporting consumer finance, which aligns with banks' current strategies to enhance their retail loan portfolios [5][6]. Group 3: Customer Experience and Limitations - Customers have reported that the promotional offers are not universally available, with many being limited to existing users or those with a history of cash installments, reflecting a more selective approach by banks [8][9]. - The overall credit card issuance has seen a decline, with a reduction of 40 million cards in 2024 compared to the previous year, indicating a challenging environment for credit card businesses [9].

Group 1 - The financial sector experienced a significant surge on May 14, with multiple bank stocks reaching new highs and the total market capitalization of the banking sector in A-shares surpassing 10 trillion yuan [1] - Among the banks, Industrial and Commercial Bank of China (ICBC) led with a market capitalization of 2.4 trillion yuan, followed by Agricultural Bank of China at 1.9 trillion yuan, and China Construction Bank at 1.6 trillion yuan [1] - China Galaxy noted that a series of financial policies, including interest rate cuts and structural tools, are guiding the optimization of bank credit structures, which is expected to accelerate the entry of medium to long-term funds into the market [1] Group 2 - CITIC Securities indicated that since 2025, the banking sector has maintained stable asset-liability configurations while actively growing loans, although the net interest margin continues to decline [1] - Despite the ongoing decrease in industry net interest margins, the reduction in funding costs is helping to narrow the margin of decline, with future cost reductions being a key focus for banks' interest margin management [1] - The dividend appeal of bank stocks remains strong in the context of a declining interest rate environment, with 42 A-share listed banks announcing a total dividend of 631.54 billion yuan for the 2024 fiscal year, significantly higher than the previous year [1] Group 3 - Huaxi Securities suggested that the recent surge in bank stocks may be related to new regulations for public funds, which currently have a 3.49% allocation in the banking sector, underweighting compared to the CSI 300 index by 9.99 percentage points and the CSI 800 index by 6.99 percentage points [2]

Core Viewpoint - The "Longgang District 'Park Loan' Promotion Event" aims to address the financing difficulties faced by small and micro enterprises through a collaborative mechanism involving government, banks, and park operators [1][3]. Group 1: Event Overview - The event was themed "Bank-Park Cooperation, Benefiting Enterprises Together" and included financial product promotions, signing agreements, and the establishment of the Longgang Branch of the Shenzhen SME Financial Integration Promotion Center [3][4]. - Over a hundred representatives from government departments, financial institutions, and small and micro enterprises attended the event, showcasing the practical achievements of the "Park Loan" initiative [3]. Group 2: Financing Solutions - The "Park Loan" initiative provides efficient financing support for high-growth small and micro enterprises without collateral through a four-party collaborative mechanism involving government coordination, data sharing, customized bank products, and credit enhancement from guarantee institutions [3][4]. - Customized financial products were introduced, such as the "Cross-Border E-Commerce Loan" from Bank of Communications, with a maximum limit of 10 million yuan, aimed at supporting enterprises in international markets [3]. - Citic Bank launched a no-collateral "Park Loan" product for technology-based SMEs, with a limit of 10 million yuan and a full process completion time of three working days [3]. Group 3: Strategic Partnerships - Several banks, including Citic Bank and Bank of Communications, signed "Bank-Park Cooperation" agreements with six financial institutions and parks, promoting green approval channels and customized credit products for start-up micro-enterprises [4]. - The cooperation is expected to significantly enhance the financing success rate for enterprises within the parks through data sharing [4]. Group 4: Establishment of Financial Center - The Shenzhen SME Financial Integration Promotion Center Longgang Branch was inaugurated, marking the first district-level center in the city, aimed at providing integrated services for SMEs at different development stages [6]. - The center will focus on promoting the "technology-industry-finance" cycle, assisting small and micro enterprises in transitioning to specialized and innovative sectors [6].

Core Viewpoint - The expansion of Asset-investment Companies (AICs) in China is expected, with three new members from joint-stock banks joining the existing five state-owned banks, indicating a significant shift in the banking sector's approach to equity investment [1][3][4]. Group 1: AIC Establishment and Expansion - The establishment of AICs is set to increase to eight, with CITIC Bank and China Merchants Bank announcing plans to set up their own AICs, while Industrial Bank has already received regulatory approval for its AIC [1][3]. - The registered capital for the newly established AICs includes 100 billion yuan for Industrial Bank's AIC and 150 billion yuan for China Merchants Bank's AIC [3][4]. - The regulatory environment has become more favorable for AICs, with a significant increase in the signed investment intentions exceeding 380 billion yuan [1][5]. Group 2: Financial Performance and Market Trends - The five existing AICs reported a combined net profit of 18.354 billion yuan in 2024, reflecting a year-on-year growth of 1.04%, with notable performance from ICBC Investment [5][6]. - The policy changes since the second half of 2023 have led to a resurgence in bank equity investments, driven by a recovery in the secondary market and IPO activities [8][10]. - The investment limits for AICs have been relaxed, allowing for a higher percentage of total assets to be allocated to equity investments, increasing from 4% to 10% [5][6]. Group 3: Investment Strategies and Collaborations - AICs are increasingly collaborating with local governments and industry funds to mitigate risks associated with equity investments, particularly in high-risk sectors like technology [8][9]. - The trend indicates a growing preference for blind pool funds over specialized funds, as the former allows for more flexible investment strategies [10]. - The focus on supporting technology and innovation-driven enterprises is evident, with AICs aiming to provide both debt and equity financing to these sectors [10].