Core Points - The China Securities Index of State-Owned Enterprises AH Price Preferred Index has shown a recent increase, with a 1.86% rise over the past month and a 1.90% increase year-to-date [1] - The index includes various sub-indices that reflect the performance of different sectors, such as banking, securities, and energy, using an AH price preferred investment strategy [1] - The top ten holdings in the index are dominated by major companies like Kweichow Moutai and China Merchants Bank, indicating a concentration in high-performing stocks [1] Market Composition - The index's holdings are primarily from the Shanghai Stock Exchange (48.19%) and Hong Kong Stock Exchange (37.43%), with a smaller portion from the Shenzhen Stock Exchange (14.39%) [2] - The financial sector represents the largest portion of the index at 34.19%, followed by industrials (15.98%) and consumer staples (12.60%), highlighting the index's focus on key economic sectors [2] Index Adjustment Mechanism - The index undergoes semi-annual adjustments in line with its benchmark indices, and monthly category conversions are based on a specific price ratio between mainland and Hong Kong securities [3] - Adjustments to the index are made under special circumstances, such as delisting or corporate actions like mergers, ensuring the index remains reflective of the market [3]

5月20日，贷款市场报价利率（LPR）迎来年内首次下调，一年期LPR和五年期以上LPR均下调10个基 点。 同日，中国银行、农业银行、工商银行、建设银行、交通银行、邮储银行六大国有银行均对存款利率进 行了调整。 新一轮存款降息又开始了。这次除国有银行外，股份制银行中招商银行也第一时间跟进。其中，三年期 和五年期存款下调幅度最大，达到25个基点。 最大降幅25个基点 中国人民银行授权全国银行间同业拆借中心公布，2025年5月20日，贷款市场报价利率（LPR）为：一 年期LPR为3.00%，五年期以上LPR为3.50%，均较前期下调10个基点。以上LPR在下一次发布LPR之前 有效。 本报记者 张漫游 北京报道 "与之前不同的是，不同类型银行同步下调存款利率，不仅有助于更好地稳定银行净息差，也有助于更 好降低实体经济融资成本。"对于此次存款利率降息，邮储银行高级研究员娄飞鹏告诉记者，降低实体 经济融资成本需要降低贷款利率，贷款利率下降进一步增加银行净息差下行压力，需要降低负债成本， 而存款是银行重要的负债来源，因此需要降低存款利率稳定净息差，提高银行服务实体经济的可持续 性。 董希淼指出，近年以来，存款利率延续下 ...

Core Viewpoint - The recent reduction in the Loan Prime Rate (LPR) signals a shift in monetary policy aimed at stimulating economic activity through lower borrowing costs for both businesses and individuals [2][3]. Group 1: LPR Reduction Details - The 1-year LPR and the 5-year LPR have been lowered by 10 basis points to 3.0% and 3.5%, respectively, marking the first reduction in 7 months since October 2024 [2]. - A decrease in LPR will lead to lower loan rates for businesses and individuals, with an example showing that a 10 basis point drop could save a homebuyer approximately 20,000 yuan in interest over a 30-year mortgage [2]. Group 2: Impact on Deposit Rates - On the same day as the LPR reduction, major state-owned banks and some joint-stock banks announced a decrease in deposit rates, with 1-year fixed deposit rates falling below 1% to 0.95% [2][5]. - The reduction in deposit rates is seen as a strategy to attract depositors before further declines, with some banks offering rates as low as 0.05% for demand deposits [2]. Group 3: Economic Context and Analysis - The LPR reduction is attributed to external economic pressures, particularly the escalation of the US-China trade conflict, necessitating a stronger counter-cyclical adjustment in macroeconomic policy [3]. - The weighted average interest rate for new corporate loans was approximately 3.2%, down about 50 basis points year-on-year, while the average for new personal housing loans was around 3.1%, down about 55 basis points [3]. Group 4: Bank Profitability and Future Outlook - The recent cuts in deposit rates are expected to help lower banks' funding costs, potentially allowing for further reductions in LPR [6]. - The net interest margin for commercial banks has been narrowing, with the latest data showing a decline to 1.43%, down 9 basis points from the previous quarter [6]. - Analysts predict that the recent LPR cut will lead to further decreases in loan rates, as banks adjust to maintain their interest margins [6].

智通财经5月20日午间新闻精选 1、5月贷款市场报价利率（LPR）报价出炉：5年期以上LPR为3.5%，上月为3.6%。1年期LPR为3%，上 月为3.1%。 5、自然资源部总规划师张兵在国新办新闻发布会上表示，将出台更多实用有效的用地政策来助力城市 更新行动。 6、住房城乡建设部副部长秦海翔在新闻发布会上表示，因地制宜配建和完善社区养老、托育等"一老一 小"公共服务设施。 7、市场早盘震荡反弹，创业板指领涨。大小指数走势继续分化，北证50指数涨1.37%创历史新高。港 股午间收盘，恒生指数涨1.29%，恒生科技指数涨1.32%，宁德时代香港上市首日涨近17%。 3、金融监管总局统计与风险监测司司长廖媛媛在国新办发布会上表示，将研究出台专门的城市更新项 目贷款管理办法。 4、国家发改委政策研究室副主任李超表示，内卷式竞争扭曲了市场机制、扰乱了公平竞争秩序，必须 加以整治。 2、中行、农行、工行、建行、交行今日均宣布下调了存款利率。其中活期利率下调5个基点至0.05%； 定期整存整取三个月期、半年期、一年期、二年期均下调15个基点，分别为0.65%、0.85%、0.95%、 1.05%。 ...

Investment Rating - The report maintains a "Positive" investment rating for the banking sector [12] Core Insights - The Yangtze Bank Index increased by 1.5% this week, outperforming the CSI 300 Index by 0.3% and the ChiNext Index by 0.1%. The recent public fund regulations are expected to drive long-term fund allocations towards the banking sector, which has been underrepresented compared to its weight in the CSI 300 [2][6] - The report highlights that the average dividend yield of the five major state-owned banks in A-shares is 4.47%, with a significant spread of 279 basis points over the 10-year government bond yield. The H-shares have an even higher average dividend yield of 5.77%, indicating a notable valuation discount compared to A-shares [7][22] - In April, new social financing totaled 1.16 trillion yuan, primarily driven by government bonds, while new RMB loans were only 280 billion yuan, reflecting a year-on-year decrease of 450 billion yuan. The report anticipates a continuation of weak credit issuance in May, with banks expected to increase lending intensity by the end of June [8][29] - The report notes a significant decline in net interest margins for commercial banks, with an overall decrease of 9 basis points to 1.43% in Q1 2025. State-owned banks saw a drop of 11 basis points to 1.33%, marking a historical low, while city commercial banks performed better due to lower mortgage ratios and strong local credit demand [9][39] Summary by Sections Market Performance - The Yangtze Bank Index's performance this week indicates a positive trend, with specific banks like Ruifeng Bank leading the gains [2][6] Dividend Yields and Valuation - The report emphasizes the attractive dividend yields of state-owned banks compared to government bonds, suggesting potential investment opportunities in H-shares due to their valuation discount [7][22] Credit and Financing Trends - April's financing data shows a reliance on government bonds for social financing growth, with a notable decline in new loans, indicating a cautious lending environment [8][29] Banking Sector Profitability - The decline in net interest margins across the banking sector highlights challenges in profitability, particularly for state-owned banks, while city commercial banks show resilience [9][39]

5月20日，工商银行、中国银行、建设银行、农业银行、邮储银行、交通银行六大国有行下调人民币存 款利率。其中，活期存款下调0.05个百分点至0.05%，各期限定期存款挂牌利率下调0.15-0.25个百分 点，一年期存款利率均跌破1%。 同日，新一期贷款市场报价利率（LPR）出炉，1年期和5年期以上LPR双双下降0.1个百分点至3%、 3.5%。市场对本轮LPR与存款利率下调已有预期，此前在国新办新闻发布会上，中国人民银行行长潘功 胜宣布，下调政策利率0.1个百分点，预计将带动贷款市场报价利率（LPR）同步下行约0.1个百分点； 同时，潘功胜表示，央行也将通过利率自律机制引导商业银行相应下调存款利率。 建设银行最新存款利率。（数据来源：建设银行网站） 5月20日，工商银行、中国银行、建设银行、农业银行、邮储银行、交通银行六大国有行宣布下调人民 币存款利率；其中，活期存款下调0.05个百分点至0.05%，各期限定期存款挂牌利率下调0.15-0.25个百 分点，一年期存款利率均跌破1%。 以建设银行为例，活期利率下调5个基点至0.05%；定期整存整取三个月期、半年期、一年期、二年期 均下调15个基点，分别为0.65% ...

每经编辑｜杜宇 5月20日早间，多家主要银行下调存款利率后，贷款市场报价利率（LPR）下行。 据中国人民银行网站5月20日消息，5月20日，新一期贷款市场报价利率（LPR）出炉，1年期和5年期以上LPR双双下降10个基点。1年期LPR降至3%，5年期 以上LPR降至3.5%。 | | | | 中国人民银行 | | 货币政策司 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | THE PEOPLE'S BANK OF CHINA | | Monetary Policy Department | | | | | 信息公开 | 新闻发布 | 法律法规 | 货币政策 | 宏观审慎 | 信贷政策 | 金融市场 | 金融稳定 | 调 | | | 金融科技 | 人民币 | 经理国库 | 国际交往 | 人员招录 | 学术交流 | 征信管理 | 反 | | 服务互动 | 政务公开 | 政策解读 | 公告信息 | 图文直播 | 央行研究 | 音频视频 | 市场动态 | bed | | | 网送文告 | 办事大厅 | 在线申报 | 下载中 ...

Group 1 - The core point of the articles is the collective reduction of RMB deposit rates by major Chinese banks, including China Bank, Agricultural Bank, Industrial and Commercial Bank, China Construction Bank, Postal Savings Bank, and Bank of Communications, effective May 20 [1][2][3][4] - The interest rate for demand deposits has been lowered by 5 basis points to 0.05% [1][2][3][4] - The fixed deposit rates for various terms have been adjusted, with 3-month, 6-month, 1-year, and 2-year rates down by 15 basis points to 0.65%, 0.85%, 0.95%, and 1.05% respectively [1][2][3][4] - The 3-year and 5-year fixed deposit rates have been reduced by 25 basis points to 1.25% and 1.3% respectively [1][2][3][4] - The 7-day notice deposit rate has also been decreased by 15 basis points to 0.3% [1][2][3][4] Group 2 - The reduction in deposit rates is expected to drive a shift in deposits towards bank wealth management products, which have seen a resurgence, reaching a scale of 31 trillion yuan [5] - The increase in bank wealth management products is attributed to the decline in bond market interest rates, the "deposit migration" effect, and adjustments in bank sales strategies [5] - The anticipated further reduction in deposit rates may lead to an increase in bank wealth management products, with projections suggesting a potential growth to 33 trillion yuan within the year [5]

值得一提的是，按照以往存款降息的路径，国有大行率先降息后，全国性股份制银行很快将跟进。 事实上，市场对此已有预期。5月7日，央行行长潘功胜在国务院新闻办公室举行的新闻发布会上宣布，央行将通过利率自律机制引导 商业银行相应下调存款利率。同时，下调政策利率0.1个百分点，预计带动贷款市场报价利率（LPR）随之下行0.1个百分点。在央行 推出降息、降准等一揽子货币政策措施后，市场普遍预期新一轮存款降息即将来临。 5月20日，工商银行、农业银行、中国银行、建设银行、交通银行、邮储银行均发布消息，下调人民币存款利率，最大降幅25个基 点。其中活期利率下调5个基点至0.05%；定期整存整取三个月期、半年期、一年期、二年期均下调15个基点，分别为0.65%、0.85%、 0.95%、1.05%；三年期和五年期均下调25个基点，分别至1.25%和1.3%。这是国有大行今年首轮存款利率下调。如果20万元存五年， 降息25个基点后五年利息少2500元。 除国有六大行外，股份制银行招商银行也在今日下调了人民币存款利率，其中活期利率下调5个基点至0.05%；定期整存整取三个月 期、半年期、一年期、二年期均下调15个基点，分别为0.6 ...

中国交通银行（601328）下调人民币存款利率，最大降幅25个基点。 ...