每经编辑｜张锦河 5月21日，平安银行在官网发布公告称，我行自2025年5月21日起调整储蓄及单位人民币存款利率。 存款利率迎来新一轮下调。 在5月20日中国银行、中国工商银行、中国建设银行及招商银行等多家银行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家银行也跟进下调存款利率。 上述7家股份制银行将1年、2年定期利率均调降了15个基点。其中，1年定期存款利率均下调至1.15%；2年定期存款利率普遍下调至1.20%，民生银行下调至 1.15%。3年、5年定期存款利率普遍下调了25个基点，分别下调至1.30%、1.35%。 | 适用日期: 2025-5-21 | | 单位:年利率% | | --- | --- | --- | | 期限 | 基准利率 | 挂牌利率 | | (一)活期存款 | 0.35 | 0.05 | | (二) 定期存款 | | | | 三个月 | 1.10 | 0.70 | | 未 年 | 1.30 | 0.95 | | 一 年 | 1.50 | 1.15 | | 二年 | 2.10 | 1.20 | | 三 年 | 2.75 ...

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。 ...

智通财经5月21日电，浦发银行官网信息显示，该行于5月21日执行最新的人民币存款利率。其中，活期 利率下调5个基点至0.05%。定期存款方面，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0.70%、0.95%、1.15%、1.20%，三年期、五年期下调25个基点至1.3%、1.35%。零存整 取、整存零取一年期、三年期、五年期分别下调15个基点至0.75%、0.85%、0.95%。通知存款（个人储 蓄）一天期利率维持0.1%不变，七天期利率下调15个基点至0.3%。 浦发银行下调存款利率 ...

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]

Core Insights - The issuance of the first data center holding-type real estate ABS in China marks a significant innovation in the digital infrastructure sector, facilitated by SPDB Beijing Branch [1][2] - The ABS is backed by high-quality data centers, with funds allocated for the acquisition and operation of core financial data center assets [1] - The collaboration among SPDB, WanGuo Data, GuoShou Investment, and CITIC Securities has successfully addressed challenges in the IDC development, enhancing asset liquidity and financing channels for data center enterprises [2] Group 1 - The "CITIC Securities-WanGuo Data 2025 Phase 1 Data Center Holding-Type Real Estate Asset-Backed Special Plan (Sustainable Link)" was successfully listed on the Shanghai Stock Exchange [1] - SPDB Beijing Branch played a crucial role in coordinating with relevant institutions and participating in the design discussions for the product structure and terms [1] - The innovative design of the acquisition financing scheme aligns with the ABS product structure, determining loan terms, repayment plans, valuation requirements, and risk control clauses [1] Group 2 - The successful issuance of the first data center holding-type real estate ABS acquisition loan is a positive step for data center companies to activate existing assets and improve their financial statements [2] - The project was advanced under the guidance of regulatory bodies such as the Shanghai Stock Exchange, showcasing effective collaboration among financial institutions [2]

Meeting Overview - The meeting is convened to discuss the change of the management of the Guoyuan Yuanying Six-Month Regular Open Bond Collective Asset Management Plan to Changsheng Fund Management Co., Ltd. and the transformation into Changsheng Yuanying Six-Month Regular Open Bond Securities Investment Fund [3][29][32] - The meeting will be held via communication methods, with voting from May 19, 2025, to June 18, 2025 [3][6] Regulatory Background - The Guoyuan Yuanying Six-Month Regular Open Bond Collective Asset Management Plan was approved by the China Securities Regulatory Commission (CSRC) on December 15, 2021, and the asset management contract became effective on February 17, 2022 [2][30] - The plan's duration is set from the effective date until August 16, 2025 [2][30] Proposed Changes - The product name will change from "Guoyuan Yuanying Six-Month Regular Open Bond Collective Asset Management Plan" to "Changsheng Yuanying Six-Month Regular Open Bond Securities Investment Fund" [32] - The management will shift from Guoyuan Securities Co., Ltd. to Changsheng Fund Management Co., Ltd. [33] - The investment managers will change from Guoyuan Securities' managers to Changsheng Fund's managers [34] - The management fee will be reduced from 0.50% to 0.30%, and the custody fee will decrease from 0.10% to 0.08%, with a new sales service fee of 0.15% introduced [36] Voting and Participation - All registered holders as of May 19, 2025, are eligible to participate and vote [6] - Voting can be conducted through paper ballots or online via the management company's website and app [10][11] Decision Requirements - The meeting requires at least two-thirds of the voting rights held by participants to pass the proposed changes [22][31] - The decisions made will take effect immediately upon approval and will be reported to the CSRC within five days [22][31]

Core Viewpoint - Shanghai Pudong Development Bank (SPDB) Private Banking has been awarded the "Best Private Bank - High Net Worth Clients" gold award by Asian Private Banker, highlighting its exceptional service system and professional capabilities [1] Group 1: Awards and Recognition - SPDB Private Banking won the gold award for "Best Private Bank - High Net Worth Clients" at the 7th China Wealth Awards organized by the authoritative media Asian Private Banker [1] Group 2: Service Philosophy and Structure - Since its establishment in 2011, SPDB Private Banking has adhered to the philosophy of "Wealth is not just for inheritance," leveraging the group's comprehensive advantages in retail, corporate, investment banking, and financial market services to provide tailored services for high net worth clients and their families [1] - The private banking service system is centered around "wealth inheritance, family inheritance, corporate inheritance, and spiritual inheritance" [1] Group 3: Technological Integration and Service Innovation - SPDB is advancing a dual-driven approach of "Wealth + Asset Management" and applying new technologies such as artificial intelligence to offer inclusive, intelligent, and specialized services [1] - The flagship private banking center at the Bund has innovatively created unique spaces such as a sea coffee shop, sea reading room, sea art exhibition, and sea concert to deeply engage high net worth clients [1] Group 4: Future Outlook - SPDB Private Banking aims to continuously optimize its service model, strengthen resource integration advantages, and enhance the professionalism and precision of wealth management services to create long-term value for high net worth clients [1]

Group 1 - The core viewpoint of the articles emphasizes the proactive measures taken by SPDB Nanchang Branch to stimulate consumer spending and support local businesses through various promotional activities and financial products [1][2][5][7] Group 2 - SPDB Nanchang Branch has launched the "66 Business Circle Activity" to attract customers by collaborating with well-known shopping malls and brand stores during key holidays, offering discounts to enhance customer experience [2] - The bank's employees have taken on the role of "product experience officers," promoting the bank's discount activities through online platforms and increasing exposure for partner merchants [2][4] - The "Puflash Loan" has become one of the bank's four major business brands, serving over 20,000 customers in the province and disbursing nearly 10 billion yuan in consumer loans over the past three years [2] Group 3 - The tourism sector in Jiangxi has seen significant growth, with the Jingdezhen ceramic industry being a cultural highlight, leading to increased attention from local tourism development departments [5] - SPDB Nanchang Branch has provided medium to long-term loans to support the expansion and upgrading of the Taoxichuan Cultural and Creative Street, which is expected to attract over 10 million visitors in 2024 [5] Group 4 - The bank has supported tourism-related enterprises with a credit balance exceeding 1.5 billion yuan and has assisted in issuing debt financing tools totaling 2.1 billion yuan, with an underwriting share of over 1.1 billion yuan [7]

Investment Rating - The report indicates a cautious outlook for the banking sector, with expected revenue and net profit growth rates for listed banks in 2025 projected at approximately -1% and 0% respectively [3][9]. Core Insights - The overall revenue and net profit growth rates for listed banks in Q1 2025 were -1.7% and -1.2% year-on-year, reflecting a decline compared to Q4 2024 [3][9]. - The performance of different types of banks varied significantly, with city and rural commercial banks leading in growth due to improved scale and net interest margin, while state-owned banks showed weaker performance [3][10]. - The net interest margin for listed banks in Q1 2025 was 1.37%, a decrease of 13 basis points year-on-year, but the decline was less severe than in the previous year [3][9]. Summary by Sections Revenue and Profit Overview - Listed banks experienced a decline in revenue and net profit growth rates, with Q1 2025 figures at -1.7% and -1.2% respectively, marking a drop of 1.8 percentage points and 3.5 percentage points from Q4 2024 [3][9]. - The decline in net interest income was attributed to a narrowing interest margin and challenges in volume compensating for price [9]. Asset Quality and Provisioning - The asset quality remained stable, with a decrease in non-performing loan ratios and a reduction in provisioning pressure, as banks continued to report lower provisions in a challenging income environment [3][9]. - The provision coverage ratio for listed banks decreased to 238% in Q1 2025, reflecting a trend of reduced provisioning amid stable asset quality [3][9]. Investment Recommendations - The report suggests that the banking sector's configuration value is enhanced by both fundamental and liquidity factors, with a focus on key index-weighted stocks such as China Merchants Bank and Industrial and Commercial Bank of China [3][9]. - The report highlights the potential for mid-sized banks to attract capital for growth, particularly in the context of capital replenishment and profitability [3][9].