Core Viewpoint - The recent adjustment of deposit rates by major banks indicates a continued trend of lowering interest rates, with significant implications for the banking sector and depositors [1][3][4] Group 1: Deposit Rate Adjustments - Major state-owned banks and some joint-stock banks have lowered their deposit rates, with the most notable changes being a 25 basis point reduction in medium to long-term fixed deposit rates and a drop in the current deposit rate below 0.1% [1][2] - The new rates for major banks include a current deposit rate of 0.05%, and fixed deposit rates for various terms have been adjusted to 0.65% for 3 months, 0.85% for 6 months, 0.95% for 1 year, 1.05% for 2 years, 1.25% for 3 years, and 1.3% for 5 years [1][2] - This marks the seventh time since September 2022 that major banks have proactively lowered their deposit rates, with the last adjustment occurring seven months ago [1][3] Group 2: Impact on Depositors - For a 200,000 yuan deposit over three years, the interest difference due to the recent rate adjustment is 1,500 yuan, while for a 1,000,000 yuan deposit, the difference is 7,500 yuan [2] - The adjustments are expected to lead to a decrease in the overall cost of liabilities for banks, as they continue to focus on reducing deposit rates [2][3] Group 3: Future Expectations - It is anticipated that other joint-stock banks will follow suit in adjusting their deposit rates, although the timing may vary based on internal processes [3] - The space for further adjustments in deposit rates is expected to narrow, particularly as the current deposit rate has reached a historical low of 0.05% [3][4] - The recent adjustments align with the central bank's strategy to guide commercial banks in lowering deposit rates through a self-discipline mechanism [3][4]

国有六大行均官宣下调存款利率，最大降幅25个基点 5月20日，工商银行、中国银行、建设银行、农业银行、邮储银行、交通银行下调人民币存款利率，一年期定期存款利率下破1%。 工商银行下调人民币存款利率，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0.65%、 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%。定期零存整取、整存零取、存本取息三种期限均下调15个基点。7天期通 知存款利率下调15个基点至0.3%。 | 项目 | 年利率% | | --- | --- | | 、城乡居民及单位存款 | | | (一)活期 | 0. 05 | | (二)定期 | | | 1. 整存整取 | | | 三个月 | 0. 65 | | 半年 | 0. 85 | | 一年 | 0. 95 | | 二年 | 1.05 | | 三年 | 1. 25 | | 五年 | 1. 3 | | 2. 零存整取、整存零取、存本取息 | | | 一年 | 0. 65 | | 三年 | 0. 85 | | 五年 | 0. 85 | | 3. ...

向新而行，金融动能澎湃。 近日，科技部、中国人民银行等七部门联合印发《加快构建科技金融体制 有力支撑高水平科技自立自 强的若干政策举措》（以下简称《政策举措》），围绕创业投资、货币信贷、资本市场、科技保险支持 科技创新等方面，提出15项科技金融政策举措。 在业内人士看来，《政策举措》的出台推动更多金融资源进入科技创新领域，引导金融资本更多投早、 投小、投长期、投硬科技，切实破解金融支持科技创新堵点难点问题。 作为我国金融体系的核心支柱，银行业在资金、客群等方面具备先天优势，是支持科创企业、赋能新质 生产力的重要力量，也是长期资金、耐心资本的重要来源。 如何让更多来自银行系的耐心资本为科创领域注入活水，助力科创企业跨越初创周期，实现茁壮成长？ 金融资产投资公司的扩容，又将为银行参与股权投资带来哪些新的发展契机？今年以来，一系列金融新 政的陆续落地，为科创企业"解近渴""纾远忧"带来了更多的解决方案。 信贷加力"解近渴" 当前，我国银行业支持科创企业的模式主要包括信贷支持、股权直投、投贷联动三种方式，在以间接融 资为主的融资结构之下，信贷支持一直是银行机构服务科创企业的主要方式。 在中国人民银行等金融管理部门的引 ...

浙江材华科技是国内第一家专业从事大分子着色剂研发和推广的创新型科技公司。通过"越青贷"，兴业 银行（601166）绍兴分行为企业提供了600万元创业贷款，为绍兴纺织业绿色转型注入科技实力。 "这笔钱就像'空中加油'，让我们顺利闯过初创期。"苏州鹏泰航空工业有限公司负责人赵萌感慨道。 2024年5月，德国TENSOR AG公司的旋翼飞行器项目落户苏州，在项目落地初期，外资企业对中国市 场规则不熟悉，母公司注资需分阶段到位，资金链面临"时间差"。"我们急需一笔过渡资金完成研发中 心建设，但跨境股权架构增加了融资方案的设计难度。"赵萌说，建设银行（601939）苏州分行创新"科 技招商贷"，将贷款发放与境外投资款到位进度动态挂钩，为企业批复1000万元信用额度。 科技创新需要金融服务护航。近日，科技部、中国人民银行等七部门联合发布《加快构建科技金融体制 有力支撑高水平科技自立自强的若干政策举措》，推出15项科技金融政策举措，为科技创新提供全生命 周期、全链条的金融服务。 书写科技金融大文章笔墨正酣，如何提升金融服务的精准性和有效性，进一步为科技创新保驾护航？商 业银行积极破题，助力打通科技创新资金链，以金融力量激发 ...

大行五年期定期存款利率已低于一线城市商品房租金房价比 金十数据5月20日讯，中国银行、工商银行、建设银行等国有大行于5月20日下调人民币存款利率，其中 三年期和五年期均下调25个基点，分别至1.25%和1.3%。记者从中指研究院获取的最新数据显示，2025 年4月，北上广深四个一线城市租金房价比分别为1.49%、1.68%、1.63%、1.49%。租金房价比主要是衡 量租金收益的重要指标。 （21财经） ...

5月20日早盘，中证A500指数小幅高开，截至9：44，涨0.24%，热门ETF中，A500ETF基金 （512050）盘中成交额快速突破1.5亿元，位居同类前列。持仓股中，华海药业、泰格医药等医药股领 涨。 资金流向看，近10个交易日，A500ETF基金（512050）获得资金净流入5.8亿元。 消息面上，5月20日，备受市场关注的5月LPR报价出炉，5年期和1年期利率均下调10BP。5月20日 周二，中国人民银行授权全国银行间同业拆借中心公布，中国1年期贷款市场报价利率（LPR）最新报 3.00%，上次为3.10%；5年期LPR报3.50%，上次为3.60%。此外，工商银行、农业银行、中国银行、建 设银行四大国有行均发布消息，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%。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立， ...

Market Overview - The Shanghai Composite Index closed at 3367.58 points, while the Shenzhen Component Index fell by 0.08% to 10171.09 points, and the ChiNext Index decreased by 0.33% to 2032.76 points. The total trading volume across the Shanghai, Shenzhen, and North exchanges was approximately 111.91 billion yuan, consistent with the previous day [1] Cement Industry - The cement industry is projected to incur a total profit loss of 1 billion yuan in the first half of 2024. However, as the year progresses, the industry is expected to see a recovery in cement prices, with average prices forecasted at 390 yuan/ton in Q3 and 424 yuan/ton in Q4, reflecting increases of 15 yuan/ton and 34 yuan/ton respectively. This price recovery is anticipated to significantly improve the profitability of cement companies [2] Liquid Crystal Elastomers (LCEs) - Liquid crystal elastomers are gaining traction due to their unique deformation capabilities and reversibility, finding applications in actuators, sensors, and artificial muscles. Recent research indicates that the performance of LCEs has reached or surpassed that of biological muscles, with properties such as density and Young's modulus comparable to muscle fibers. The ongoing advancements in LCE technology are expected to drive growth in the liquid crystal industry [3] Tungsten Market - Tungsten is recognized as a critical strategic resource, with its price rising to 161,000 yuan/ton, the highest since 2013, due to supply constraints and supportive policies. The demand for tungsten, particularly in hard alloys used for cutting tools, is expected to improve significantly, driven by the recovery in downstream industries such as machinery and aerospace. Additionally, China's export controls on tungsten are likely to enhance its strategic importance in the global market [4] Banking Sector - Several banks, including China Construction Bank and Industrial and Commercial Bank of China, have announced reductions in deposit rates, with the most significant cuts being 25 basis points for three-year and five-year fixed deposits [6] Technology Services - A new initiative by nine government departments aims to accelerate the high-quality development of the technology services industry, focusing on areas such as research and development, technology transfer, and enterprise incubation. This initiative is expected to promote the integration of advanced technologies and enhance the overall growth of the sector [6] Huawei's New Product Launch - Huawei has launched its first Harmony OS foldable laptop, the MateBook Fold, which features the largest foldable screen in the industry. This marks the official debut of the Harmony operating system on computers [7][8]

Core Viewpoint - The People's Bank of China announced a reduction in the Loan Prime Rate (LPR) by 10 basis points for both the 1-year and 5-year terms, marking a shift after nearly six months of stability, aligning with market expectations and recent monetary policy adjustments [2][6][11]. Summary by Relevant Sections LPR Adjustment - The 1-year LPR is now set at 3.00%, and the 5-year LPR at 3.50%, both down by 10 basis points from previous levels [2][3]. - This is the first LPR adjustment since October 2024, when both terms were reduced by 25 basis points [3][4]. - Cumulatively, the 1-year LPR has decreased by 35 basis points and the 5-year LPR by 60 basis points throughout 2024 [5]. Economic Context - The LPR reduction is a response to the escalation of the US-China trade conflict in April, necessitating stronger counter-cyclical adjustments in macroeconomic policy [6][11]. - Analysts suggest that lowering the LPR will reduce financing costs for businesses and households, stimulating domestic demand to offset external economic slowdowns [6][7]. Impact on Housing Market - The LPR cut is expected to lower mortgage costs, thereby promoting housing consumption [7][8]. - For a typical 1 million yuan mortgage over 30 years, the monthly payment could decrease by 54 yuan, leading to a total repayment reduction of 19,000 yuan [8]. Bank Responses - Major state-owned banks have proactively lowered deposit rates in anticipation of the LPR adjustment, with some rates falling below 1% for the first time [2][12]. - Specific adjustments include a reduction in the 1-year fixed deposit rate to 0.95% and a decrease in the 7-day notice deposit rate to 0.30% [12][13]. Future Outlook - Analysts predict that further LPR reductions may occur later in the year, influenced by ongoing economic conditions and the need for continued support for the housing market [11]. - The current mortgage rates are considered historically low, providing a favorable environment for homebuyers [10].

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、农业银行、中国银行、建设银行、交通银行均发布消息，下调人民币存款利率， 最大降幅25个基点。其中，活期存款利率下调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%；定期整存整取三年期和五年期 均下调25个基点，分别至1.25%和1.30%；定期零存整取、整存零取、存本取息一年期、三年期、五年 期均下跌15个基点，分别为0.65%、0.85%、0.85%；协定存款利率下调10个基点至0.10%；7天期通知存 款利率下调15个基点至0.3%。 当日，邮储银行也对多个期限的人民币存款利率进行了下调。其中，活期存款利率下调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%、0.86%、 0.98%、1.05%；定期整存整取三年期和五年期均下调25个基点，分别至1.25%和1.30%；定期零存整 取、整存零取、存本取息一年期、三年期、五年期均下跌15个基点，分别为0.65%、0.86%、0.86%；协 定存款利率下调10个基点至0.10%；7天期通知存款利率 ...