银行压力或得缓解，资金抢筹，金融ETF（510230）涨超1%，连续5日净流入

Core Viewpoint - The downward trend in loan interest rates is expected to slow significantly by 2025, with limited reductions anticipated across various types of loans [1] Group 1: Loan Interest Rates - Current loan interest rates are approaching 3%, leading to thin actual returns on loan business after accounting for costs such as funding, taxes, capital occupation, and credit risk [1] - Despite easing pressure on funding costs, the continuous exposure of bad debt is raising credit costs [1] - The central bank's monetary policy remains accommodative but focuses more on protecting bank interest margins, with regulatory self-discipline on loan pricing still in place [1] Group 2: Banking Sector Outlook - The weakening of the credit supply-demand balance suggests that the phenomenon of interest margin compression may ease [1] - A significant decline in loan interest rates could negatively impact the operational stability of commercial banks [1] - Overall, the slowing down of loan interest rate reductions is expected to alleviate pressure on bank interest margins, leading to a potential stabilization in bank performance [1] Group 3: Financial ETFs - The Financial ETF (code: 510230) tracks the 180 Financial Index (code: 000018), which is compiled by China Securities Index Co., Ltd., selecting the top 180 financial industry listed companies based on average total market capitalization from the Shanghai and Shenzhen markets [1] - Investors without stock accounts may consider the Guotai CSI 180 Financial ETF Connect C (014994) and Guotai CSI 180 Financial ETF Connect A (020021) [1]