【银行】一轮“稳息差”的降息——银行LPR报价利率下降与存款挂牌利率下调点评（王一峰/赵晨阳）

Core Viewpoint - The central theme of the article revolves around the recent monetary policy adjustments by the central bank, including interest rate cuts and reserve requirement ratio reductions, aimed at stabilizing economic growth and restoring total demand in the face of external uncertainties and economic pressures [2][3]. Group 1: Monetary Policy Impact - Since May 7, the central bank has implemented a series of financial policies, including rate cuts, to create a favorable monetary environment for economic recovery [2]. - The recent interest rate cuts are part of a broader strategy to balance support for the real economy while ensuring the stability of the banking sector amid narrowing net interest margins (NIM) [3]. Group 2: Interest Margin Projections - The comprehensive impact of the recent rate adjustments is expected to improve the net interest margin (NIM) of listed banks by 1.6 basis points in 2025, leading to a 1.1 percentage point increase in annual revenue growth [4]. - However, in 2026, the NIM is projected to decrease by 0.4 basis points, resulting in a 0.2 percentage point decline in annual revenue growth [4]. Group 3: Future Challenges - The article highlights potential challenges for the banking sector, including renewed pressures from deposit "disintermediation" and the timing of government bond supply, which could affect liquidity in the market [5]. - There are concerns regarding the influence of various interest rate mechanisms on liquidity and the likelihood of further monetary policy tightening in the near term [5].