Core Viewpoint - The Loan Prime Rate (LPR) for June remains unchanged, with the 1-year LPR at 3.00% and the 5-year LPR at 3.50%, aligning with market expectations [2][4][12]. Summary by Relevant Sections LPR Stability - The stability of the LPR is attributed to the recent policy rate cuts by the central bank and the unchanged 7-day reverse repurchase rate at 1.40% [4][12]. - The current LPR levels are seen as adequate for both corporate and personal loan rates, which are already low [7][12]. Banking Sector Insights - Commercial banks are facing pressure on net interest margins, which have decreased to 1.43%, down 9 basis points from the previous quarter, limiting their ability to lower LPR further [7][10]. - The focus for banks is on managing liability costs and optimizing asset structures to stabilize margins [10]. Economic Context and Future Outlook - The economic environment suggests that there is no immediate need for further monetary policy easing, with expectations that LPR will remain stable in the short term [9][12]. - The central bank's monetary policy aims to balance supporting the real economy while maintaining the health of the banking system, indicating a multi-faceted approach to monetary policy [9][12]. Financing Costs and Policy Measures - The current financing costs for enterprises and residents have significantly decreased, with "expensive financing" no longer being a primary concern [12]. - Future efforts to reduce overall financing costs may focus on lowering non-interest costs such as collateral and service fees rather than solely relying on LPR adjustments [12]. Potential Policy Changes - There is speculation about potential incremental policy measures in the second half of the year, particularly in response to economic conditions and external pressures [15][16]. - The introduction of new policy financial tools is anticipated to stimulate investment, with estimates suggesting that such measures could leverage significant amounts of credit demand [16].

Core Viewpoint - The People's Bank of China (PBOC) has maintained the Loan Prime Rate (LPR) for both 1-year and 5-year terms at 3.0% and 3.5% respectively, as of June 20, 2025, which aligns with market expectations following a previous decrease in May [1][3]. Group 1 - The LPR remained stable after a 10 basis point decrease in May, which was anticipated by market participants [3]. - Experts suggest that the PBOC's previous policy rate cuts will lead to a more significant reduction in loan rates for businesses and individuals, thereby lowering financing costs for the real economy [4]. - In May, the weighted average interest rate for new corporate loans was approximately 3.2%, down about 50 basis points year-on-year, while the rate for new personal housing loans was around 3.1%, down about 55 basis points year-on-year [4]. Group 2 - Analysts believe there is still potential for further LPR declines, but caution against overly optimistic expectations regarding the pace and magnitude of future rate changes [4]. - The external environment remains uncertain, and domestic growth stabilization policies should not be relaxed, indicating that the central bank may continue to lower interest rates in the second half of the year [4].

来源：中国人民银行 突发！"伊朗首都德黑兰传出巨大爆炸声"，内塔尼亚胡最新发声！白宫：特朗普将作决定 6月20日，中国人民银行授权全国银行间同业拆借中心公布，2025年6月20日贷款市场报价利率（LPR）为： 1年期LPR为 3.0%（上次为3.0%）， 5年期以上LPR为3.5%（上次为3.5%）。以上LPR在下一次发布LPR之前有效。 | | | | 中国人民银行 THE PEOPLE'S BANK OF CHINA | | 货币政策司 Monetary Policy Department | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 信息公开 | 新闻发布 | 業事業部 | 货币政策 | 宏观甲慎 | 信贷政策 | 金融市场 | 金融稳定 | 调查绞计 | 银行会计 | 支付体系 | | | 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 | 反洗钱 | 党建工作 | | | 服务互动 | 政务公开 | 政策解读 | 公告信息 | 图文直播 | ...

6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3.5%。1年期LPR为3%， 上月为3%。 ...

6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3.5%。1年期LPR为3%，上月 为3%。 ...

中国6月五年期贷款市场报价利率(LPR) 3.5%，前值 3.5%。 ...

中国6月一年期贷款市场报价利率(LPR) 3%，前值 3%。 ...

Group 1: Report Investment Rating - The report does not explicitly provide an industry investment rating Group 2: Core Viewpoints - The downstream demand for iron ore has reached a phased peak, and it is expected to fluctuate weakly [1] - The trend strength of iron ore is -1, indicating a bearish outlook [1] Group 3: Summary by Key Sections Fundamental Tracking - **Futures Data**: The closing price of iron ore futures was 718.0 yuan/ton, down 9.0 yuan/ton or -1.24%. The position of I2509 was 750,172 hands, a decrease of 6,175 hands [1] - **Spot Prices**: Imported ore prices such as Carajás fines (65%) decreased, while domestic ore prices in some areas remained unchanged. For example, Carajás fines dropped from 850.0 to 845.0 yuan/ton [1] - **Basis and Spreads**: The basis of I2505 against Super Special and Jinbuba increased, while some spreads such as Carajás fines - PB decreased slightly [1] Macro and Industry News - On May 20, the 5 - year LPR dropped from 3.6% to 3.5%, and the 1 - year LPR dropped from 3.1% to 3.0% [1]

关 注 我 们 获 取 更 多 资 讯 业 务 咨 询 添 加 客 服 瑞达期货研究院 「2025.05.23」 焦炭市场周报 提降落地情绪偏弱，煤矿累库压制价格 研究员：徐玉花 期货从业资格号F03132080 期货投资咨询从业证书号 Z0021386 目录 1、周度要点小结 2、期现市场 3、产业链情况 「 周度要点小结2」 行情回顾及展望 3 来源：瑞达期货研究院 1. 宏观方面，1-4月份，中国粗钢累计产量34535万吨，同比增长0.4%；根据发改委消息，今年城市更新专项中央预算内投资计 划将于6月底前下达；5月贷款市场报价利率（LPR）报价出炉，5年期和1年期利率均下调10个基点；4月中国钢筋产量为 1730.0万吨，同比增长5.9%；1-4月累计产量为6538.5万吨，同比下降0.9%。 2. 海外方面，特朗普宣布投千亿美元打造导弹防御系统；美国30年期国债收益率一度飙升至5.1%，逼近二十年来的高点，这表明 投资者对特朗普的减税计划表示反对，对财政赤字的担忧也开始对股市产生越来越大的压力。 3. 供需方面，短期供应弹性好于焦煤，铁水产量高位回落。利润方面，本期全国30家独立焦化厂平均吨焦亏损15 ...

Regulatory Updates - The Loan Prime Rate (LPR) was lowered for the first time in 2025, with both the 1-year and 5-year LPRs reduced by 10 basis points to 3.00% and 3.50% respectively [1] - A joint initiative by eight regulatory bodies, including the Financial Regulatory Bureau and the People's Bank of China, introduced measures to support financing for small and micro enterprises, focusing on increasing financing supply and reducing costs [2] Banking Sector Performance - In Q1 2025, the net interest margin of commercial banks narrowed to 1.43%, a decrease of 9 basis points from the previous quarter, while the non-performing loan ratio slightly increased to 1.51% [3] - A total of 18 national banks implemented a new round of deposit rate cuts, with significant reductions across various terms, including a drop in the 3-month deposit rate from 0.8% to 0.65% [4] - The A-share banking sector market capitalization surpassed 10 trillion yuan, with the China Securities Bank Index reaching a high of 7751.80 points, supported by high dividends and low valuations [5] Corporate Developments - Ping An Life announced it has acquired a 10% stake in Agricultural Bank of China H-shares, triggering a mandatory disclosure under Hong Kong regulations [6] - Shanghai Bank elected Gu Jianzhong as the chairman of its sixth board of directors [7] - Wang Ming was appointed as the deputy secretary of the Party Committee at Shanghai Rural Commercial Bank, with expectations to become the bank's president [8] - Changsha Bank completed its board of directors' election, with Zhao Xiaozhong re-elected as chairman [10] - Huaxia Bank received approval for Yang Shujian's qualifications as chairman and director [11] Legal and Compliance Issues - The former vice president of China Construction Bank, Zhang Gengsheng, was arrested on charges of bribery and illegal loan issuance, with the case currently under further investigation [12]