责编：王璐璐 校 对：杨舒欣 百万用户都在看 刚刚！外围，突传重磅消息！ 突发！A股公司董事长，被留置！ 外资股东大动作！大牛股，突发公告！ 突传利好！特斯拉，大消息！ 突然！尾盘，多只牛股异动！发生了什么？ 违法和不良信息举报电话：0755-83514034 中国人民银行授权全国银行间同业拆借中心公布，2025年9月22日贷款市场报价利率（LPR）为：1年期LPR为 3.0%，5年期以上LPR为3.5%。以上LPR在下一次发布LPR之前有效。 邮箱：bwb@stcn.com 来源：央行 看券商中国 知天下财经 券中社 券 商 中 国 × 券 中 社 扫 码 下 载 券 中 社 A P P 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 券中社APP 弊中社 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权, 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 ...

央视网消息：中国人民银行授权全国银行间同业拆借中心公布，2025年9月22日贷款市场报价利率 （LPR）为：1年期LPR为3.0%，5年期以上LPR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 | 法律法规 | 货币政策 | 宏观审慎 | 信贷政策 | 金融市场 | 金融稳定 | 调查统计 | 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 | 央行研究 | 音频视频 | 市场动态 | 网上展厅 | 报告下载 | | 报刊年鉴 | | 网送文告 | | 办事大厅 | 在线申报 | 下载中心 | 网上调查 | 意见征集 | 金融知识 | 关于我们 | | | | | 首页 LPR | 2025年9月22日 星期一 | 我的位置:首页 > | > 货币政策司 ...

Core Viewpoint - The Loan Prime Rate (LPR) in China has remained unchanged for four consecutive months, with the one-year LPR at 3.00% and the five-year LPR at 3.50%, reflecting market expectations [1] Group 1: LPR Stability - The LPR has not changed since its last adjustment in May, where it was reduced by 10 basis points for both one-year and five-year rates [1] - The stability of the LPR is attributed to the unchanged seven-day reverse repurchase rate, which serves as the pricing basis for LPR [1] Group 2: Loan Rates - The average interest rate for newly issued corporate loans in August was 1%, which is 40 basis points lower than the same period last year [1] - The average interest rate for new personal housing loans was 3.1%, down approximately 25 basis points year-on-year [1] Group 3: LPR Calculation - The LPR is determined by quoting banks based on the open market operation rate, specifically the seven-day reverse repurchase rate, and is calculated by the National Interbank Funding Center [1] - Currently, the LPR consists of two types: one-year and five-year rates [1]

格隆汇9月22日｜中国央行周一将发布9月贷款市场报价利率（LPR）。外媒调查显示，尽管本周美联储 如预期降息，但是中国央行仍坚持"以我为主"，LPR锚定的政策利率--七天逆回购操作利率持稳，料9月 LPR亦将继续按兵不动。受访人士指出，继续降准降息的必要性并不强，LPR调降时机仍未到。 来源：格隆汇APP ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - This week, the coking coal prices in the domestic market fluctuated. The seventh round of coke price increase was fully implemented, strengthening cost support. However, due to policy regulation and insufficient downstream demand, the futures prices were under pressure. The current market pricing logic is gradually returning to fundamental factors. The supply is slightly recovering, but still affected by disruptions. The demand is supported by the rigid needs and low inventories of coking enterprises. The supply - demand contradiction is not prominent for the time being. It is recommended to mainly conduct range - bound operations for single - side trading, and to mainly stay on the sidelines for inter - period arbitrage and coking profit trading [2][4][30] 3. Summary by Relevant Catalogs 3.1 This Week's Market Review - The coking coal prices in the domestic market fluctuated this week. The seventh round of coke price increase was fully implemented, enhancing cost support. But due to policy regulation and insufficient downstream demand follow - up, the futures prices were under pressure [2][4] 3.2 Macroeconomic and Industrial News - On August 22, Premier Li Qiang chaired an executive meeting of the State Council, emphasizing further strengthening of fiscal, tax, and financial policy support for large - scale equipment renewal and consumer goods trade - in policies [6] - The August Loan Prime Rate (LPR) remained unchanged for the third consecutive month, with the 1 - year LPR at 3.0% and the over - 5 - year LPR at 3.5% [6] - The US Department of Commerce included 407 product categories in the steel and aluminum tariff list, with a 50% applicable tax rate [6] - In July, the national passenger car manufacturers' wholesale volume reached 2.22 million, a year - on - year increase of 13% and a month - on - month decrease of 11%. From January to July, the cumulative wholesale volume was 15.5 million, a year - on - year increase of 12.4% [7] - From August 11 - 17, 2025, the total iron ore inventory at seven major ports in Australia and Brazil was 13.037 million tons, a decrease of 178,000 tons compared to the previous period [7] - In July 2025, the iron ore exports from Port Hedland in Australia decreased to 4.59693 million tons, lithium spodumene concentrate exports decreased to 11,965 tons, and manganese ore exports increased to 18,160 tons [7] 3.3 Fundamental Analysis - On the production side, some coal mines had production stoppages or reductions due to their own underground reasons, while most maintained normal production. Due to weakened downstream demand and a slower procurement pace, coal washing plants and traders became more cautious in procurement, and market trading activity declined [2] - On the demand side, after the seventh round of coke price increase, steel mills had high production enthusiasm due to profit support. The steel mill segment showed a structure of "high production, weak inventory reduction, and strong expectations". Coke prices were supported by demand resilience, but the pressure of steel inventory accumulation and potential production restriction policies would limit their upward space [2] 3.4 Market Outlook and Investment Strategies - On the supply side, some coal mines that had stopped or reduced production resumed operations, but there were still new production stoppages and reductions in some areas. The average daily customs clearance at the Ganqimaodu Port increased by 239 vehicles to 1,263 vehicles [30] - On the demand side, coke production increased slightly, but coking enterprises maintained a demand - based procurement strategy, and upstream coal mines began to accumulate a small amount of inventory [30] - Overall, the supply recovery was limited due to continuous disruptions, and the demand was supported by the rigid needs and low inventories of coking enterprises. The supply - demand contradiction was not prominent. It was recommended to mainly conduct range - bound operations for single - side trading, and to mainly stay on the sidelines for inter - period arbitrage and coking profit trading [30]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On August 21, the SM2601 contract was reported at 5838, down 0.10%. The spot price of Inner Mongolia silicon - manganese was reported at 5750, down 20 yuan/ton. The market should be treated as oscillating, and investors should pay attention to risk control [2]. - On August 21, the SF2511 contract was reported at 5638, up 0.21%. The spot price of Ningxia ferrosilicon was reported at 5510. The market should be treated as oscillating, and investors should pay attention to risk control [2]. 3. Summary by Related Catalogs 3.1 Futures Market - SM主力合约收盘价 was 5,838.00 yuan/ton, up 2.00 yuan; SF主力合约收盘价 was 5,638.00 yuan/ton, up 16.00 yuan [2]. - SM期货合约持仓量 was 589,774.00 hands, down 7005.00 hands; SF期货合约持仓量 was 453,095.00 hands, up 716.00 hands [2]. - The net position of the top 20 in SM was - 80,936.00 hands, up 676.00 hands; the net position of the top 20 in SF was - 35,845.00 hands, up 746.00 hands [2]. - The SM1 - 9 month contract spread was 92.00 yuan/ton, up 12.00 yuan; the SF1 - 9 month contract spread was 160.00 yuan/ton, up 6.00 yuan [2]. - SM仓单 was 71,820.00 sheets, down 1228.00 sheets; SF仓单 was 20,202.00 sheets, down 395.00 sheets [2]. 3.2 Spot Market - The price of Inner Mongolia manganese - silicon FeMn68Si18 was 5,750.00 yuan/ton, down 20.00 yuan; the price of Inner Mongolia ferrosilicon FeSi75 - B was 5,590.00 yuan/ton, unchanged [2]. - The price of Guizhou manganese - silicon FeMn68Si18 was 5850.00 yuan/ton, unchanged; the price of Qinghai ferrosilicon FeSi75 - B was 5,420.00 yuan/ton, unchanged [2]. - The price of Yunnan manganese - silicon FeMn68Si18 was 5,850.00 yuan/ton, unchanged; the price of Ningxia ferrosilicon FeSi75 - B was 5,510.00 yuan/ton, unchanged [2]. - The SM index average was 5870.00 yuan/ton, up 37.00 yuan; the SF主力合约基差 was - 128.00 yuan/ton, down 16.00 yuan [2]. - The SM主力合约基差 was - 88.00 yuan/ton, down 22.00 yuan [2]. 3.3 Upstream Situation - The price of South African ore: Mn38 block: Tianjin Port was 34.00 yuan/ton - degree, unchanged; the price of silica (98% Northwest) was 210.00 yuan/ton, unchanged [2]. - The price of Inner Mongolia Wuhai secondary metallurgical coke was 1150.00 yuan/ton, unchanged; the price of semi - coke (medium material, Shenmu) was 680.00 yuan/ton, unchanged [2]. - The manganese ore port inventory was 446.60 million tons, down 2.30 million tons [2]. 3.4 Industry Situation - The SM enterprise operating rate was 45.75%, up 2.32%; the SF enterprise operating rate was 36.18%, up 1.86% [2]. - The SM supply was 207,060.00 tons, up 11235.00 tons; the SF supply was 112,900.00 tons, up 3800.00 tons [2]. - The SM manufacturer inventory was 158,800.00 tons, down 2700.00 tons; the SF manufacturer inventory was 65,180.00 tons, down 6590.00 tons [2]. - The SM national steel mill inventory was 14.24 days, down 1.25 days; the SF national steel mill inventory was 14.25 days, down 1.13 days [2]. - The demand for SM in five major steel types was 125382.00 tons, up 182.00 tons; the demand for SF in five major steel types was 20313.96 tons, up 47.66 tons [2]. 3.5 Downstream Situation - The blast furnace operating rate of 247 steel mills was 83.57%, down 0.20%; the blast furnace capacity utilization rate of 247 steel mills was 90.24%, up 0.17% [2]. - The crude steel output was 7965.82 million tons, down 352.58 million tons [2]. 3.6 Industry News - On August 21, the 1 - year LPR was 3.0%, and the 5 - year LPR was 3.5% [2]. - The US Treasury Secretary said the US and China had a "very good dialogue" on economic and trade issues and expected another meeting before November [2]. - The July Fed meeting minutes showed that almost all policymakers supported not cutting interest rates, with only two opposing. Most thought the risk of rising inflation was higher than the risk of falling employment [2]. - This week, the capacity utilization rate of 314 independent coal washing plants was 36.1%, down 0.46% month - on - month; the daily output of clean coal was 25.7 million tons, down 0.7 million tons; the clean coal inventory was 294.8 million tons, down 2.2 million tons [2]. 3.7 Profit Situation - For SM, the Inner Mongolia spot profit was - 80 yuan/ton, and the Ningxia spot profit was - 340 yuan/ton [2]. - For SF, the Inner Mongolia spot profit was - 185 yuan/ton, and the Ningxia spot profit was - 60 yuan/ton [2]. 3.8 Market Situation - In August, the steel mill procurement tender price for SM increased by 150 yuan/ton month - on - month; for SF, it increased by 100 yuan/ton month - on - month [2].

Macro News - The Loan Prime Rate (LPR) remains unchanged for August, with the 1-year LPR at 3.00% and the 5-year LPR at 3.50%, consistent with the previous month [1] Taxation and Compliance - The State Taxation Administration announced that relevant platform enterprises have submitted basic information as required by the "Internet Platform Enterprises Tax Information Reporting Regulations" [2] - For those platform enterprises that have not yet submitted their basic information, the taxation department will conduct promotional guidance and reminders [2] Shanghai Pudong Development - Shanghai Pudong aims to cultivate 400 overseas pioneer enterprises and 100 overseas enterprise headquarters by the end of the 14th Five-Year Plan [3][5] - A comprehensive service center for enterprises "going out" has been established, integrating 11 council units and 72 strategic partners to support high-quality development of domestic enterprises abroad [5] - The construction of the Eastern Hub International Business Cooperation Zone is progressing, with management measures completed and functional supporting facilities being accelerated [5]

Core Viewpoint - The People's Bank of China (PBOC) is actively managing monetary policy tools, including the Loan Prime Rate (LPR), to influence economic conditions and support growth [1]. Group 1: Monetary Policy - The PBOC is focused on adjusting the LPR as a key monetary policy tool to guide lending rates and stimulate economic activity [1]. - The central bank aims to maintain a stable financial environment while addressing inflation and supporting economic recovery [1]. Group 2: Financial Stability - The PBOC emphasizes the importance of financial stability in its policy framework, ensuring that monetary measures do not lead to excessive risk-taking in the financial system [1]. - The central bank is monitoring macroeconomic indicators closely to make informed decisions regarding interest rates and other monetary policies [1].

Core Viewpoint - The Loan Prime Rate (LPR) in China remains unchanged as of August 20, 2025, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5% [1]. Summary by Relevant Sections - **Monetary Policy**: The People's Bank of China has announced that the LPR rates have not changed from the previous month, indicating a stable monetary policy environment [1][2]. - **Financial Market**: The announcement of the unchanged LPR is significant for the financial market as it reflects the central bank's stance on interest rates and economic conditions [1][2].