Core Viewpoint - The simultaneous decrease in both loan and deposit rates on May 20 is a rare occurrence, aimed at reducing financial burdens for businesses and residents while also addressing the impact on banks' net interest margins [1][2][3] Summary by Relevant Sections Interest Rate Changes - The 1-year and 5-year LPRs were both reduced by 10 basis points, with the new rates being 3% and 3.5% respectively [2] - Major state-owned banks and some joint-stock banks lowered deposit rates by 5 to 25 basis points, with 3-year and 5-year rates down by 25 basis points [1][2] Impact on Banks - The average reduction in deposit rates exceeded that of the LPR, indicating a protective measure for banks' net interest margins [3][5] - The net interest margin for commercial banks fell to 1.43% in Q1, below the regulatory acceptable level of 1.8% [3][4] - The recent adjustments are expected to improve banks' net interest margins by approximately 7 basis points, positively impacting revenue and profit by around 3% and 6% respectively [5] Future Outlook - The space for further reductions in deposit rates is limited, and banks are likely to focus on controlling costs through internal adjustments and managing deposit structures [1][7] - There is a risk of deposit outflows if lower rates lead to increased reliance on interbank liabilities, which could counteract the benefits of reduced deposit costs [6][7] - The trend of banks not raising rates on 5-year deposits and increasing minimum thresholds for 3-year deposits indicates a shift in strategy to manage costs [8] Housing Loan Adjustments - Some regions have begun adjusting the lower limits for first-home loan rates in response to the LPR changes, aiming to stabilize actual mortgage rates above 3% [8][9]

资产端贷款利率仍将处于下行通道。 5月20日，一年期及五年期贷款市场报价利率（LPR）年内迎来首次下调，均下调10个基点（BP）。与 此同时，国有大行及招行率先启动年内首次人民币存款利率下调，其中一年期存款首次跌破"1%"。 此次LPR和存款利率的同时下调引发了市场的广泛关注。此前监管数据显示，一季度商业银行净息差已 降至1.43%，处于历史较低水平。在此背景下，银行息差是否会进一步受到压力成为市场焦点。 综合来看，业内人士的看法存在分歧。一部分人士认为，LPR报价下调带动存款利率同步下调，将有助 于缓解商业银行净息差的下行压力；然而，还有部分观点指出，在新一轮降息的推动下，利率中枢整体 继续下移，资产端贷款利率仍将处于下行通道，银行息差仍将面临一定的压力。 房贷利率再下行 LPR下调的直接影响之一是新发放房贷利率的降低。对于购房者来说，这意味着更低的融资成本和更轻 松的还款压力，但对于银行而言，资产端收益可能在一定时期内有所减少。 央行数据显示，今年4月份，全国个人住房新发放贷款加权平均利率约3.1%。据此测算，以一笔100万 元的房贷为例，贷款期限为30年，采用等额本息还款方式，LPR下调前的利率为3.1 ...

5月20日，贷款市场报价利率(LPR)和大型商业银行存款挂牌利率同步下降，进一步推动社会综合融资成 本下降，改善银行负债成本。同一天，1年期和5年期以上LPR均同步下降0.1个百分点，分别降至3.0% 和3.5%；国有大型商业银行和部分股份制银行优化存款挂牌利率，活期存款利率下降0.05个百分点，定 期存款利率下降0.15个至0.25个百分点。 合理的净息差水平既是银行服务实体经济的基础。适度下调存款利率，有利于银行保持相对合理的净息 差水平。此前，因商业银行净息差水平整体偏低，报价行缺乏调整LPR加点的意愿。新一轮存款利率下 调，叠加近日新一轮降准落地，也为报价行缓解净息差压力、下调LPR报价加点创造了空间。 目前，我国由短及长的利率传导机制已逐步理顺，形成较为完整的利率体系。央行通过调整政策利率， 影响货币市场利率和债券市场利率，并影响存贷款利率，进而促进消费和投资，提升社会总需求。 对于存量房贷借款人，5年期以上LPR下降带来的利好有望在下一次贷款重定价日兑现。叠加近日住房 公积金贷款利率下降0.25个百分点，存量房贷借款人利息负担进一步减轻，有利于增强其消费能力，支 持扩大内需。 在LPR下降当天，国 ...

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) indicates that the Hong Kong dollar (HKD) interbank rates are approaching US dollar rates due to market supply and demand, with current conditions showing an oversupply of HKD funds. Future fluctuations in the HKD exchange rate and interest rates are anticipated, and citizens are advised to consider potential risks in their financial decisions [1][4]. Group 1: Market Conditions - The HKD has recently strengthened due to increased capital market activities, particularly from the southbound stock connect, with the Hang Seng Index rising approximately 10% year-to-date and the technology index up 14% [2]. - In early May, the HKMA intervened in the market, buying a total of $16.7 billion USD and selling 129.4 billion HKD, as the HKD exchange rate approached the strong-side convertibility guarantee level of 7.75 HKD to 1 USD [2][3]. Group 2: Interest Rate Dynamics - Following the HKMA's market intervention, the HKD liquidity surged nearly fourfold, increasing from approximately 45 billion HKD to about 174 billion HKD, leading to a significant drop in interbank rates, with the one-month interbank rate falling from an average of 3.65% in April to 0.96% [3]. - The overnight rate also decreased from an average of 3.41% in April to 0.03%, reflecting normal market behavior under the linked exchange rate system [3]. Group 3: Future Outlook - The future trajectory of the HKD exchange rate and interest rates remains uncertain, influenced by factors such as seasonal demand for funds from new stock offerings and dividend distributions, as well as external factors like US Federal Reserve policies and global financial market conditions [4]. - If the oversupply of HKD persists, the market forces from carry trades may weaken the HKD exchange rate, potentially leading to a rise in HKD interbank rates, which could approach US dollar rates [4].

Core Points - The People's Bank of China (PBOC) has lowered the Loan Prime Rate (LPR) for the first time in 2023, with the one-year LPR set at 3.0% and the five-year LPR at 3.5%, both down by 10 basis points [1][2][3] - Major banks have also reduced their deposit rates, with rates for terms of three years and below decreased by 15 basis points, and rates for three years and above reduced by 25 basis points [1][5][6] - The adjustments in LPR and deposit rates are aimed at reducing the cost of liabilities for banks and providing more room for lending to the real economy [1][6][7] Group 1: LPR Adjustment - The LPR was adjusted downwards by 10 basis points, marking the first reduction of the year and the first since October of the previous year [2][3] - The reduction follows a decrease in the seven-day reverse repurchase rate, which serves as a new pricing anchor for the LPR [2][3][7] Group 2: Deposit Rate Changes - Six major banks, including the "Big Six" and China Merchants Bank, collectively announced a reduction in deposit rates, with the largest cuts seen in longer-term deposits [5][6][7] - The new rates for one-year deposits have fallen below 1%, while rates for three-year and above deposits are now below 1.5% [8][9] Group 3: Impact on Banking Sector - The reduction in deposit rates is expected to help stabilize net interest margins for banks, which have already been under pressure due to declining loan yields [6][7][9] - The banking sector is likely to focus more on reducing non-interest costs in the future, as credit costs have already decreased significantly [8][9]

作 者丨唐婧 林秋彤 见习记者李益文 编 辑丨包芳鸣 江佩佩 5月2 0日，最新贷款市场报价利率（LPR）报价出炉。其中，1年期LPR为3%，5年期以上LPR为3 . 5%，均较此前下降1 0个基 点。如以商贷额度1 0 0万元、贷款3 0年、等额本息还款方式计算， 此次LPR下降1 0个基点，月供将减少5 6元，3 0年月供累积 减少2万元 。 民生银行首席经济学家温彬指出，今日（5月2 0日）大行和股份行牵头开启第七轮存款挂牌利率下调， 且本次存款利率下调幅 度大于LPR降幅 。东方金诚宏观团队研究指出， 下调政策利率并引导LPR下行，将带动企业和居民贷款利率更大幅度下调， 降低实体经济融资成本，这是现阶段扩投资、促消费的一个重要发力点。 第七轮存款挂牌利率下调，最大降幅2 5个基点 5月2 0日， 国有大行和头部股份行牵头开启2 0 2 2年9月以来第七轮存款挂牌利率下调。 其中，活期存款利率下调5个基点；定 期整存整取三个月期、半年期、一年期、二年期均下调1 5个基点，三年期和五年期均下调2 5个基点；协定存款利率下调1 0个 基点；7天期通知存款利率下调1 5个基点。 利率调整后， 一年整存整取存款 ...

Group 1 - The six major banks collectively announced a reduction in deposit rates, with cuts ranging from 5 basis points (BP) to 25 BP, while the People's Bank of China (PBOC) lowered the Loan Prime Rate (LPR) by 10 BP for both one-year and five-year terms [1][2] - The reduction in deposit rates is the largest in recent years, with the one-year deposit rate falling below 1% for the first time, potentially leading to a shift of deposits towards non-bank financial institutions [1][6] - According to CICC's static calculations, the impact of the LPR and deposit rate cuts on banks' net interest margin (NIM), revenue, and profit is an increase of 7 BP, 3 BP, and 6 BP respectively, indicating a generally positive effect on banks [2][3] Group 2 - The adjusted interest rates for fixed-term deposits are now 0.95% for one year, 1.05% for two years, 1.25% for three years, and 1.3% for five years, with significant reductions in the longer-term rates [2] - The average reduction in deposit rates is approximately 16 BP, which is greater than the LPR cut, reflecting a protective measure for banks' interest margins [2][3] - The ongoing low interest rate environment is expected to alleviate debt burdens for enterprises and households, stimulate economic activity, and stabilize banks' asset quality, despite causing a significant impact on listed banks' operating income [2][4] Group 3 - The net interest margin for listed banks is projected to decline by 2.20% year-on-year in 2024, marking the second consecutive year of decline, with the average NIM expected to be 1.52% [4][5] - The first quarter of 2025 saw a further decrease in the net interest margin to 1.43%, which is significantly below the 1.8% warning level [4][5] - The trend of funds flowing from banks to non-bank financial institutions is exacerbated by the reduction in deposit rates, with a notable increase in bank liabilities to other financial companies [6]

证券研究报告 固收视角 如何理解本轮存款和 LPR 下调? 华泰研究 本轮 LPR和存款利率下调是 5月降息政策的延续,此前已有预告。5月7日,夹行宣布降准降息,与此同时潘切胜行 长表示"(降息)预计将带动 LPR下行约 0.1 个百分点，同时我们也将通过利率自律机制引导商业银行相应下调存款利 率。"目前 LPR 报价挂钩 OMO,存款利率则是参考 LPR 和十年国债利率,由银行市场化调整。政策利率带动存款和 LPR 下调是近两年降息的惯例形式，属于预期之内。值得注意的是、本次存款利率罕见地选择与 LPR 同日调整，意在 缓解银行息差压力。 幅度上，本次大行３年、5年定期存款利率下调幅度与上次（去年 10月）保持一致，其他期限降幅低于上次，总体下 铜幅度略超预期，主要源于商业银行面临较大的净息差和经营压力。继去年四季度银行净息差降至 1.52%后，今年一 李度,银行净息差进一步降至 1.43%。与此同时,一季度银行不良贷款率为 1.51%，已经高于净息差水平。考虑到后 续低利率环境还将持续,银行负债端需要较大幅度下调,以稳定净息差,更好支持实体融资需求。 货款方面,本次１年期 LPR 和 5 年期 LPR 均 ...

以北京地区为例，当前北京地区银行执行的是首套房贷商贷利率为LPR减45个基点，结合最新LPR报价 来看，即3.05%；购买二套住房位于五环内的，商贷利率下限为LPR减5个基点，即3.45%；购买二套住 房位于五环外的，商贷利率下限为LPR减25个基点，即3.25%。 降息落地！事关数亿人的房贷成本，又将迎来下调。 5月20日，最新一期贷款市场报价利率（LPR）出炉，1年期和5年期以上LPR双双下降10个基点，其 中，1年期LPR降至3%，5年期以上LPR降至3.5%。 值得一提的是，这是LPR年内首降。其中，5年期LPR下调也关乎所有购房者的月供，随着下调，北京 首套房贷利率再度创下最低纪录。据北京商报记者测算，在北京地区，对于100万元贷款本金、30年 期、等额本息的个人按揭贷款而言，政策前后对比，其中月供额减少54元，总还款额（本金+利息）减 少1.96万元，具体到单月上，月供还款金额减少54元。 百万房贷立省近2万元 一如市场预期，在央行重磅预告后，LPR如期按下"下调键"。而其中引发全民关注的是，此次5年期 LPR的下调也将为购房者们省下一笔不小的支出。 值得一提的是，这也是自LPR捆绑房贷利率以来， ...

对于本次LPR下降的原因，东方金诚首席宏观分析师王青认为，根本原因是4月中美关税战骤然升级，外部环境发生急剧变化。这意味着当前宏观政策需要 加大逆周期调节力度，通过扩大内需对冲外需放缓，稳定经济运行。 在"降息"信号释放后，5月20日，贷款市场报价利率（LPR）降息如期到来。 1年期LPR和5年期以上LPR分别下调10个基点，分别为3.0%、3.5%。这是自2024年10月以来，时隔7个月LPR再度降息。 LPR下降后，不仅企业的贷款利率会同步下降，个人的房贷利率、信用贷款等利率或将同步下降。以100万住房按揭贷款为例，30年的还款期内，等额本息 的还款方式，LPR降息10个基点将使购房人少还利息约2万元，每月房贷少还约56元。 在LPR降息的同日，4家国有大行以及招行等股份行宣布下调存款利率，1年期定期存款利率跌破1%，下降至0.95%。 部分股份行还未跟进下调存款利率。"降息来袭，快来锁定存款利率。"有股份行零售业务人士打算在存款降息之前希望再招揽一批储户的存款。也有储户感 叹道："活期利率太低了，已经降到年化0.05%了。" 时隔7个月再降息 对于此次降息，市场已有充分预期。 2025年5月7日，中国人 ...