以下是本期直播主要内容。 近期，多家银行的股价创出历史新高，而"高股息"、"低估值"等标签的加持，更让市场始终对这一板块保 持高度关注。本期直播，我们邀请基金经理冷雪源做客直播间，并就投资者关心的银行板块问题予以解 答。 提问 有投资者问，上周五银行出现大幅调整，这次调整会持续一段时间，还是一次性的？ 冷雪源 季末或某一天行业股价的大幅波动，是由很多因素造成的，除了基本面发生突发事件，也有可能 是因为在季度末，一些资金出于配置需求或财务考核等问题，会做一些仓位调整。这些调整最终反映在某 日股价变动上。 在6月末，类似保险或公募基金这种大资金，可能进行了调仓，导致（季末）最后两天银行股价出现比较 大幅度的调整。这都是很短期的因素，所以本周银行股价基本回到了近期相对平稳的位置。季末调整属于 短期影响。 提问 所以还会涨吗？ 冷雪源 涨跌我们无法判断，股价始终还是受基本面影响波动，这也是我们做价值投资最底层的价值观。 提问 为什么银行的ROE都非常高，但是PB却很低，而且长期很低？ 冷雪源 银行的模式承担了信用派生功能，所以它天生就是高杠杆行业。我国通过资本充足率方式约束了 整个银行的杠杆水平，所以银行的ROA其实 ...

7月3日，市政府新闻办公室召开"郑州市支持加快科技金融发展若干政策新闻发布会"，对郑州市政 府、中国人民银行河南省分行日前联合印发的《郑州市支持加快科技金融发展若干政策》出台有关背 景、核心内容及落地实施路径等进行全面阐释。 18项举措谋篇布局 助力科技金融发展 金融生态环境优化包括"提高区域科技创新能力""建立科技型企业培育库""健全完善风险补偿机 制""建立科技金融工作评估闭环机制"等4项举措。 "创新积分制"疏通金融赋能"主动脉" 科技创新离不开金融的支持。为实现科技和金融的双向奔赴，郑州将以"创新积分制"为突破，疏通 金融赋能"主动脉"。 目前，郑州市正对全市1.5万家高新技术企业、专精特新企业等开展创新积分评级，通过量化指标 精准刻画企业创新"画像"。下一步，郑州将建立高积分企业"白名单"库，定期推送至金融机构，推 动"创新积分贷"等产品精准滴灌，实现"技术流"向"资金流"的高效转化，切实破解企业融资难题。 同时，以政府基金为杠杆，撬动社会资本"投早投小投科技"；依托郑州市基金集聚区，打造"郑创 投"品牌活动，搭建"基金+项目"对接平台；郑科贷业务通过"郑好融"平台透出服务，建立了"投贷联 动"工作 ...

Group 1 - Vanke's major shareholder, Shenzhen Metro Group, plans to provide a loan of 6.249 billion yuan to Vanke for repaying due public debts, bringing the total loans from Shenzhen Metro to 21.8 billion yuan [1] - The loan has a term of three years with a low interest rate of 2.34%, and Shenzhen Metro has agreed to extend an existing loan of 890 million yuan until December 31, 2025 [1] - This loan is expected to alleviate Vanke's debt pressure, enhance financial stability, and optimize its debt structure, positively impacting business operations [1] Group 2 - Shanghai is set to bundle and transfer two land parcels in Xuhui District for a total price of 43.95 billion yuan, marking a national record [2] - The two parcels include 90% stakes in Shanghai Xinbai'an Economic Development Co., Ltd. and Shanghai Xindongan Enterprise Development Co., Ltd., both held by Shanghai Xuhui Urban Construction Investment Group [2] - This move indicates a new phase in regional development, presenting significant project opportunities for companies that successfully acquire development rights [2] Group 3 - China Energy Construction Corporation won a residential land parcel in Chengdu's Jinniu District for 1.402 billion yuan, with a floor price of 20,200 yuan per square meter and a premium rate of 23.9% [3] - The company also acquired an adjacent land parcel shortly before, indicating a strategic expansion of its land reserves in the area [3] - The acquisition of nearly 93.5 acres of residential land is expected to enhance the company's project development and brand presence [3] Group 4 - Xinda Real Estate announced that Xinda Kunze (Tianjin) Asset Renovation Investment Partnership will provide up to 240 million yuan in funding support for its asset renovation projects, with a term of seven years at a 5% annual interest rate [4] - This funding is aimed at bolstering Xinda's financial resources and alleviating funding pressures for ongoing projects [4] - The transaction is classified as a related party transaction but does not constitute a major asset restructuring [4] Group 5 - Nearly 20 cities have introduced or optimized housing loan policies this year, focusing on lowering loan thresholds, increasing loan limits, and expanding usage scenarios [5] - These policies aim to ease the financial burden on homebuyers, thereby stimulating consumer demand and potentially boosting housing sales [5] - The adjustments are expected to enhance market transaction activity and restore confidence in the real estate sector [5]

作 者丨吴抒颖 编 辑丨黄剑 图 源丨21世纪经济报道 7月2日，广州住房公积金管理中心发布关于公开征求 《广州商业性个人住房贷款转住房公积 金个人住房贷款实施办法（暂行）》（下称"征求意见稿"）的公告，拟面向在广州拥有唯一 住房，且商业贷款已放款5年以上的人群，在原商业贷款银行同意后，可将商业性住房贷款转 为纯公积金贷款。意见征求时间为2025年7月2日至7月11日。 这是第二座官宣"商转公"政策的一线城市。除广州以外，深圳已经于去年正式落地"商转公"。 广州、深圳落地"商转公"的背景是，这两座城市的公积金"蓄水池"水位较高，而且购房者对房 贷利率降低的需求活跃。 以广州为例，根据广州住房公积金管理中心披露的数据，2025年广州公积金年度结息达44.72 亿元，比2024年增加3.1亿元，刷新历史纪录。在此背景下，广州适时启动"商转公"政策，也 是对购房者诉求的回应。 目前，全国已经有30多座城市启动"商转公"。去年以来，成都、重庆、太原、郑州等多座城 市出台政策，支持"商转公"贷款，但北京、上海和杭州等热点城市则暂未支持。市场的焦点 也正在于此，在全国纷纷启动的大势之下，这些城市是否有跟进"商转公"的空间 ...

Group 1 - The core viewpoint emphasizes the need for financial services to innovate in supporting early-stage technology enterprises, particularly through equity investment and bank credit [1][2][3] - The Chinese government is actively promoting a diversified and multi-channel approach to technology financing, as outlined in the recent policy measures from seven departments [1] - There is a focus on enhancing the capabilities and willingness of equity investment institutions to support technology innovation, especially in providing long-term, low-cost funding [2] Group 2 - Banks are encouraged to explore effective paths for early and small loans to technology startups, despite the inherent uncertainties in their operations [3] - The integration of loan and external direct investment models is being explored by commercial banks to mitigate risks associated with technology transfer [3] - There is a call for improved risk-sharing mechanisms and the development of technology insurance products to support the sustainability of financial services for early-stage technology companies [3]

Group 1 - The core point of the article is that the average 30-year mortgage rate in the United States decreased to 6.67% from the previous value of 6.77% [1] Group 2 - The decline in mortgage rates may influence housing market dynamics, potentially making home buying more attractive [1] - The current rate of 6.67% reflects ongoing fluctuations in the mortgage market, which can impact borrowing costs for consumers [1] - Monitoring these rates is crucial for understanding trends in the real estate sector and consumer behavior [1]

Group 1: Electric Vehicle Exports - Shenzhen's electric vehicle exports reached 11.18 billion yuan in the first five months of the year, marking a year-on-year increase of 16.7% [1] - BYD, a local company, exported over 380,000 vehicles during the same period, representing a significant year-on-year growth of 93% [1] - The expansion of BYD's presence now spans over 70 countries and regions across six continents, covering more than 400 cities [1] Group 2: Charging Device Regulations - Shenzhen's market supervision authority has issued a notice prohibiting the sale of non-3C certified charging devices in the Huaqiangbei market [2] - Merchants in the Huaqiangbei market are currently checking their inventory to ensure compliance with the new regulations [2] - This measure aims to purify the market environment and promote orderly development within the electronic product trading sector [2] Group 3: Housing Loan Policy in Guangzhou - Guangzhou is proposing a "commercial to public" housing loan policy, which will be activated when the personal housing loan rate falls below 75% [3] - Preventive measures will be implemented when the loan rate reaches 85% or higher, including potential control on loan amounts and appointment requirements [3] - The policy aims to alleviate the financial burden on homebuyers and stabilize the real estate market [4] Group 4: Hong Kong Real Estate Market - In June, Hong Kong recorded 7,271 property sale agreements, reflecting a month-on-month increase of 12.9% and a year-on-year increase of 38.6% [5] - The total value of these agreements reached 66.4 billion HKD, with a month-on-month growth of 33.2% and a year-on-year growth of 61.6% [5] - These figures indicate a recovery trend in the Hong Kong real estate market, highlighting strong economic recovery momentum in the region [6] Group 5: Shenzhen Stock Market Performance - The Shenzhen Composite Index closed at 10,534.58 points, showing an increase of 1.17% [7] - Notable gainers included Xicet Testing, Yihua New Materials, and Yizhongliang, each rising by 20% [8] - Conversely, Feilu Technology, Wangxin Materials, and China Shipbuilding Emergency experienced declines of 12.3%, 11.41%, and 10.48% respectively [8]

Core Viewpoint - The current "price-for-volume" competition model in the lending market is unsustainable due to regulatory constraints and increasing pressure on banks' profitability [1][6][7] Group 1: Lending Market Dynamics - Following the regulatory halt on consumer loan interest rate wars, banks have shifted focus to business loans, leading to a new wave of interest rate reductions [2][3] - Major banks like China Bank, Construction Bank, and China Merchants Bank have introduced pure credit business loan products with annual interest rates around 3%, with some offering as low as 2.68% for select clients [1][2] - Despite nominal interest rates being maintained at around 3%, banks are employing various strategies to lower actual financing costs for clients, including government subsidies and interest rate coupons [4][5] Group 2: Competitive Strategies - Banks are increasingly customizing loan products for specific industries and client groups, indicating a shift towards differentiated pricing strategies in the business loan sector [3][6] - Some banks are engaging in practices that blur the lines of regulatory compliance, such as providing personal subsidies to meet client demands [5][6] - The competitive landscape is characterized by a "new normal" where banks are resorting to gray market practices to attract clients, including partnerships with loan facilitation agencies [6] Group 3: Financial Performance Indicators - The overall net interest margin for banks has dropped to 1.43%, with an average non-performing loan rate of 1.51%, indicating a concerning trend of negative spread [7] - In the first quarter, 19 out of 42 listed banks reported a year-on-year decline in interest income, highlighting the financial strain within the sector [7] - Analysts suggest that the current environment does not support a widespread reduction in consumer loan rates, as banks are more likely to offer slight discounts to specific client segments to manage risk and maintain profitability [7]

最新模型显示，在房价长期飙升后，年薪30万澳元的高收入者也买不起首府城市中 16%的区。即使与收入相当的伴侣共同购房，仍有29个区过于 昂贵。 （图片来源：《悉尼晨锋报》） 据《悉尼晨锋报》报道，这一"令人痛心的数据"揭示了即便收入丰厚的工作者，购 房也面临重重障碍，而对于收入普通的人来说，情况更为严 峻。 在所有首府城市中，仅有5%的房屋对年薪10万澳元的单身工作者而言负担得起，且 悉尼没有任何符合条件的区。 Cotality分析了Canstar关于六位数收入者借贷能力 的数据，并考虑了近期两次降息的影响。 | Gross annual income | Borrowing power | Purchase amount | Monthly repayment | | --- | --- | --- | --- | | $100,000 | $500,000 | $625,000 | $2,918 | | $150,000 | $761,000 | $951,250 | $4,441 | | $200,000 | $990,000 | $1,237,500 | $5,777 | | $300,000 | $ ...

英国央行调查：英国贷款机构预计在未来三个月内将增加有担保信贷的供应。 ...