5月20日，贷款市场报价利率（LPR）迎来年内首次下调，一年期LPR和五年期以上LPR均下调10个基 点。 同日，中国银行、农业银行、工商银行、建设银行、交通银行、邮储银行六大国有银行均对存款利率进 行了调整。 新一轮存款降息又开始了。这次除国有银行外，股份制银行中招商银行也第一时间跟进。其中，三年期 和五年期存款下调幅度最大，达到25个基点。 最大降幅25个基点 中国人民银行授权全国银行间同业拆借中心公布，2025年5月20日，贷款市场报价利率（LPR）为：一 年期LPR为3.00%，五年期以上LPR为3.50%，均较前期下调10个基点。以上LPR在下一次发布LPR之前 有效。 本报记者 张漫游 北京报道 "与之前不同的是，不同类型银行同步下调存款利率，不仅有助于更好地稳定银行净息差，也有助于更 好降低实体经济融资成本。"对于此次存款利率降息，邮储银行高级研究员娄飞鹏告诉记者，降低实体 经济融资成本需要降低贷款利率，贷款利率下降进一步增加银行净息差下行压力，需要降低负债成本， 而存款是银行重要的负债来源，因此需要降低存款利率稳定净息差，提高银行服务实体经济的可持续 性。 董希淼指出，近年以来，存款利率延续下 ...

新一轮存款"降息"来了！5月20日，北京商报记者梳理发现，截至目前，已有包括国有六大行、招商银行、光大银行在内的8家银行宣布下调存款挂牌利率， 此次调整涉及活期存款、定期存款和通知存款等多种产品类型，下调幅度为5—25个基点。此次调整既是对人民银行政策利率传导的响应，也旨在缓解银行 净息差持续收窄的压力。分析人士认为，当前净息差处于低位，银行需要保持合理盈利以支撑信贷投放，在适度宽松货币政策导向下，存款利率仍有下调空 间。 | 唄 | 年利率(%) | | --- | --- | | 一、城乡居民及单位存款 | | | (一) 活期 | 0.05 | | (二) 定期 | | | 1.整存整取 | | | 三个月 | 0.65 | | 非年 | 0.85 | | 一年 | 0.95 | | 二年 | 1.05 | | 三年 | 1.25 | | 五年 | 1.30 | | 2.零存整取、整存零取、存本取息 | | | 一年 | 0.65 | | 三年 | 0.85 | | 五年 | 0.85 | | 3.定活两便 | 按一年以内定期整存整取同档次利率打6折 | | 二、协定存款 | 0.10 | | 三、通知 ...

Group 1 - The China Securities Bank ETF (512730.SH) rose by 0.98%, with the associated index, the China Securities Bank Index (399986.SZ), increasing by 0.95% as of May 20 [1] - Major constituent stocks such as China Merchants Bank increased by 1.44%, Industrial Bank by 0.75%, Bank of Communications by 1.06%, Jiangsu Bank by 0.93%, and Shanghai Pudong Development Bank by 0.92% [1] - Several state-owned and joint-stock banks lowered the RMB deposit benchmark rates, with the current rate down by 5 basis points to 0.05% and term deposit rates reduced by 15-25 basis points [1] Group 2 - According to a report by Galaxy Securities, recent reserve requirement ratio (RRR) cuts and interest rate reductions, along with structural tools, have positively impacted the banking sector's fundamentals [1] - The reduction in deposit rates may alleviate the pressure on banks' interest margins, combined with enhanced policy support expectations, providing a boost to the banking sector [1] - Galaxy Securities forecasts that the performance of listed banks in 2024 and the first quarter of 2025 may be temporarily affected by non-interest income, but the overall positive trend in fundamentals remains unchanged [1] Group 3 - Huachuang Securities analysis indicates that the banking sector could see an inflow of 194.23 billion yuan, accounting for 6.4% of the free float market value, reflecting the potential demand for allocation in the banking sector [1] - The current allocation of the banking sector within the CSI 800 index constituents shows a 7.3 percentage point underweight, indicating room for increased investment [1]

5月20日，工商银行、农业银行、中国银行、建设银行、交通银行均发布消息，下调人民币存款利率， 最大降幅25个基点。其中，活期存款利率下调5个基点至0.05%；定期整存整取三个月期、半年期、一 年期、二年期均下调15个基点，分别为0.65%、0.85%、0.95%、1.05%；定期整存整取三年期和五年期 均下调25个基点，分别至1.25%和1.30%；定期零存整取、整存零取、存本取息一年期、三年期、五年 期均下跌15个基点，分别为0.65%、0.85%、0.85%；协定存款利率下调10个基点至0.10%；7天期通知存 款利率下调15个基点至0.3%。 当日，邮储银行也对多个期限的人民币存款利率进行了下调。其中，活期存款利率下调5个基点至 0.05%；定期整存整取三个月期、半年期、一年期、二年期均下调15个基点，分别为0.65%、0.86%、 0.98%、1.05%；定期整存整取三年期和五年期均下调25个基点，分别至1.25%和1.30%；定期零存整 取、整存零取、存本取息一年期、三年期、五年期均下跌15个基点，分别为0.65%、0.86%、0.86%；协 定存款利率下调10个基点至0.10%；7天期通知存款利率 ...

Core Viewpoint - The scale of bank wealth management is expected to reach 33 trillion yuan this year, driven by a new round of deposit rate cuts that will help banks control interest costs while increasing the difficulty of attracting deposits [1] Group 1 - The anticipated deposit rate cuts are expected to benefit banks by reducing their interest expenses [1] - The difficulty in attracting deposits may lead to an increase in funds flowing into low-risk asset management products such as bank wealth management [1]

Core Viewpoint - China Merchants Bank has updated its savings deposit interest rates, effective from May 20, 2025, with notable reductions in various terms [2][5]. Group 1: Interest Rate Adjustments - The bank has lowered the interest rate for demand deposits from 0.1% to 0.05% [5]. - The interest rates for fixed-term deposits have also been reduced, with the three-month rate at 0.65%, six-month at 0.85%, one-year at 0.95%, and two-year at 1.05%, each down by 15 basis points [5]. - The three-year and five-year fixed-term deposit rates are now at 1.25% and 1.3%, respectively, down by 25 basis points [5]. Group 2: Market Expectations - The market had anticipated this adjustment following the People's Bank of China's announcement to guide commercial banks in lowering deposit rates [6]. - The central bank also reduced the policy rate by 0.1 percentage points, which is expected to lead to a similar decrease in the Loan Prime Rate (LPR) [6]. Group 3: Historical Context and Trends - Historically, major banks have collectively adjusted their deposit rates, with smaller banks following suit shortly after [7]. - The chief economist at CITIC Securities noted that the market may see another round of deposit rate adjustments in the second and third quarters of this year, based on past patterns [7]. - Three key trends in deposit rate cuts were identified: major banks lead the way, the time intervals between cuts range from 3 to 9 months, and banks may use various methods to control deposit rates beyond direct adjustments [7].

Investment Rating - Industry Rating: Outperform the Market (maintained rating) [3] Core Insights - The central bank is unlikely to restart government bond purchases in the short term due to macro-prudential considerations and the current state of the bond market [1][9][11] - The central bank's recent report indicates a focus on preventing excessive reductions in loan pricing, emphasizing a bottom-line thinking approach to loan pricing [2][14][15] - A significant probability exists for deposit rate cuts to be implemented in the second quarter, which is expected to improve the net interest margin by 3 basis points [3][16][21] Summary by Sections 1. Government Bond Purchase Operations - The central bank will continue to observe and assess the bond market, indicating no immediate need to restart bond purchases [1][9] - The 10-year government bond yield has recently dropped to a low range of 1.6%-1.7%, suggesting a demand for support from the central bank [11][12] - The decision to restart operations will depend on market supply and demand, with current conditions not necessitating immediate action [10][12] 2. Loan Pricing Signals - The report details the distribution of loan pricing reductions, indicating a trend towards more significant reductions [2][14] - The central bank aims to prevent loan rates from falling below the breakeven point, which is crucial for maintaining banks' net interest margins [15] - Recent regulatory measures have been introduced to curb excessively low loan pricing, particularly for corporate loans and consumer loans [14][15] 3. Deposit Rate Cuts - The central bank has indicated a likely reduction in deposit rates, which typically precedes a decrease in the Loan Prime Rate (LPR) [3][16] - Historical patterns show that deposit rate cuts often lead to subsequent adjustments in policy rates and LPR [16][18] - The expected deposit rate cuts are projected to save interest expenses of approximately 884 billion, improving the net interest margin by 3 basis points [21][25]

超30家中小银行补降存款利率。 在福建工作的黄女士（化名）习惯每月将部分收入存进定期存款中。5月初，她发现原本一些主打高息的中小银行也在加速降息。 她告诉记者，自己常用的这家民营银行，去年5月份三年期、五年期存款利率分别为3.3%、3.8%。而今年4月初，她收到客户经理通知，三年期、五年期存 款利率将降为2.8%、2.9%。最近她去询问时，利率再降至2.45%、2.5%。 这并非个例。近期中小银行正加速"补降"。据第一财经不完全统计，4月起已有哈密市商业银行、聊城沪农商村镇银行、海伦惠丰村镇银行、福建华通银行 等超30家中小银行"补降"存款利率，下调幅度在10BP至100BP不等。有银行甚至在1个月内三次下调中长期限存款利率。 有业内分析人士认为，随着央行明确释放引导信号，叠加银行息差压力，市场预期二三季度或将迎来大行领衔的新一轮全面降息。 "补降"节奏明显加快 5月9日，聊城沪农商村镇银行宣布调整人民币存款挂牌利率，定存利率全线低于2%。其中，一年期定期存款利率下调15BP至1.8%，两年期定期存款利率下 调21BP至1.89%，三年期、五年期定期存款利率下调18BP至1.98%。 | 存款项目 | 年利率 ...

5月10日上午，新一批储蓄国债开售。 据财政部官网消息，2025年第三期和第四期储蓄国债（凭证式）于5月10日至5月19日发行， 5 月 10日为正式开售首日，记者致电多家银行网点了解到，本轮储蓄国债首日销售热度持续， 投资者认购热情仍高涨。 储蓄国债主要分为储蓄国债（凭证式）和储蓄国债（电子式），本月发行的储蓄国债为凭证 式，面向个人投资者发行，需投资者持有效身份证件前往储蓄国债承销机构营业网点柜台购 买。 认购起点方面，以100元为认购起点，并以100元的整数倍递增，单个人购买单期储蓄国债的 金额不得超过300万元，付息方式为到期一次性还本付息。 本轮储蓄国债票面利率与上一期持平。具体来看，两期国债均为固定利率、固定期限品种， 最大发行总额300亿元。其中，第三期期限为3年，最大发行额150亿元，票面年利率1.93%； 第四期期限为5年，最大发行额150亿元，票面年利率2%。 储蓄国债持有期内支持提前兑取、质押贷款。根据财政部公告，投资者购买两期国债后，可 到原购买机构办理提前兑取。但发行期最后一天（即5月19日）不办理提前兑取。提前兑取按 实际持有时间和相对应的分档利率计付利息，具体为：从购买之日起，两 ...

5月7日，中国人民银行行长潘功胜在国务院新闻办公室举行的新闻发布会上表示，中国人民银行将通过 利率自律机制引导商业银行相应下调存款利率。中信证券（600030）首席经济学家明明表示，此举有利 于降低银行的负债成本，为银行腾出更多的利润空间，提升银行的盈利能力。尤其是在贷款利率下行的 背景下，下调存款利率有助于稳定银行的净息差，避免银行因息差过窄而面临经营压力，增强银行可持 续支持实体经济的能力。明明预计，存款降息很快会开始逐步推进，参考以往的调整经验，不同期限下 调5至20基点不等。"具体的调整时间和节奏可能因银行而异，预计大型银行会率先行动，中小银行则可 能会根据自身情况和市场竞争状况稍作延迟后跟进。""银行可以在满足监管要求和市场竞争的前提下， 灵活调整存款利率，提高利率定价的精细化水平。"明明建议，银行除了传统的存款业务外，也可以加 大对其他资金来源的拓展力度，如发行金融债券、开展同业存单业务等，以降低对存款的过度依赖，优 化负债结构，提高资金的稳定性和可持续性。(上证报) ...