Domestic News - The People's Bank of China and other departments have jointly issued the "Implementation Rules for Cross-Border Asset Management Pilot Business in Hainan Free Trade Port," which supports foreign investors in investing in financial products issued by financial institutions in Hainan Free Trade Port, including wealth management products, private asset management products, publicly raised securities investment funds, and insurance asset management products [1] - The latest Loan Prime Rate (LPR) published by the National Interbank Funding Center shows that the 1-year LPR remains at 3.0% and the LPR for 5 years and above is at 3.5%, both unchanged for two consecutive months [1] - The Ministry of Commerce expressed strong dissatisfaction and resolute opposition to the European Union's decision to include certain Chinese enterprises and financial institutions in the sanctions list during the 18th round of sanctions against Russia, emphasizing that such actions violate the spirit of consensus between China and the EU [2] Economic Data and Trends - In June, China's total electricity consumption reached 867 billion kWh, a year-on-year increase of 5.4%. The first industry consumed 13.3 billion kWh (up 4.9%), the second industry consumed 548.8 billion kWh (up 3.2%), and the third industry consumed 175.8 billion kWh (up 9.0%). Residential electricity consumption was 129.1 billion kWh, increasing by 10.8% [3] - As of June, China's internet user base reached 1.123 billion, with an internet penetration rate of 79.7%, indicating a growing number of groups sharing the benefits of digital development [3] - The "Eight Vertical and Eight Horizontal" high-speed rail network has been completed and put into operation at 81.5%, with a total operating mileage of 48,000 kilometers, covering 97% of cities with populations over 500,000 [3] International News - Japan's Prime Minister expressed commitment to advancing trade negotiations with the U.S. to protect national interests, with the Japanese Minister of Economic Revitalization traveling to the U.S. for the eighth round of talks [5] - The average house price index in the UK decreased by 1.2% month-on-month in July, marking the largest single-month decline for the same period in previous years, attributed to an increase in buyer choices [5] Market Overview - The Shanghai Composite Index closed at 3559.79, up 0.72%, while the Shenzhen Component Index rose by 0.86% to 11007.49. The ChiNext Index increased by 0.87% to 2296.88 [5] - The onshore RMB was quoted at 7.1768, down 23 points, while the offshore RMB was at 7.1792, up 1 point. The U.S. dollar index decreased by 0.25% to 98.236 [5]

Group 1 - The Loan Prime Rate (LPR) for 1-year and 5-year loans remains unchanged at 3.0% and 3.5% respectively as of July 21, 2025 [1] - The recent stability in policy interest rates has kept the LPR pricing foundation unchanged, with the 7-day reverse repurchase rate serving as the new pricing anchor [2] - China's GDP growth in Q2 was 5.2% year-on-year, with a cumulative growth of 5.3% in the first half of the year, indicating a solid foundation for achieving the annual growth target [2] Group 2 - The net interest margin of commercial banks has been under pressure, with the average net interest margin dropping to a historical low of 1.43% at the end of Q1, a decrease of 9 basis points from the end of the previous year [4] - The weighted average interest rate for newly issued corporate loans in the first half of the year was approximately 3.3%, down about 45 basis points year-on-year, while the rate for new personal housing loans was about 3.1%, down about 60 basis points [4] - The high proportion of time deposits continues to limit the overall downward space for deposit costs, despite a significant reduction in deposit rates [4] Group 3 - There is a possibility of interest rate cuts in Q3 or Q4, with expectations that the LPR may follow suit [5] - The ongoing trade tensions are likely to slow down export growth, necessitating a focus on domestic demand [5] - The low nominal interest rates combined with persistently low PPI are leading to higher real financing costs, which may impact effective credit demand [5]

This Week's Key Focus - On July 21 at 09:15, the People's Bank of China is expected to announce that the 1-year LPR remains at 3.00% and the 5-year LPR at 3.50% [2][4] - On July 24 at 20:15, the European Central Bank will announce its interest rate decision, with an expected unchanged benchmark rate [2][15] - On July 25 at 20:30, the US Department of Commerce will release the preliminary value of June's durable goods orders [2] - On July 27 at 09:30, China's National Bureau of Statistics will announce June's industrial enterprise profits, with the previous value showing a 9.1% year-on-year decline and a 1.1% cumulative decline from January to May [2][19] - Other factors such as domestic macro - policy changes, international trade and tariff wars, international geopolitical situations, and speeches by US President Trump and Fed officials may impact the futures market [2] This Week's Hotspot Preview July 21 - At 10:00, the State Council Information Office will hold a press conference on the achievements of building a transportation powerhouse during the '14th Five - Year Plan' [3] July 22 - At 15:00, the State Council Information Office will hold a press conference on the first - half 2025 foreign exchange revenue and expenditure data [5] - At 20:30, Fed Chair Powell will give a welcome speech at a regulatory meeting, a rare 'live speech during the quiet period' [8] July 23 - At 22:00, the EU Statistics Bureau will release the preliminary value of the eurozone's July consumer confidence index, expected to be - 14.5 [9] - At 22:00, the US National Association of Realtors will announce June's existing home sales, with an expected annualized total of 4 million households and an annualized monthly rate of - 0.7%. Lower values may suppress non - ferrous metal futures prices [10] - At 22:30, the EIA will announce the change in US crude oil inventories for the week ending July 18. A continued decline may boost crude oil and related commodity futures [11] July 24 - At 9:30, the National Bureau of Statistics will announce the mid - July market prices of important production materials [12] - At 16:00, S&P Global will release the preliminary value of the eurozone's July SPGI manufacturing PMI, expected to be 49.8. A slight increase may slightly boost non - ferrous metal futures prices [13] - At 20:15, the European Central Bank will announce its interest rate decision, followed by a press conference by President Lagarde at 20:45 [15] - At 20:30, the US Department of Labor will announce the number of initial jobless claims for the week ending July 19, expected to be 215,000. A slight decrease may slightly boost non - gold and non - silver industrial product futures but suppress gold and silver futures [14] - At 21:45, S&P Global will release the preliminary value of the US July SPGI manufacturing PMI, expected to be 53.5. A slight increase may slightly boost non - ferrous metal futures prices [16] - At 22:00, the US Department of Commerce will announce June's new home sales, with an expected seasonally adjusted annualized total of 650,000 households and an annualized monthly rate of 4.3%. Higher values may boost non - ferrous metal futures prices but suppress gold and silver futures prices [17] July 25 - At 20:30, the US Department of Commerce will announce the preliminary monthly rate of June's durable goods orders, expected to be - 11%. A significant decrease may suppress non - ferrous metal futures but boost gold and silver futures [18] July 27 - At 09:30, China's National Bureau of Statistics will announce June's industrial enterprise profits [19]

Core Viewpoint - The People's Bank of China has maintained the one-year Loan Prime Rate (LPR) at 3.00% and the five-year LPR at 3.50%, indicating a stable monetary policy environment [1][3]. Summary by Category LPR Data Overview - The one-year LPR remains unchanged at 3.00% as of July 21, 2025, consistent with the previous month [1]. - The five-year LPR is also held steady at 3.50%, unchanged from June 2025 [1]. - Historical data shows that the one-year LPR has been at 3.00% since April 2025, while the five-year LPR has been at 3.50% since the same period [2]. Market Implications - The decision to keep the LPR stable suggests that the central bank is likely prioritizing economic stability and growth over immediate monetary easing [3]. - The market anticipates that the Federal Reserve will maintain its interest rates in July, with a 95.3% probability, indicating a cautious approach to monetary policy in the global context [3].

Group 1 - The central bank's loan market quoted interest rates (LPR) for July are as follows: the 1-year LPR remains at 3.0%, unchanged from the previous rate; the LPR for loans over 5 years is also stable at 3.5%, consistent with the last rate [1]

Core Points - The Loan Prime Rate (LPR) for both 1-year and 5-year terms remains unchanged at 3.0% and 3.5% respectively as of July 21, 2025 [1][3] - The People's Bank of China (PBOC) emphasizes the need for a moderately accommodative monetary policy to support economic growth and stabilize the real estate market [4] - Analysts suggest that there is still potential for LPR adjustments downward in the second half of the year, depending on external uncertainties and domestic demand stimulation [4][5] Monetary Policy Insights - The PBOC's monetary policy committee reiterated the importance of implementing a moderately accommodative monetary policy and enhancing counter-cyclical adjustments [4] - There is a recommendation to increase the intensity of monetary policy regulation and improve its foresight, targeting, and effectiveness based on economic and financial market conditions [4] - Analysts indicate that the downward adjustment of LPR may be influenced by the potential reduction of policy and deposit rates, which could lower banks' funding costs [5]

2025.07. 21 三小时搬800箱，一台机器人或可替代约1.4~2名工人！实探智元机器人落地工厂 本文字数：128，阅读时长大约1分钟 微信编辑 | 七三 推荐阅读 据央行官网，7月贷款市场报价利率（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%。 ...

7月LPR报价出炉：5年期和1年期利率均维持不变 智通财经7月21日电，7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%。 ...

金融政策 - 香港金管局计划在未来几个月内推出以贷款市场报价利率（LPR）为参考利率的合约 [1] - 香港金管局将进一步扩展离岸人民币回购业务，支持再质押和跨货币回购 [1] 基础设施建设 - 迅清结算（CMUOmniClear）将进行改善，预计相关措施将在8月底实施 [1]

Core Viewpoint - The annualized yield of government bond reverse repos has been rising quietly, indicating potential investment opportunities as the market approaches the mid-year point [1][3]. Group 1: Market Trends - Since late June, the annualized yield for 1-day government bond reverse repos in the Shanghai market has shown a gradual upward trend, with a significant increase of 13.17% on June 25, reaching 2% during intraday trading on June 26 [3]. - Similarly, the Shenzhen market's 1-day government bond reverse repo yield also experienced a rise, with a closing increase of 13.02% on June 25 and reaching 2% intraday on June 26 [3]. - Other maturities of government bond reverse repos in both markets have also seen varying degrees of yield increases recently [4]. Group 2: Interest Rate Environment - The overall interest rate level in the market has been low, with the loan market quoted interest rates (LPR) remaining unchanged at 3.0% for 1-year and 3.5% for 5-year loans as of June 20 [6][7]. - Deposit rates have also been on a downward trend, with major banks recently lowering rates across various terms [7]. - Various "treasure-like" products have similarly seen their yield levels drop significantly compared to historical peaks [8]. Group 3: Reverse Repo Operation Guidelines - Investors can choose between Shanghai and Shenzhen markets for government bond reverse repos, with a low investment threshold of 1,000 yuan [10]. - There are multiple maturity options available, including 1-day to 182-day terms, allowing investors to select based on their cash flow needs and yield preferences [11]. - The process for placing orders involves selecting "sell" rather than "buy," and many brokerage platforms now offer user-friendly interfaces for executing these transactions [12][13].