2025.12.22 作者 |第一财经 杜川 LPR继续"按兵不动"，连续7个月保持不变。 中国人民银行授权全国银行间同业拆借中心公布，2025年12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%。两个期限LPR均与上月持平。 背后的根本原因是受年初以来出口持续超预期等支撑，今年宏观经济顶住外部环境剧烈波动压力，增长 韧性超出普遍预期。"下半年以来经济增长动能有所弱化，但实现全年'5.0%左右'的经济增长目标已没 有悬念。年底前逆周期调节加力的迫切性不高，货币政策保持较强定力。"王青称。 从近期政策表述看，12月中央经济工作会议提及"灵活高效运用降准降息等多种政策工具"，表述重点更 多落在政策的效率和主动性上；对宏观政策表述为"加大逆周期和跨周期调节力度"，后续政策改革更加 基于长远经济周期变化。 本文字数：932，阅读时长大约1.5分钟 政策利率保持稳定、银行业净息差承压这两个直接原因导致12月两个期限品种的LPR报价保持不变。 东方金诚首席宏观分析师王青认为，央行7天期逆回购利率保持稳定，意味着12月LPR报价的定价基础 没有发生变化，已在很大程度上预示当月LP ...

Core Viewpoint - The implementation of a one-time credit repair policy by the People's Bank of China aims to provide relief for borrowers with overdue credit information, effective from January 1, 2026 [1]. Group 1: Eligibility and Application - The one-time credit repair policy applies to overdue information under four conditions: it must be displayed in the financial credit information database, generated between January 1, 2020, and December 31, 2025, involve a single overdue amount not exceeding 10,000 yuan, and the borrower must fully repay the overdue debt by March 31, 2026 [5][6]. - The policy does not differentiate between types of loans, including personal business loans, housing loans, consumer loans, and credit cards, as long as they meet the eligibility criteria [7]. - The application process is automatic, meaning individuals do not need to apply or submit any documentation; the credit information system will identify and process eligible overdue information [8]. Group 2: Costs and Timeline - There are no fees associated with this policy, and any requests for payment or personal information under the guise of this policy are considered scams [9]. - Changes to the display of overdue information will occur based on the repayment timeline: if debts are settled by November 30, 2025, the information will not be displayed from January 1, 2026; if settled between December 1, 2025, and March 31, 2026, the information will be updated by the end of the following month [10]. Group 3: Information Verification - Individuals can verify whether their overdue information has been adjusted through various channels, including online platforms like banking apps and the official credit reporting website, as well as offline methods such as self-service query machines [11].

从资金流向来看，市场资金不断买卖中证500的ETF。中证500 ETF的规模已经达到了2459.35亿元，上 周净流入了327亿元，占股票ETF净流入总额的70%。例如，华夏、国泰、易方达旗下的中证500 ETF规 模均已超过200亿元，广发和嘉实旗下的相关ETF规模也超过了100亿元。这些数据表明，资金正在持续 流入市场，而不是流出。 因此，综合以上分析，当前市场并不具备大幅下跌的基础。相反，市场可能会在当前位置上继续震荡， 并逐渐向上突破。接下来可以关注3900点的市场表现。 在8月22日之后，财经领域有不少观点认为市场可能会出现下跌，但通过分析数据，我们可以发现市场 并不具备大幅下跌的条件。原因在于ETF的持续买入行为为市场提供了强大的支撑。 据数据显示，截至12月15日，ETF的总体份额达到了3.3万亿份，总规模达到了5.78万亿元，较年初增加 了2万亿元。这意味着今年ETF的资金流入量达到了2万亿元，这是一股不容忽视的增量资金，对市场的 稳定和上涨起到了重要的推动作用。 与此同时，央行公布的LPR（贷款市场报价利率）数据显示，一年期LPR为3.0%，五年期LPR为 3.56%，且近几个月LPR保持稳 ...

Group 1 - The one-year and five-year Loan Prime Rate (LPR) in China will be announced on December 22 [2] - Domestic oil prices are expected to experience a "triple decline" as the new pricing window opens on December 22, with a total of 24 adjustments this year, resulting in a decrease of 745 yuan/ton for gasoline and 715 yuan/ton for diesel compared to the end of last year [2] - A total of 19 companies will have their restricted shares unlocked today, with a combined market value of 78.543 billion yuan, including significant unlocks from Huadian Energy, Shouchuang Securities, and Ankuo Technology [2] Group 2 - One company has disclosed its stock repurchase progress, with Zhongheng Group completing a repurchase amounting to 18.8144 million yuan [3] - Two A-shares will undergo stock registration today, with China Railway and Western Securities offering dividends of 0.82 yuan and 0.20 yuan per 10 shares, respectively [4]

记者丨 江佩佩 见习记者张嘉钰 编辑丨谢珍 出品丨2 1财经客户端 2 1世纪经济报道 部分来自2 1世纪 经济报道（记者： 边万莉、唐婧 ） 广州第一芯IPO重大进展，拟募资75亿，国资入局 央行发布一次性信用修复政策 A股家装第一股重整获批！搭上算力，曾狂揽24个涨停 SFC 21君荐读 21 SFC 悦 读 · 智 能 权 威 . 0 o 扫码点击下载 值得关注的是，LPR报价已连续七个月保持不变。究其原因，一方面是作为LPR定价"锚"的7天期逆回购利率连续多月保持稳定；另一方面，银 行受净息差等因素影响，下调LPR报价加点的动力不足。 当前，市场对降准降息预期已有减弱。中国邮政储蓄银行研究员娄飞鹏向21世纪经济报道记者表示，"目前市场流动性总体较为充裕，央行通 过公开市场操作精准调控流动性，利率水平也处于较低水平，银行净息差本身较低，也需要维持合理的净息差更好服务实体经济。" 12月22日9时， 中国人民银行授权全国银行间同业拆借中心公布，2025年12月22日贷款市场报价利率（LPR）为 ：1年期LPR报3%，上次为 3%；5年期以上品种报3.5%，上次为3.5% 。 | | | 中国人民银行 TH ...

12月22日 中国公布12月LPR 美国公布11月耐用品订单月率初值 点评：北京时间12月23日21:30，美国商务部将公布美国11月耐用品订单初值。预期美国11月耐用品订 单月率初值为-1.4%，前值为0.5%。如果美国11月耐用品订单月率初值低于前值，将抑制有色金属、原 油及相关商品期货价格上涨，但是将轻度有助于黄金、白银、铂、钯期货价格上涨。 美国公布11月工业产出 点评：北京时间12月23日22:15，美联储将公布美国11月工业产出。预期美国11月工业产出月率为 0.1%，前值为0.1%。 美国公布12月谘商会消费者信心指数 点评：北京时间12月23日23:00，美国将公布美国12月谘商会消费者信心指数。预期美国12月谘商会消 费者信心指数为91.7，前值为88.7。如果美国12月谘商会消费者信心指数高于前值，将抑制黄金、白 银、铂、钯期货价格上涨，但是将有助于有色金属、原油及相关商品期货价格上涨。 12月24日 点评：12月22日9:00，中国人民银行授权全国银行间同业拆借中心公布2025年12月22日贷款市场报价利 率（LPR）。预期1年期LPR为3.00%，与前值持平；预期5年期以上LPR为3. ...

12月5年期以上LPR为3.5%，1年期LPR为3%。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 ...

Core Viewpoint - The recent actions of major banks indicate a significant tightening of deposit options, particularly with the removal of long-term fixed deposit products and a decrease in interest rates, leading to a challenging environment for savers [1][5][17] Group 1: Changes in Deposit Products - Major state-owned banks have discontinued 5-year fixed deposits as of December 1, and the threshold for 3-year deposits has been raised to 1 million yuan at some banks [1][11] - The interest rate for 1-year fixed deposits has dropped to 0.95%, with expectations of further declines in the coming year [1][14] Group 2: Impact on Banks - The increase in long-term deposits over the past two years has put pressure on banks, as they are obligated to pay higher interest rates on these deposits despite falling market rates [3][5] - Banks are facing a situation where the interest rates on existing deposits exceed the rates they can charge on new loans, leading to reduced profitability [5][9] Group 3: Profitability Concerns - The net interest margin for banks has decreased from 2.6% in 2014 to a projected drop below 1.5% in 2025, which is a critical threshold for bank operations [9] - Factors contributing to the decline in loan rates include continuous interest rate cuts by the central bank and the implementation of floating mortgage rates, which further compress bank income [6][12] Group 4: Future Outlook for Depositors - The tightening of deposit options and declining interest rates means that traditional savings methods are becoming less viable for maintaining purchasing power against inflation [12][14] - Investors are encouraged to explore alternative investment options, such as stocks, funds, and high-rated financial products, as reliance on fixed deposits for stable returns is no longer feasible [16][17]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - In October, multiple domestic economic indicators softened, indicating significant downward pressure on the economy and suppressing the stock market. The LPR has remained unchanged for six consecutive months, reflecting a prudent monetary policy with a low possibility of significant reserve - requirement ratio cuts or interest rate cuts this year. Currently, the market is in a vacuum period of macro - data, performance, and policies. Without clear trading guidance, the market is expected to move randomly, and stock indices will maintain a volatile trend [2]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Data - **IF Contracts**: The latest price of the IF (CSI 300) main contract (2512) is 4435.2, down 5.6 from the previous period; the next - main contract (2603) is 4406.0, down 3.8. The net position of the top 20 in IF is - 24,375.00, down 65.0. The basis of the IF main contract is - 12.9, up 12.4 [2]. - **IH Contracts**: The latest price of the IH (SSE 50) main contract (2512) is 2944.4, down 5.8; the next - main contract (2603) is 2941.4, down 4.0. The net position of the top 20 in IH is - 10,799.00, down 60.0. The basis of the IH main contract is - 6.2, up 3.3 [2]. - **IC Contracts**: The latest price of the IC (CSI 500) main contract (2512) is 6827.6, up 37.4; the next - main contract (2603) is 6666.8, up 46.6. The net position of the top 20 in IC is - 23,171.00, down 630.0. The basis of the IC main contract is - 41.4, up 6.0 [2]. - **IM Contracts**: The latest price of the IM (CSI 1000) main contract (2512) is 7095.2, up 59.0; the next - main contract (2603) is 6886.0, up 67.0. The net position of the top 20 in IM is - 35,140.00, down 1776.0. The basis of the IM main contract is - 61.2, down 11.7 [2]. - **Contract Spreads**: Various spreads such as IF - IH, IC - IF, IM - IC, etc. for the current - month contracts have shown different degrees of increase. For example, the IF - IH current - month contract spread is 1490.8, up 8.8 [2]. 3.2 Market Sentiment Data - **Trading Volume and Balance**: A - share trading volume is 17,403.50 billion yuan, down 2432.49 billion yuan; margin trading balance is 24,614.50 billion yuan, down 302.53 billion yuan. North - bound trading volume is 2334.02 billion yuan, up 413.48 billion yuan [2]. - **Other Indicators**: The proportion of rising stocks is 77.61%, up 71.17 percentage points. Shibor is 1.316%, down 0.004 percentage points. IO at - the - money call option closing price is 75.60, down 11.80; the implied volatility is 16.23%, down 2.33 percentage points [2]. 3.3 Market Strength and Weakness Analysis - The strength of all A - shares is 7.30, up 5.40; the technical aspect is 7.80, up 7.20; the capital aspect is 6.80, up 3.60 [2]. 3.4 Industry News - A - share major indices generally rose at the close. The three major indices opened higher and then declined in the morning, and rebounded after hitting the bottom in the afternoon. Small and medium - cap stocks were stronger than large - cap blue - chip stocks. The Shanghai Composite Index rose 0.05%, the Shenzhen Component Index rose 0.37%, and the ChiNext Index rose 0.31%. The trading volume of the two markets decreased significantly. Over 4200 stocks in the whole market rose. Most industry sectors rose, with national defense and military industry and media sectors strengthening significantly, while petroleum and petrochemical, and coal sectors leading the decline [2]. 3.5 Key Data to Focus On - November 25, 21:30: US September PPI, core PPI, retail sales. - November 26, 21:30: US November 22 weekly initial jobless claims. - November 26, 23:00: US October PCE, core PCE. - November 27, 9:30: China's October industrial enterprise profits above designated size. - November 30, 9:30: China's November manufacturing, non - manufacturing, and composite PMI [3].

Core Viewpoint - The trend of small and medium-sized banks discontinuing long-term deposit products is highlighted, with the recent announcement from Meizhou Commercial Bank regarding the cessation of five-year fixed deposits and automatic renewal services marking a significant shift in the banking landscape [1][2]. Group 1: Discontinuation of Long-term Deposit Products - Meizhou Commercial Bank announced the discontinuation of its five-year fixed deposit product due to policy adjustments, affecting customers who can no longer benefit from automatic renewal services [2]. - Several small and medium-sized banks have also removed five-year fixed deposits from their offerings, with notable examples including the announcement from Tuyuqi Mengyin Village Bank, which explicitly stated the cancellation of five-year fixed deposits [7]. - A total of seven banks, including Meizhou Commercial Bank and Zhongguancun Bank, have removed five-year fixed deposits from their platforms, with some banks also discontinuing three-year fixed deposits [8]. Group 2: Interest Rate Adjustments - In response to pressure on net interest margins, many small and medium-sized banks have begun a new round of interest rate cuts, with significant reductions observed in deposit rates since October [9]. - For instance, Pingyang Pudong Village Bank reduced its three-year and five-year fixed deposit rates from 2.1% and 2.15% to 1.3% and 1.35%, respectively, marking a drop of 80 basis points [9]. - The overall trend indicates that small banks are aligning their deposit rates with larger banks, leading to a flattening of what were previously higher interest rates [10]. Group 3: Market Implications - The ongoing adjustments in deposit products and interest rates reflect the challenges faced by small and medium-sized banks in managing their funding costs while trying to attract deposits [10]. - Analysts suggest that the current low net interest margins may lead to further reductions in loan rates if the Loan Prime Rate (LPR) is cut again, which would subsequently drive down deposit rates [11][12]. - The banking sector is under pressure to balance deposit attraction with cost management, especially as the year-end approaches and banks seek to optimize their funding structures [10].