Core Viewpoint - The downward trend in loan interest rates is expected to slow significantly by 2025, with limited reductions anticipated across various types of loans [1] Group 1: Loan Interest Rates - Current loan interest rates are approaching 3%, leading to thin actual returns on loan business after accounting for costs such as funding, taxes, capital occupation, and credit risk [1] - Despite easing pressure on funding costs, the continuous exposure of bad debt is raising credit costs [1] - The central bank's monetary policy remains accommodative but focuses more on protecting bank interest margins, with regulatory self-discipline on loan pricing still in place [1] Group 2: Banking Sector Outlook - The weakening of the credit supply-demand balance suggests that the phenomenon of interest margin compression may ease [1] - A significant decline in loan interest rates could negatively impact the operational stability of commercial banks [1] - Overall, the slowing down of loan interest rate reductions is expected to alleviate pressure on bank interest margins, leading to a potential stabilization in bank performance [1] Group 3: Financial ETFs - The Financial ETF (code: 510230) tracks the 180 Financial Index (code: 000018), which is compiled by China Securities Index Co., Ltd., selecting the top 180 financial industry listed companies based on average total market capitalization from the Shanghai and Shenzhen markets [1] - Investors without stock accounts may consider the Guotai CSI 180 Financial ETF Connect C (014994) and Guotai CSI 180 Financial ETF Connect A (020021) [1]

Core Viewpoint - The credit rating of Shanxi Yuci Rural Commercial Bank has been downgraded for the third consecutive year, indicating significant challenges in asset quality, profitability, and capital adequacy [1][3]. Group 1: Credit Rating Downgrade - China Chengxin International Credit Rating Company downgraded the bank's main credit rating from BB to BB- and its bond ratings from BB- to B+ [1][3]. - The downgrade is expected to increase the bank's financing costs in the financial market, as investors will demand higher returns due to increased credit risk [1][3]. Group 2: Asset Quality and Profitability Issues - The bank's non-performing loans (NPLs) increased by 1.097 billion to 3.756 billion, with a non-performing loan ratio rising by 11.51 percentage points to 34.43%, which is significantly high within the industry [3]. - The bank's net interest margin was reported at -0.53%, with net interest income of -96 million, marking two consecutive years of losses, with a net loss of 206 million in 2024 [3][4]. Group 3: Capital Adequacy Challenges - As of the end of 2024, the bank's core Tier 1 capital net amount and total capital net amount fell to -4.209 billion and -3.749 billion, respectively, with core Tier 1 capital adequacy ratio at -23.87% and total capital adequacy ratio at -21.26%, significantly below regulatory thresholds [5]. - The bank's capital replenishment channels are limited, and continuous losses have severely impacted its internal capital generation capacity [5]. Group 4: Historical Context and Governance Issues - The bank's ownership structure is fragmented, with 12 legal shareholders and 631 natural person shareholders as of the end of 2024 [6]. - The bank has a history of governance issues, including significant violations linked to the "De Yu" system, which led to substantial financial risks and losses [6][7]. - The bank's top shareholders include entities that have been listed as dishonest executors, raising concerns about governance and financial stability [7]. Group 5: Potential Positive Developments - Recently, the Shanxi Regulatory Bureau approved the investment of 11.7 million shares by Shanxi Rural Commercial Bank, increasing its stake to 1.46% in Yuci Rural Commercial Bank [7]. - However, this investment is considered limited in its potential to significantly improve the bank's situation [8].

中国人民银行授权全国银行间同业拆借中心6月20日公布，2025年6月20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%，均较上月维持不变。 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 300483，"20CM"直线涨停 奥迪：确认暂停全面电动化计划！ 专家表示，5月人民银行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。 人民银行数据显示，5月份，企业新发放贷款（本外币）加权平均利率约3.2%，比上年同期低约50个基 点；个人住房新发放贷款（本外币）加权平均利率约3.1%，比上年同期低约55个基点。 招联首席研究员董希淼认为，LPR可能仍有下降空间，但对LPR等利率下降的节奏、幅度，市场不应抱 有过高的期待。下一阶段LPR的变动需要在稳增长、稳息差、稳汇率、稳外贸等多重目标中保持动态平 衡。 东方金诚首席宏观分析师王青认为，外部环境仍面临很大不确定性，国内稳增长政策不能松劲。下半年 央行有可能继续降息，这意味着今年两个期限品种的LPR或还有下行空间。 来源：中国证券报 业内人士认为，5月两期限LPR下降10个基 ...

来源：中国人民银行 突发！"伊朗首都德黑兰传出巨大爆炸声"，内塔尼亚胡最新发声！白宫：特朗普将作决定 6月20日，中国人民银行授权全国银行间同业拆借中心公布，2025年6月20日贷款市场报价利率（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%）。以上LPR在下一次发布LPR之前有效。 | | | | 中国人民银行 THE PEOPLE'S BANK OF CHINA | | 货币政策司 Monetary Policy Department | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 信息公开 | 新闻发布 | 業事業部 | 货币政策 | 宏观甲慎 | 信贷政策 | 金融市场 | 金融稳定 | 调查绞计 | 银行会计 | 支付体系 | | | 金融科技 | 人民币 | 经理国库 | 国际交往 | 人员招录 | 学术交流 | 征信管理 | 反洗钱 | 党建工作 | | | 服务互动 | 政务公开 | 政策解读 | 公告信息 | 图文直播 | ...

Group 1 - The People's Bank of China has maintained the one-year and five-year Loan Prime Rate (LPR) at 3% and 3.5% respectively [1]

6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%。 ...

中国至6月20日一年期贷款市场报价利率 3%，预期3.00%，前值3.00%。 ...

6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%。 ...

中国至6月20日五年期贷款市场报价利率 3.5%，预期3.50%，前值3.50%。 ...

中国6月五年期贷款市场报价利率(LPR) 3.5%，前值 3.5%。 ...