1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint of the Report The report presents an overview of the mid - view events, industry trends, and market pricing in April and May 2025, covering production, service, upstream, mid - stream, downstream industries, and credit spreads [1][2][3][4][5]. 3. Summary by Related Catalogs 3.1 Mid - view Events - **Production Industry**: In April, the total social electricity consumption was 772.1 billion kWh, a year - on - year increase of 4.7%. From January to April, the cumulative total social electricity consumption was 3156.6 billion kWh, a year - on - year increase of 3.1%. The power consumption of the primary, secondary, tertiary industries and urban and rural residents' living all increased year - on - year [1]. - **Service Industry**: On May 20, 2025, the 1 - year LPR was 3.00% and the 5 - year LPR was 3.50%, both down 10 basis points from the previous period [1]. 3.2 Industry Overview - **Upstream**: Egg prices decreased year - on - year, and glass prices dropped in the short term [2]. - **Mid - stream**: The PTA operating rate rebounded, while the PX operating rate declined recently. The asphalt operating rate in infrastructure has been rising [3]. - **Downstream**: The sales of commercial housing in first - and second - tier cities decreased seasonally, reaching a near - three - year low. The number of domestic flights decreased cyclically [4]. 3.3 Market Pricing - Bank credit spreads rebounded, while credit spreads in other industries declined [5]. - The table shows the credit spreads of various industries from last year to this week, with most industries showing a downward trend in credit spreads this week compared to last week [47]. 3.4 Key Industry Price Indicators - The table presents the price indicators of multiple industries, including agriculture, non - ferrous metals, energy, chemicals, and real estate. Most prices have small year - on - year changes, with some increasing and some decreasing [48].

Group 1 - The Hong Kong innovative drug sector experienced a strong surge on May 20, with multiple related ETFs opening significantly higher, including the Hong Kong Innovative Drug 50 ETF (513780), which rose over 5% [1] - Some Hong Kong medical-themed ETFs faced profit-taking, with the Hong Kong Innovative Drug ETF (513120) seeing a net outflow of over 500 million yuan despite its over 5% increase, and the Hang Seng Medical ETF (513060) experiencing a net outflow of over 400 million yuan [1] - The second enhanced strategy ETF tracking the CSI 500 index, the Guotai CSI 500 Enhanced Strategy ETF, was announced to be established on May 21, with a first fundraising scale of 570 million yuan and a total of 2,440 effective subscription households [1] Group 2 - The People's Bank of China announced that the Loan Prime Rate (LPR) for May 20 is 3.0% for the one-year term and 3.5% for terms over five years, both down by 10 basis points from the previous period [2] - Major banks, including China Construction Bank and China Merchants Bank, have lowered the RMB deposit rates, with the one-year fixed deposit rate now at 0.95% [2]

Group 1 - The People's Bank of China announced a reduction in the 1-year LPR to 3% and the 5-year LPR to 3.5%, both down by 10 basis points, marking the first decline this year, signaling a clear intention to stabilize the market and expectations [1] - The adjustment of LPR is expected to lower loan interest rates, which will directly impact borrowing costs for consumers and businesses [1] - Prior to this adjustment, the mortgage rates for first-time homebuyers in Beijing were 3.15%, while second-home buyers faced rates of 3.55% within the Fifth Ring Road and 3.35% outside it [1] Group 2 - A rough estimate indicates that a 10 basis point decrease in the 5-year LPR could reduce monthly interest payments by over 50 yuan for a 1 million yuan loan over 30 years, saving borrowers over 20,000 yuan in total interest [2] - The decline in deposit rates is beneficial for maintaining the stability of commercial banks' net interest margins, enhancing the sustainability of financial support for the real economy [2] - The simultaneous decline of LPR and deposit rates is expected to further lower financing costs for enterprises and residents, stimulating demand for financing, promoting consumption, and expanding investment, thereby contributing to economic recovery [2]

周二中国央行发布的公告显示，1年期LPR报3.0%，5年期以上报3.5%，均降低10个基点，此次LPR下调 符合市场预期。东方金诚首席宏观分析师王青表示，当前外部环境仍面临很大不确定性，国内稳增长政 策还不能松劲。预计下半年央行还会继续实施降息，年内两个期限品种的LPR还有下行空间。（证券日 报） ...

Core Viewpoint - The recent reduction in Loan Prime Rate (LPR) is expected to significantly lower mortgage costs for homebuyers, potentially boosting confidence in the real estate market [1][3]. Group 1: Impact of LPR Reduction - The one-year LPR is now at 3%, and the five-year LPR is at 3.5%, both down by 10 basis points, leading to lower monthly mortgage payments for buyers [1]. - After the LPR cut, first-time home loan rates in major cities are expected to drop to around 3.05%, with many cities seeing rates fall to approximately 2.9% [3]. - In Shenzhen, a loan of 1 million yuan over 30 years will see a monthly payment decrease of about 54.32 yuan, while the average loan amount for second-hand homes (3.18 million yuan) will see a reduction of approximately 172.72 yuan per month, saving around 62,200 yuan in total interest over 30 years [4][5]. Group 2: Market Sentiment and Demand - A significant portion of homebuyers (66%) are opting for pure commercial loans, benefiting directly from the LPR reduction, indicating a shift in market dynamics [5]. - The easing of monthly payment pressure is likely to accelerate potential homebuyer demand, enhancing activity in both new and second-hand housing markets [5]. - Despite the positive sentiment from the LPR cut, there are concerns about a decline in market activity as the effects of previous housing policies begin to wane [9]. Group 3: Rental Market Dynamics - Some properties, particularly low-cost, high-rent business apartments, are becoming attractive investment options, with rental yields surpassing bank deposit rates [7]. - The increase in rental yield is attributed to a significant drop in property prices compared to a smaller decline in rental prices, although a full recovery in the rental market may take time [7]. Group 4: Future Market Outlook - The real estate market is experiencing a cooling period, with fewer cities reporting price increases, indicating a potential weakening in housing prices in the second quarter [9]. - Continuous policy support is anticipated to stabilize the market, focusing on urban village renovations and high-quality housing supply [9].

金十数据5月20日讯，2025年LPR首降来了。20日，全国银行间同业拆借中心公布本月贷款市场报价利 率(LPR)。其中，1年期LPR为3.00%，5年期以上LPR为3.50%，均下降10个基点。业内人士预计，下半 年央行还会继续实施降息降准，今年年内LPR还有下降的可能。本次5年期以上LPR调整，能为借款人 省下多少钱？以贷款100万、等额本息30年计算，贷款利率从3.60%降到3.50%，利息总额节省约2万 元，月供减少约56元。 （中新经纬） 100万房贷利息少2万 ...

Core Viewpoint - Recent adjustments in mortgage rates in cities like Guangzhou and Xiamen indicate a potential strategy to maintain stability in the face of expected LPR reductions, with banks aiming to keep rates above 3% to avoid profit erosion [1][2][3] Group 1: Mortgage Rate Adjustments - Guangzhou has raised the first home loan interest rate from LPR-60 basis points to LPR-50 basis points, increasing the rate from 3.0% to 3.1% [1] - Xiamen has also adjusted its mortgage rates, increasing the first home loan interest rate from LPR-50 basis points to LPR-45 basis points, resulting in a rise from 3.10% to 3.15% [1] - The adjustments are seen as a proactive measure to prevent rates from falling below 3% in anticipation of a potential LPR decrease [2][3] Group 2: Implications of LPR Changes - Analysts suggest that if LPR decreases by 10 basis points, many cities could see mortgage rates drop into the "2" range, enhancing affordability and accessibility for borrowers [3] - The current mortgage rate environment is historically low, and banks are adjusting rates to maintain stability while still allowing for potential LPR reductions [2][3] Group 3: Banking Sector Impact - A decline in mortgage rates could pressure banks' net interest margins, with the average mortgage rate for new loans nearing 3% following LPR adjustments [4] - The net interest margin for commercial banks is projected to fall to 1.52% by the end of 2024, marking a historical low, prompting regulatory attention on banks' profitability [5]

Core Viewpoint - The LPR (Loan Prime Rate) should reflect the interest rates for the best quality clients, rather than being set lower than the market rate, to enhance the effectiveness of monetary policy and the credibility of financial reforms [1] Group 1 - The LPR is intended to represent the loan rates for the best clients in the market [1] - A significant deviation of the LPR from market rates can mislead the market and hinder policy efficiency [1] - Future reforms should balance policy objectives with market principles, ensuring that the LPR accurately reflects the supply and demand for funds [1]

Economic Data Release - The National Bureau of Statistics will release key economic data for April on May 19, including industrial added value, fixed asset investment, and retail sales of consumer goods [2] - CICC estimates that the fiscal subsidy scale for the old-for-new policy exceeded 38 billion yuan in April, maintaining a strong impact on retail sales growth at 3.3 percentage points [2] - The retail sales of narrow passenger cars are expected to grow by 14.4% year-on-year in April, with overall retail sales growth projected at around 5.5% [2] Fuel Price Adjustment - The domestic refined oil price adjustment window is set for May 19 at 24:00, with a projected decrease of 240 yuan per ton for gasoline and diesel prices [3] - Analysts predict a drop of approximately 0.18 yuan per liter for 92-octane gasoline and 0.2 yuan per liter for 0-octane diesel, resulting in savings of about 9 yuan for a full tank of 50 liters [3] LPR Announcement - The latest 1-year and 5-year LPR will be announced on May 20, with the previous rates at 3.1% and 3.6% respectively [4] - Following a 0.1 percentage point reduction in the policy interest rate, the LPR is expected to decrease by about 0.1 percentage points [4] Stock Unlocking - A total of 40 companies will have their restricted shares unlocked from May 19 to May 23, with 8 stocks having a market value exceeding 1 billion yuan [6] - The top three companies by unlocking market value are: SiTeWei-W (7.007 billion yuan), XinDian Software (4.865 billion yuan), and YanTian Port (4.459 billion yuan) [6][7] New Stock Issuance - Two new stocks will be issued next week: Guqi Wool Materials on May 19 and Zhongce Rubber on May 23 [10]

据中国人民银行网站消息，5月8日，人民银行以固定利率、数量招标方式开展了1586亿元逆回购操作， 下调政策利率0.1个百分点，即公开市场7天期逆回购操作利率从目前的1.5%调降至1.4%。因当日无逆回 购到期，因此实现净投放1586亿元。同日，根据《中国人民银行关于下调个人住房公积金贷款利率的通 知》，下调个人住房公积金贷款利率0.25个百分点。 专家表示，此次降息，不仅有利于提振市场情绪，还有利于保持商业银行净息差稳定，同时通过利率传 导，有效降低实体经济综合融资成本，巩固经济基本面。下调个人住房公积金贷款利率，将更好满足住 房消费需求，支持房地产市场持续健康发展。 "当前，我国实际利率仍然偏高。LPR的下行将带动实际利率回落，实体部门融资成本下降可改善投 资、消费情绪，支持经济发展。"浙商证券首席经济学家李超说，降低公开市场7天期逆回购操作利率的 目的之一是引导LPR下行，降低实体部门融资成本，强化金融对经济的支持力度。 考虑到为后续的不确定性留足政策空间，人民银行还明确提出，"将通过利率自律机制引导商业银行相 应下调存款利率"。 潘功胜表示，下一步，人民银行将继续认真贯彻党中央、国务院的各项部署，实施好 ...