Group 1 - The recent reduction in loan market quotation rate (LPR) by 10 basis points is a direct result of the People's Bank of China's interest rate cuts, with major state-owned and joint-stock banks also lowering their RMB deposit rates by an average of 16 basis points [1] - The adjustment in deposit rates aims to balance the reduction in financing costs for the real economy with the stability of banks' net interest margins, indicating an increased linkage between deposit and loan rates as part of the market-oriented interest rate reform [1] - Despite the LPR reduction, banks are facing challenges in maintaining net interest margins, which have reached historical lows, necessitating a larger decrease in deposit rates compared to loan rates to stabilize margins [1] Group 2 - The current economic environment in China presents challenges such as the transition of old and new growth drivers and complex international trade dynamics, making a stable financial system crucial for supporting the real economy [2] - The average reduction in deposit rates is the largest in recent years, yet banks still face significant challenges in maintaining net interest margins, which fell by 9 basis points to 1.43% in the first quarter [2] - To enhance profitability and stabilize internal capital sources, banks need to optimize their deposit and loan product structures, increase non-interest income, and better meet customer financial service needs [2]

5月20日，存贷款利率迎来同步下降。其中，1年期和5年期以上贷款市场报价利率（LPR）分别降10个 基点至3.0%、3.5%；主要银行的活期存款利率下降0.05个百分点，定期存款利率下降0.15-0.25个百分 点。 而若想银行能够进一步降低贷款利率，降低其自身的负债成本就是基础。由此看，此次适度下调存款利 率，有利于为降低社会综合融资成本，支持我国经济回升向好争取更大空间。 另一方面，受贷款利率较快下降等因素影响，我国银行业的净息差下降较快，目前已经处在历史低位。 而合理的净息差水平既是银行服务实体经济的基础，更是防范化解金融风险、维护金融安全的根基。 "因此适度下调存款利率，既有利于银行保持相对合理的净息差水平，也有利于增强其服务实体经济的 可持性和防范化解金融风险的能力。"上述业内人士提到。 另值得一提的是，存款利率适度下降，或有利于促进居民优化资产配置，支持资产价格上涨，利好股 市、楼市。 业内人士表示，此次LPR和大型商业银行存款挂牌利率同步下降，体现出存贷款利率联动性增强，利率 市场化程度有所提升。期间存款利率市场化调整机制作用得到有效发挥，商业银行市场化定价能力也进 一步增强。 具体来看，首先在 ...

Group 1 - The one-year and five-year loan market quotation rates (LPR) have both decreased by 10 basis points, reaching 3.0% and 3.5% respectively, which is expected to enhance financial support for the real economy [1] - The reduction in LPR is anticipated to lower financing costs, stabilize market expectations, and stimulate credit demand, thereby promoting corporate investment and consumer spending, particularly benefiting mortgage borrowers [1][2] - Major banks have also optimized deposit rates, with a decrease in demand deposit rates by 0.05 percentage points and term deposit rates by 0.15-0.25 percentage points, reflecting a comprehensive consideration of market interest trends and deposit supply-demand relationships [1][2] Group 2 - The decline in deposit rates creates favorable conditions for further reducing the overall financing costs in society, supporting economic recovery efforts [2] - The adjustment in deposit rates is aimed at maintaining a reasonable net interest margin for banks, which is crucial for enhancing their ability to serve the real economy and mitigate financial risks [2] - The synchronization of LPR and deposit rates indicates an increased marketization of interest rates, enhancing the pricing capabilities of commercial banks [3] Group 3 - The decrease in deposit rates is a significant measure for counter-cyclical adjustment, promoting asset allocation optimization among residents and supporting asset price increases, which is beneficial for the stock and real estate markets [4] - In 2024, the dividend yield of the CSI 300 is projected to reach 3.4%, with over 650 A-share companies having a dividend yield above 3%, indicating a more attractive return on investment in equities and real estate compared to bank deposits [4] - The rental and housing price ratios in major cities exceed the three-year and five-year term deposit rates, suggesting that investing in stocks and real estate offers better returns than holding bank deposits [4]

Core Viewpoint - The meeting of the Chongqing Market Interest Rate Pricing Self-Discipline Mechanism emphasizes the importance of understanding the relationship between interest rate marketization and self-discipline management, aiming to enhance the effectiveness of financial services to the real economy [1] Group 1 - The meeting highlighted the need to strengthen the execution of interest rate policies and ensure smooth transmission of policy rates [1] - It aims to maintain market competition order and prevent "involution-style" competition [1] - The implementation of recently introduced price-based policies is crucial for continuously benefiting the real economy [1] Group 2 - The meeting discussed the importance of practical work on the pilot program for explicit comprehensive financing costs of loans [1] - There is a collective effort to reduce comprehensive financing costs [1]

Core Viewpoint - Recent adjustments in deposit interest rates by various small and medium-sized banks in China are expected to continue following the People's Bank of China's (PBOC) recent rate cuts, indicating a trend towards lower borrowing costs and a shift in the banking sector's approach to managing liabilities and assets [1][7][8]. Group 1: Rate Adjustments - Multiple small and medium-sized banks, including rural commercial banks and private banks, have recently lowered their deposit rates, with some rates dropping into the "1.x" range [2][5]. - For example, the Liao Cheng Hu Nong Commercial Village Bank reduced its 2-year, 3-year, and 5-year deposit rates from 2.10%, 2.16%, and 2.16% to 1.89%, 1.98%, and 1.98% respectively [2][4]. - Hami City Commercial Bank also announced reductions in its deposit rates, with 1-year, 2-year, 3-year, and 5-year rates adjusted to 1.50%, 1.60%, 1.80%, and 1.85% respectively [6]. Group 2: Economic Context - The PBOC's recent decision to cut the reserve requirement ratio by 0.5 percentage points and lower the policy interest rate by 0.1 percentage points is seen as a move to provide liquidity and support economic growth [1][7]. - Analysts suggest that the overall market interest rates are on a downward trend, influenced by the current economic environment, which necessitates banks to adjust their deposit rates accordingly to optimize funding costs [7][8]. Group 3: Strategic Implications for Banks - Small and medium-sized banks face significant competitive pressure and profitability challenges, prompting them to lower deposit rates to manage their funding costs and improve profit margins [6][9]. - The adjustment in deposit rates is also viewed as a strategy to encourage customers to diversify their investments into other financial products, thereby optimizing the banks' asset-liability structures [6][9]. - The trend of lowering deposit rates is expected to influence the broader financial market, leading to a shift in how individuals allocate their funds, with some moving towards more stable investment products [9].

Core Viewpoint - The recent "gold bar adulteration" incident at the Industrial and Commercial Bank of China (ICBC) South Xiang branch has drawn public attention, highlighting challenges in the bank's precious metals business and its financial performance amid changing economic conditions [3][10]. Financial Performance - In 2024, ICBC achieved a net profit of 365.863 billion yuan, a slight increase of 0.51% year-on-year, but the growth rate has been declining for three consecutive years [11][19]. - The bank's operating revenue has decreased for three years, with figures of 942.762 billion yuan in 2021, 875.734 billion yuan in 2022, 843.070 billion yuan in 2023, and 821.803 billion yuan in 2024, reflecting a total decline of over 120 billion yuan from its peak [15][18]. - The decline in revenue is attributed to decreases in both net interest income and non-interest income [18]. Precious Metals Business - ICBC's precious metals assets grew by 49.36% year-on-year, reaching 208.242 billion yuan in 2024, driven by new product launches that cater to diverse customer needs [8][19]. - The "Ruyi Gold Bar," a self-branded product launched in 2007, has sold over 1.08 million sets, indicating strong market demand despite recent controversies [6][8]. Asset Quality - As of the end of 2024, ICBC's total loans reached 28.372 trillion yuan, with a year-on-year increase of 8.8% [20]. - The bank's non-performing loans (NPLs) rose to approximately 379.458 billion yuan, a 7.34% increase, with personal loans contributing significantly to this growth [20][24]. - The NPL ratio improved slightly to 1.34%, down from 1.36% in 2023, although the personal NPL ratio increased from 0.70% to 1.15% [25][26]. Market Position and Challenges - ICBC remains the largest commercial bank globally, but it faces significant challenges in adapting to a low-interest-rate environment and maintaining asset quality while pursuing growth [19][31]. - The bank's ability to regain consumer trust in its gold business following the adulteration incident will be crucial for its future development [10][31].

中国央行：将继续完善公开市场一级交易商和做市商考核，加强投资者利率风险管理，优化债券市场结 构及制度安排，促进债券市场功能进一步增强，为利率市场化推进和货币政策调控转型提供坚实支撑。 ...

Core Insights - The four municipalities in China—Beijing, Shanghai, Tianjin, and Chongqing—play a crucial role in the country's economic development and face various challenges amid economic restructuring and competitive pressures [1][19][20] - Beijing Bank, once a leader among city commercial banks, is experiencing stagnation in profit growth and increased competition from peers like Jiangsu Bank and Ningbo Bank [2][3][19] - Shanghai Bank is struggling with declining net interest income and has seen its ranking drop among city commercial banks, despite a notable increase in non-interest income [7][8][19] - Chongqing Bank shows potential for growth with a significant increase in total assets, but it faces challenges related to its business structure, heavily weighted towards corporate loans [12][19] - Tianjin Bank's performance is inconsistent, with significant fluctuations in profits and a declining personal loan portfolio, raising concerns about its future stability [15][19][20] Summary by Company Beijing Bank - As of December 2024, Beijing Bank's total assets reached 42,215.42 billion yuan, a 12.61% increase year-on-year, but net profit growth has slowed to 0.81% [2][19] - The bank's net interest margin has decreased from 1.95% in 2019 to 1.47% in 2024, indicating challenges in profitability [3][19] - The bank is exploring diversification into children's financial services, with over 2 million child financial clients [4][19] Shanghai Bank - Shanghai Bank reported total assets of 32,266.56 billion yuan as of December 2024, with a 4.6% year-on-year increase [7][19] - The bank's net interest income fell by 7.62% in 2024, leading to a net interest margin of only 1.17%, below the industry average [8][19] - Non-interest income grew significantly, with investment income increasing by 94.42% in 2024, highlighting the bank's adaptability in financial markets [9][19] Chongqing Bank - Chongqing Bank's total assets reached 8,566.42 billion yuan, a 12.73% increase year-on-year, marking the highest growth rate since 2018 [12][19] - The bank's loan structure is heavily skewed towards corporate loans, with retail loan growth lagging at only 2.81% [12][19] - The bank's net interest margin was reported at 1.35%, indicating a need for improvement in profitability [13][19] Tianjin Bank - Tianjin Bank's total assets were 9,259.94 billion yuan as of December 2024, a 10.1% increase, but its net profit growth was only 1.1% [15][19] - The bank's personal consumption loan portfolio has declined significantly over the past five years, raising concerns about asset quality [17][19] - The bank's capital adequacy ratios have also decreased, indicating potential challenges in maintaining financial stability [18][19]

中央分析研究当前经济形势和经济工作 4月 25日，中共中央政治局召开会议，分析研究当前经济形势和经济工作。会议指出，要坚持稳中求进工作总基调，完整准确全面贯彻新发展理 念，加快构建新发展格局，统筹国内经济工作和国际经贸斗争，坚定不移办好自己的事，坚定不移扩大高水平对外开放，着力稳就业、稳企业、 稳市场、稳预期，以高质量发展的确定性应对外部环境急剧变化的不确定性。 会议强调，要加紧实施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度宽松的货币政策。适时降准降息，保持流动性充裕，加力 支持实体经济。创设新的结构性货币政策工具，设立新型政策性金融工具，支持科技创新、扩大消费、稳定外贸。会议指出，要不断完善稳就业 稳经济的政策工具箱，既定政策早出台早见效，根据形势变化及时推出增量储备政策，加强超常规逆周期调节，全力巩固经济发展和社会稳定的 基本面。（财联社） 点击上图 ▲立即报名 ｜点评｜ 中国一季度经济延续复苏态势，国际贸易环境却再生变化。本次中央政治局会议对中国经济发展状况做出了全面的分析，并及时为下 一步经济发展路径指明了方向。会议为中美贸易摩擦定调，以稳字当头来应对美国关税政策的不确定性，给国内外企业 ...

近日，又有两家民营银行下调存款利率。福建华通银行在官网发布了公告，无锡锡商银行则更新了存款利率表，两家银行的部分定期存款产品利率再度下 行。 华通银行公告称，自4月21日0时起，调整2年期、3年期和5年期个人、单位定期存款挂牌利率，以及一天通知单位存款挂牌利率。其中，2年期至5年期的 三款个人定存产品，利率分别调整至2.00%、2.45%和2.50%。3年期和5年期产品分别较此前下调25BP(基点)和10BP。 根据锡商银行4月21日发布的存款利率表，3年期利率由2.6%下调至2.5%，5年期利率由2.5%下调至2.4%。此前，今年2月，锡商银行刚刚进行了包括活期 存款、通知存款、定期存款、大额存单产品存款利率的全线调整。 "为了推动经济回稳向好，需要降低实体经济融资成本，因此有必要降低银行负债成本，而中长期存款利率较高，有下调空间。对于不同期限存款利率调 整策略不同，这是在利率市场化背景下，银行根据自身负债情况采取的市场化措施，既是降低负债成本的考虑，也是引导存款结构优化，从而调整负债结 构。"中国邮政储蓄银行研究员娄飞鹏接受《金融时报》记者采访时表示。 在这样的背景下，投资者该怎么选择呢？ 可以看到，民营 ...