Core Viewpoint - The Loan Prime Rate (LPR) remains unchanged for both the 1-year and 5-year terms, reflecting market expectations and stable monetary conditions [2][3]. Group 1: LPR Stability - The 1-year LPR is set at 3.0% and the 5-year LPR at 3.5%, with no changes from the previous period [2]. - The 7-day reverse repurchase rate, which serves as the pricing basis for LPR, remains at 1.40%, indicating no shifts in the underlying conditions for LPR [3]. Group 2: Banking Sector Insights - Commercial banks are experiencing low net interest margins, which limits their motivation to lower LPR quotes. The net interest margin was reported at 1.42% at the end of Q3, unchanged from Q2 but down 10 basis points from the end of the previous year [3]. - The weighted average interest rate for new corporate loans in October was 3.1%, approximately 40 basis points lower than the same period last year, while the rate for new personal housing loans was also 3.1%, down about 8 basis points year-on-year [3]. Group 3: Economic Outlook - Analysts suggest that the focus on stabilizing economic operations in Q4 of this year and Q1 of next year may lead to a phase of increased growth policies, with potential downward adjustments in LPR by year-end [4]. - A decrease in LPR could further lower loan rates for businesses and individuals, stimulating internal financing demand [4].

Core Viewpoint - The People's Bank of China announced that the Loan Prime Rate (LPR) for one year is set at 3.0% and for five years and above at 3.5%, remaining unchanged for six consecutive months since June 2025 [1][4]. Group 1: LPR Announcement - The LPR is calculated based on quotes from 20 banks, reflecting the market interest rates for loans [4]. - The LPR is published on the 20th of each month, with adjustments made for holidays, and is determined by removing the highest and lowest quotes and averaging the remaining ones [4]. Group 2: Monetary Policy Direction - The central bank aims to enhance the interest rate adjustment framework, strengthen policy interest rate guidance, and improve the market-based interest rate formation mechanism [4]. - The focus is on reducing banks' funding costs and promoting a decrease in the overall financing costs for society [4][5]. Group 3: Continuous Improvement of LPR - There is an ongoing effort to reform and improve the LPR to better reflect the actual loan market interest rates [5]. - Financial institutions are encouraged to adhere to risk pricing principles and align loan rates with market rates such as bond yields [5].

Macro News - The People's Bank of China announced that the 1-year and 5-year Loan Prime Rates (LPR) remain unchanged at 3.0% and 3.5% respectively, marking six consecutive months of stability since June [1] - The Federal Reserve's October meeting minutes revealed mixed opinions among officials regarding a potential rate cut in December, with a 36.2% probability of a 25 basis point cut and a 63.8% probability of maintaining the current rate [1] - The U.S. Bureau of Labor Statistics will not release the October non-farm payroll report, combining it with the November data to be published on December 16 [2] Industry News - Counterpoint Research forecasts that memory prices are expected to rise by approximately 50% before the second quarter of 2026, primarily due to a critical chip shortage affecting traditional LPDDR4 [3] - The Shanghai Real Estate Brokerage Industry Association initiated a self-discipline campaign to maintain market order, emphasizing accurate market reflection, honest information dissemination, and fair competition among real estate agencies [4] - The China Semiconductor Industry Association predicts that the chip design industry sales will reach 835.73 billion yuan in 2025, a 29.4% increase from 2024, translating to approximately 118.04 billion USD, marking the first time sales exceed 100 billion USD [5] Sector Opportunities - CITIC Securities suggests that domestic charging infrastructure is poised for a new acceleration phase, driven by policy support, particularly for high-power fast charging equipment, benefiting related charging pile equipment companies [6] - Huaxin Securities believes that the overall price of the new energy vehicle supply chain is at a low point, with strong demand resilience, presenting a good opportunity for investment in core companies within the supply chain [6] - CITIC Securities highlights significant advancements in Gemini 3 Pro's multimodal understanding and logical reasoning capabilities, suggesting continued attention to the development of native multimodal technologies and the new application opportunities they present [6]

Core Viewpoint - The People's Bank of China (PBOC) has announced the Loan Prime Rate (LPR) for November 20, 2025, with the 1-year LPR set at 3.0% and the 5-year LPR at 3.5%, remaining unchanged for six consecutive months [1] Summary by Relevant Sections - **Current LPR Rates** - The 1-year LPR is currently at 3.0% and the 5-year LPR is at 3.5% as of November 20, 2025 [1] - **Historical Context** - On April 21, 2025, the 1-year LPR was 3.10% and the 5-year LPR was 3.60% - The rates were adjusted on May 20, 2025, with the 1-year LPR decreasing to 3.00% and the 5-year LPR decreasing to 3.50% [1] - **Stability of LPR** - The LPR has remained unchanged for the past six months, indicating a period of stability in the lending rates [1]

以上LPR在下一次发布LPR之前有效。 经济观察网据央视新闻客户端消息，中国人民银行授权全国银行间同业拆借中心公布，2025年11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%。 ...

中国人民银行授权全国银行间同业拆借中心公布，2025年11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%。以上LPR在下 一次发布LPR之前有效。 这是LPR自6月份以来连续6个月保持不变。 SFC 来源丨央行网站 ...

来源丨央行网站 编辑丨黎雨桐 闻泰科技内部人士：公司对荷兰安世的合法权益尚未恢复 英伟达净利润大增65%，盘后拉涨超4%，美联储降息曝重大分歧 重磅并购 中金收购东兴 信达 三大券商同日停牌 SFC 21君荐读 重磅并购，中金收购东兴、信达，三大券商同日停牌 中 国 人 民 银 行 授 权 全 国 银 行 间 同 业 拆 借 中 心 公 布 ， 2025 年 11 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%。 以上LPR在下一次发布LPR之前有 效。 这是LPR自6月份以来连续6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11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%。以上LPR在下一次发布LPR之前有效。 来源｜央行网站 编辑 ｜瑜见 ...

这是LPR自6月份以来连续6个月保持不变。 贷款市场报价利率（LPR）由各报价行按公开市场操作利率加点形成的方式报价，由全国银行间同业拆借中心计算得出，为 银行贷款提供定价参考。目前，LPR包括1年期和5年期以上两个品种。 来源：中国人民银行 11月20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11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%。 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 | 深体深秘 | 货币政策 | 宏观审慎 | 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 ...

中国人民银行授权全国银行间同业拆借中心公布，2025年11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% ， 连续六个月保持不变。 以上LPR在下一次发布LPR之前有效。 来源丨中国人民银行 编辑丨兰银帆 审核丨许晨辉 往期回顾 在风格上 Review of Past Articles - 郑栅洁主任主持召开民营企业座谈会 就"十五五"时期服务业发展听取意见建议 01 02 等你来投！《清华金融评论》12月刊 " 黄金投资逻辑：历史周期与趋势演变 " 征稿启事 小媒求你加·3 标 TSINGHUA PBCSF TSINGHUA Financial Revi 清华五道厂 明年终的未来 《清华金融评论》专注于经济会融 政策解读与建言,设置一个封面专 题以及宏观经济、政策与监管、 银行与保险、资本市场、财富与资 管、金融与科技、论文故事汇、道 口研究、国际九个专业栏目,所有 栏目都期待这样的来稿: 既可以是分析研判式的文稿,也可以是解读评论型的文稿, 既可以建言献策经济金融理论与实践,也可以归纳总结新经 济金融模式与案例。 在形式上 无需复杂的理论与计量模型,无需过 ...