Report Industry Investment Rating - Not provided in the content Core Viewpoints - Macroscopically, the state is promoting national crude steel production control, the central bank has cut the reserve - requirement ratio, and the personal housing provident fund loan interest rate has been lowered. Overseas, the Fed maintained the interest rate, and a limited bilateral trade agreement was reached. The iron - alloy sector is under pressure, with negative production profits and weak steel demand expectations. The cost of electricity in Ningxia has decreased, and the technical trend of the silicon - iron main contract is bearish. It is recommended to treat the silicon - iron main contract as oscillating [6]. Summary by Directory 1. Week - on - Week Summary - **Macro Aspect**: The state is promoting crude steel production control, the central bank cut the reserve - requirement ratio by 0.5 percentage points, releasing about 1 trillion yuan of long - term liquidity, and the personal housing provident fund loan interest rate was cut by 0.25 percentage points. Overseas, the Fed maintained the federal funds rate target range at 4.25% - 4.50%, and a limited bilateral trade agreement was reached, with the UK buying $10 billion worth of Boeing aircraft [6]. - **Supply - Demand Aspect**: The iron - alloy sector is under pressure, with negative production profits. The profit in Inner Mongolia is - 230 yuan/ton, and in Ningxia is - 110 yuan/ton. Steel demand expectations are generally weak. Follow - up tariff conflicts may see new progress after the Sino - US talks [6]. - **Cost Aspect**: The electricity cost in Ningxia decreased by 1 cent, and the semi - coke price remained stable [6]. - **Technical Aspect**: The weekly K - line of the silicon - iron main contract is below the 60 - day moving average, showing a bearish trend [6]. - **Strategy Suggestion**: Treat the silicon - iron main contract as oscillating due to the decrease in supply and pressure on sector demand [6]. 2. Futures and Spot Market - **Futures Market**: As of May 9, the silicon - iron futures contract open interest was 473,800 lots, a week - on - week increase of 85,100 lots; the monthly spread was - 50, a week - on - week decrease of 126. The number of silicon - iron warehouse receipts was 18,908, an increase of 1,804. The spot price in Ningxia was 5,460 yuan/ton, a week - on - week decrease of 140 yuan/ton [12][18]. - **Spot Market**: As of May 9, the silicon - iron basis was - 82 yuan/ton, a week - on - week decrease of 24 [21]. 3. Industry Chain Situation - **Industry**: The silicon - iron operating rate increased, while demand decreased. The weekly demand for silicon - iron in five major steel types was 20,336.3 tons, a 2.00% decrease from last week. The national operating rate of 136 independent silicon - iron enterprises was 32.53%, an increase of 1.79%. The daily output was 14,700 tons, an increase of 550 tons. The inventory of 60 independent silicon - iron enterprises decreased by 11.83% to 73,700 tons [27][30]. - **Upstream**: As of May 6, the electricity price in Ningxia was 0.41 yuan/kWh, a decrease of 0.01 yuan/kWh, and in Inner Mongolia, it remained at 0.42 yuan/kWh. As of May 8, the semi - coke price remained at 665 yuan/ton. The production cost in Ningxia was 5,460 yuan/ton, a decrease of 160 yuan/ton, and in Inner Mongolia, it remained at 5,680 yuan/ton. The production profit in Ningxia was - 110 yuan/ton, a decrease of 40 yuan/ton, and in Inner Mongolia was - 230 yuan/ton, a decrease of 100 yuan/ton [34][39]. - **Downstream**: As of May 9, the daily average pig iron output of 247 steel mills was 2.4564 million tons, an increase of 0.0022 million tons from last week and 0.1114 million tons from last year. From January to March 2025, the total silicon - iron export volume was 90,500 tons, a 18.70% decrease from the same period last year. The silicon - iron tender price was 5,900 yuan/ton, a decrease of 280 yuan/ton compared to March [44].

Core Viewpoint - The People's Bank of China announced a reduction in personal housing provident fund loan interest rates, effective from May 8, 2025, with a decrease of 0.25 percentage points for both first and second home loans [1][9]. Summary by Sections Interest Rate Adjustments - The new interest rates for first home loans will be 2.1% for loans of 5 years or less and 2.6% for loans over 5 years [1][3][9]. - For second home loans, the rates will be adjusted to a minimum of 2.525% for loans of 5 years or less and 3.075% for loans over 5 years [1][3][9]. Implementation Details - Loans issued before May 8, 2025, with a term of one year or less will continue to follow the original interest rates, while loans with a term longer than one year will switch to the new rates starting January 1, 2026 [3][9]. - The adjustments were also confirmed by housing provident fund management centers in major cities such as Shanghai, Beijing, Guangzhou, and Shenzhen [4][8][11]. Comparative Analysis - A comparison table shows the previous and new interest rates for both first and second home loans, highlighting the reductions [7][10]. - For first home loans of 1-5 years, the previous rate was 2.35%, now reduced to 2.1%, and for loans over 5 years, it was 2.85%, now reduced to 2.6% [7][10]. - For second home loans, the previous rates were 2.775% for 1-5 years and 3.325% for over 5 years, now adjusted to 2.525% and 3.075% respectively [7][10].

Core Points - The Zhuhai Housing Provident Fund Management Center announced a reduction in personal housing provident fund loan interest rates effective from May 8, 2025 [1] - The interest rate for first-time personal housing provident fund loans will be adjusted to 2.1% for loans of 5 years or less and 2.6% for loans over 5 years [1] - For second-time personal housing provident fund loans, the rates will be adjusted to not lower than 2.525% for loans of 5 years or less and 3.075% for loans over 5 years [1]

Core Viewpoint - Beijing has announced a reduction in personal housing provident fund loan interest rates, effective from May 8, 2025, in response to the People's Bank of China's directive [1] Summary by Categories Interest Rate Changes - The new interest rates for first-time personal housing provident fund loans will be 2.1% for loans of 5 years or less and 2.6% for loans over 5 years [1] - For second-time personal housing provident fund loans, the rates will be 2.525% for loans of 5 years or less and 3.075% for loans over 5 years [1] Existing Loans - Loans issued before May 8, 2025, with a term of one year or less will continue to follow the original interest rates after this date, without segmented interest calculation [1] - Loans with a term longer than one year will also maintain the original rates until January 1, 2026, when the adjusted rates will take effect [1]

据上海公积金消息，根据中国人民银行决定，自2025年5月8日起，5年以下（含5年）和5年以上首套 个人住房公积金贷款利率分别下调至2.1%和2.6%，5年以下（含5年）和5年以上第二套个人住房公积 金贷款利率分别下调至2.525%和3.075%。2025年5月8日（含）以后发放的个人住房公积金贷款，执 行本通知规定。2025年5月8日前已发放的未到期个人住房公积金贷款，自2026年1月1日起按本通知 规定执行。 ...

Group 1 - The core point of the article is the reduction of personal housing provident fund loan interest rates in Shanghai, effective from May 8, 2025 [1] - The interest rate for first-time homebuyers on loans of 5 years or less is reduced to 2.1%, and for loans over 5 years, it is reduced to 2.6% [1] - For second-time homebuyers, the interest rates are reduced to 2.525% for loans of 5 years or less and 3.075% for loans over 5 years [1] Group 2 - The new rates will apply to personal housing provident fund loans issued on or after May 8, 2025 [1] - Loans issued before May 8, 2025, that are still outstanding will be subject to the new rates starting January 1, 2026 [1]

Core Viewpoint - Hainan Province is reducing the personal housing provident fund loan interest rates by 0.25 percentage points effective from May 8, 2025, in response to the People's Bank of China's notification [1] Summary by Category Interest Rate Adjustments - The new interest rates for first-time personal housing provident fund loans will be 2.1% for loans of 5 years or less and 2.6% for loans over 5 years [1] - For second-time personal housing provident fund loans, the rates will be adjusted to 2.525% for loans of 5 years or less and 3.075% for loans over 5 years [1] Implementation Timeline - The adjusted interest rates will apply to all personal housing provident fund loans issued on or after May 8, 2025, including those that have been accepted but not yet disbursed [1] - Loans that were issued before May 8, 2025, will transition to the new rates starting January 1, 2026 [1]

Core Viewpoint - The People's Bank of China announced a reduction in personal housing provident fund loan rates by 0.25 percentage points, which is expected to save residents over 20 billion yuan in interest annually [2][4]. Group 1: Loan Rate Adjustments - The new loan rates effective from May 8, 2025, will be 2.1% for first-time homebuyers with loans of 5 years or less, and 2.6% for loans over 5 years [4]. - For second-time homebuyers, the rates will be no less than 2.525% for loans of 5 years or less, and 3.075% for loans over 5 years [4]. - The adjustment applies to both new and existing housing provident fund loans, with existing loans' rates set to decrease starting January 1, 2026 [4]. Group 2: Impact on Borrowers - For a first-time housing provident fund loan of 1 million yuan over 30 years, the monthly payment will decrease from 4,136 yuan to 4,003 yuan, resulting in a reduction of approximately 133 yuan [2][4]. - The total interest payment over the loan term will decrease by about 47,600 yuan due to the rate cut [2][4]. Group 3: Market Implications - The rate reduction is aimed at supporting the rigid housing demand of residents and is expected to help stabilize the real estate market [4]. - Prior to 2022, the housing provident fund loan rates were adjusted frequently, but only two adjustments have occurred since then, indicating a more stable rate environment [4].

5月7日，央行发布最新公告： 中国人民银行决定，自2 0 2 5年5月8日起，下调个人住房公积金贷款利率0 . 2 5个百分点，5年以 下（含5年）和5年以上首套个人住房公积金贷款利率分别调整为2 . 1%和2 . 6%，5年以下（含5 年）和5年以上第二套个人住房公积金贷款利率分别调整为不低于2 . 5 2 5%和3 . 0 7 5%。 在今天举行的国新办新闻发布会上，中国人民银行行长潘功胜表示，降低个人住房公积金贷 款利率0 . 2 5个百分点。其中，五年期以上首套房利率由2 . 8 5%降至2 . 6%，其他期限的利率同 步调整，预计每年将节省居民公积金贷款利息超过2 0 0亿元，有利于支持居民家庭的刚性住房 需求，有助于房地产市场止跌企稳。 更多发布会内容请 见专题： 聚焦丨"一行一局一会"重磅发声 本期编辑 金珊 央行重磅官宣！下周四，降准！ 超重磅！降准、降息、降个人住房公积金贷款利率！潘功胜最新发声 关于中国资本市场，吴清说了三个"靠谱" SFC 21君荐读 据金融时报，此次住房公积金贷款利率调整范围既包括新发放的住房公积金贷款，也包括存 量住房公积金贷款。此次利率下调后，新发放的住房公积金贷款 ...

Core Viewpoint - The People's Bank of China has decided to lower the personal housing provident fund loan interest rates by 0.25 percentage points starting from May 8, 2025 [1] Summary by Categories Interest Rate Adjustments - The interest rates for the first set of personal housing provident fund loans will be adjusted to 2.1% for loans of 5 years or less (including 5 years) and 2.6% for loans over 5 years [1] - The interest rates for the second set of personal housing provident fund loans will be adjusted to not lower than 2.525% for loans of 5 years or less (including 5 years) and 3.075% for loans over 5 years [1]