人民银行持续呵护市场流动性，近日资金面边际转松，各期限资金利率多数下行。11月20日，上海银行 间同业拆放利率（Shibor）多数品种呈现下行走势，其中隔夜Shibor下行5.6个基点报1.364%；7天期 Shibor下行2.7个基点报1.46%。截至11月20日15时15分，DR007加权平均利率报1.5392%，高于政策利率 水平。 "自10月20日LPR公布以来，7天期逆回购利率作为政策利率，一直保持稳定，这意味着11月LPR报价的 定价基础没有发生变化，已在很大程度上预示当月LPR报价会保持不动。"东方金诚首席宏观分析师王 青指出。 此外，王青表示，近期包括1年期银行同业存单到期收益率（AAA级）在内的主要中长端市场利率稳中 有降，商业银行在货币市场的融资成本略有下行，但在商业银行净息差处于历史最低点的背景下，当前 报价行也缺乏主动下调LPR报价加点的动力。 新一期贷款市场报价利率（LPR）出炉。11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，两 ...

证券时报记者 贺觉渊 中国人民银行11月20日授权全国银行间同业拆借中心公布的新一期贷款市场报价利率（LPR）显示，11 月1年期与5年期以上LPR分别为3.0%、3.5%，连续第六个月维持不变。鉴于作为LPR"定价锚"的公开市 场7天期逆回购利率未调整，银行净息差压力不减，市场对于LPR"按兵不动"早有预期。 "为稳息差、防风险，保持银行经营的可持续性，近期有关部门也在强化金融机构定价行为指引，约束 非理性竞争，贷款定价逐步趋于稳定。"民生银行首席经济学家温彬指出，后续监管引导银行降低实体 融资成本，或更倾向于通过财政贴息、结构性工具、明示综合成本等来实现。 央行近日发布的《2025年第三季度中国货币政策执行报告》专栏强调，保持合理的利率比价关系。利率 及其比价关系对宏观经济均衡和资源配置有重要导向意义。市场化利率体系有效运行，要求各类利率之 间保持合理的比价关系。 广发证券宏观分析师钟林楠在研报中表示，这要求央行通过自律机制、窗口指导等方式规范银行的存贷 款定价，保证存贷款利率能充分体现政策利率调整效果的同时合理定价风险与息差稳定，对应银行资产 与负债利率、不同类型资产收益率、不同风险利率保持合理的比价。 ...

中国人民银行11月20日授权全国银行间同业拆借中心公布的新一期贷款市场报价利率（LPR）显示，11 月1年期与5年期以上LPR分别为3.0%、3.5%，连续第六个月维持不变。鉴于作为LPR"定价锚"的公开市 场7天期逆回购利率未调整，银行净息差压力不减，市场对于LPR"按兵不动"早有预期。 LPR报价由央行政策利率和报价行报价加点共同决定。自今年5月LPR报价跟随当月央行降息下降10个 基点后，截至目前作为央行政策利率的7天期逆回购利率再无调整，因此11月LPR报价的定价基础未发 生变化。与此同时，商业银行净息差水平依然处于历史低点，报价行缺乏主动下调LPR报价加点的意 愿。 金融监管总局公布的最新数据显示，截至三季度末，我国商业银行净息差1.42%，与上季度持平。 中金公司研报表示，上市银行息差下行趋势出现阶段性企稳，息差企稳主要得益于存款利率下调、清理 手工补息、整顿同业存款定价等负债成本节约措施，以及二季度以来资本市场活跃背景下存款活期化以 及存款搬家、向非银存款迁移带来的负债结构改善。 "为稳息差、防风险，保持银行经营的可持续性，近期有关部门也在强化金融机构定价行为指引，约束 非理性竞争，贷款定价逐步 ...

Core Viewpoint - The Loan Prime Rate (LPR) remains unchanged for both the 1-year and 5-year terms, reflecting stable market expectations and a consistent monetary policy environment [1][2]. Summary by Sections LPR Announcement - The 1-year LPR is set at 3.0% and the 5-year LPR at 3.5%, both unchanged from previous values [1]. - The announcement aligns with market expectations, indicating stability in the monetary policy [1]. Market Liquidity and Interest Rates - The People's Bank of China (PBOC) conducted a 300 billion yuan reverse repurchase operation with a fixed rate of 1.4%, while 190 billion yuan of reverse repos matured, resulting in a net liquidity injection of 110 billion yuan [1]. - The Shanghai Interbank Offered Rate (Shibor) showed a downward trend, with the overnight Shibor decreasing by 5.6 basis points to 1.364% and the 7-day Shibor down by 2.7 basis points to 1.46% [1]. Economic Context and Future Outlook - The stability of the LPR is attributed to a strong macroeconomic performance, with key indicators such as investment, consumption, and industrial production showing signs of decline [2][3]. - The potential for new monetary policy measures, including interest rate cuts, is anticipated to stimulate domestic demand and support economic growth [3]. - The regulatory body may consider lowering the 5-year LPR to address high mortgage rates and boost housing market demand [4].

【大河财立方 记者 杨萨】11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11月贷 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。自今年5月下调后，LPR报价已连续6个月保持不变。 王青表示，6月以来LPR报价一直按兵不动，背后的根本原因是受年初以来出口超预期、国内新质生产 力领域较快发展等推动，宏观经济走势稳中偏强，逆周期调节需求相应下降，货币政策保持较强定力。 关于下阶段的货币政策思路，央行公布《2025年第三季度中国货币政策执行报告》中提到，进一步完善 利率调控框架，强化央行政策利率引导，完善市场化利率形成传导机制，发挥市场利率定价自律机制作 用，加强利率政策执行和监督，降低银行负债成本，推动社会综合融资成本下降。 王青表示，往后看，受内外部多重因素影响，近期经济增长动能有所回落，其中，10月国内投资、消 费、工业生产等宏观数据下行势头引发关注，出口增速由正转负。着眼于稳定今年四季度和明年一季度 经济运行，稳增长政策有望结束观察期，进入发力阶段。预计在财政及准财政政策推出"两个5000亿″措 施之后，年底前货币 ...

中国人民银行11月20日授权全国银行间同业拆借中心公布的新一期贷款市场报价利率（LPR）显示，11月1年 期与5年期以上LPR分别为3.0%、3.5%，与上期报价一致，连续第六个月维持不变。鉴于作为LPR"定价锚"的 公开市场7天期逆回购利率未调整，银行净息差压力不减，市场对于LPR"按兵不动"早有预期。 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 LPR报价由央行政策利率和报价行报价加点共同决定。自今年5月LPR报价跟随当月央行降息下降10个基点 后，截至目前作为央行政策利率的7天期逆回购利率再无调整，因此LPR报价定价基础未发生变化。同时，目 前商业银行净息差水平依然处于历史低点，报价行缺乏主动下调LPR报价加点的意愿。 今年以来，央行持续推动社会综合融资成本下降。10月，企业新发放贷款（本外币）加权平均利率为3.1%， 比上年同期低约40个基点；个人住房新发放贷款（本外币）加权平均利率为3.1%，比上年同期低约8个基点。 与 ...

Core Viewpoint - The People's Bank of China (PBOC) has released the monetary policy execution report for Q3 2025, highlighting the effectiveness of its counter-cyclical monetary policy measures in supporting economic recovery and stabilizing financial markets [1] Group 1: Monetary Policy Implementation - The PBOC has utilized various monetary policy tools to create a conducive financial environment for economic recovery, including maintaining reasonable growth in money and credit [2][3] - The report indicates a significant increase in social financing and broad money supply (M2), with year-on-year growth rates of 8.7% and 8.4% respectively, and a total RMB loan balance of 270.4 trillion yuan, reflecting a 6.6% increase [3] - The PBOC aims to lower social financing costs and optimize credit structure through market-oriented interest rate adjustments [2][3] Group 2: Structural Policy Measures - The report emphasizes the continuous optimization of financing structure, with notable year-on-year growth in various loan categories: technology loans (11.8%), green loans (22.9%), inclusive loans (11.2%), elderly care loans (58.2%), and digital economy loans (12.9%) [4] - The PBOC has implemented structural monetary policy tools to support key areas such as consumption, technology innovation, and rural revitalization, with a total balance of structural monetary policy tools reaching 3.9 trillion yuan by the end of September [4] Group 3: Future Policy Directions - The PBOC plans to maintain an appropriately loose monetary policy while enhancing the execution and transmission of monetary policy [5][6] - The report highlights the importance of consumer finance support and the effectiveness of the monetary policy transmission mechanism, indicating a shift in focus compared to previous quarters [6] - Future efforts will include improving the monetary policy framework, ensuring liquidity remains ample, and aligning social financing growth with economic growth and price level expectations [5][6]

Core Insights - The People's Bank of China (PBOC) has implemented a moderately accommodative monetary policy in 2025, ensuring ample liquidity and reasonable growth in financial totals, which has led to a decline in social financing costs and an optimization of credit structure [1] Group 1: Credit and Deposits - The total credit volume has shown reasonable growth, with the balance of financial institutions' loans in both domestic and foreign currencies reaching 274.3 trillion yuan, a year-on-year increase of 6.5%, with an increase of 14.8 trillion yuan since the beginning of the year [1] - Deposits have grown rapidly, with the balance of financial institutions' deposits in both domestic and foreign currencies reaching 332.2 trillion yuan, a year-on-year increase of 8.3%, with an increase of 23.8 trillion yuan since the beginning of the year [2] Group 2: Interest Rates - New loan interest rates remain low, with the one-year and five-year Loan Prime Rates (LPR) at 3.0% and 3.5% respectively, both down by 0.35 percentage points year-on-year; the weighted average interest rate for new loans is approximately 3.2%, down about 0.4 percentage points year-on-year [2] - Foreign currency deposit and loan interest rates have generally declined, with the average interest rates for demand and large dollar deposits falling by 0.14 and 0.69 percentage points year-on-year, respectively [2] Group 3: Financing Structure - The financing structure continues to optimize, with significant growth in specific loan categories: technology loans up 11.8%, green loans up 22.9%, inclusive loans up 11.2%, elderly care industry loans up 58.2%, and digital economy industry loans up 12.9%, all exceeding the overall loan growth rate [3] - By the end of September, short-term loans accounted for approximately 25% and medium to long-term loans for about 67% of the total RMB loans, with medium to long-term loans for enterprises increasing by 8.3 trillion yuan since the beginning of the year [3] - Direct financing, including corporate bonds, government bonds, and non-financial corporate domestic stock financing, accounted for approximately 31.6% of the total social financing scale, reflecting an increase of 0.5 and 1 percentage points compared to the end of June and last year, respectively [3]

Group 1: Financial Performance - In the first three quarters, Guangxi's social financing scale increased by 424.85 billion yuan, with total deposits and loans reaching 4.92 trillion yuan and 5.66 trillion yuan respectively, reflecting year-on-year growth of 6.4% and 6.0% [1] - The financing structure in Guangxi has improved, with net financing from corporate and government bonds and domestic stock financing totaling 165.564 billion yuan, an increase of 42.526 billion yuan year-on-year, accounting for 39% of the social financing scale increment [1] - The weighted average interest rate for newly issued loans in Guangxi was 3.1%, a decrease of 51 basis points year-on-year [1] Group 2: Sectoral Insights - Guangxi's medium to long-term loans for the manufacturing sector grew at a rate 11.9 percentage points higher than the overall loan growth [1] - Loans to small and micro enterprises and inclusive small micro loans increased by 11.3% and 11.1% year-on-year respectively, while green loans increased by 93.3 billion yuan since the beginning of the year [1] - The foreign exchange market in Guangxi showed a positive trend, with a total foreign exchange receipt and payment scale of 52.758 billion USD, a year-on-year increase of 17.67% [2]

Group 1 - The balance of deposits for non-financial enterprises in Beijing increased by 6.0% year-on-year as of the end of September, marking a relatively high growth rate over the past three years [1] - As of the end of September, the total RMB loan balance in Beijing reached 12.02 trillion yuan, with a year-on-year growth of 7.6%, an increase of 0.3 percentage points compared to the end of June [1] - Corporate loans increased by 8.6% year-on-year, maintaining a rapid growth rate, while household loans grew by 6.3%, with a steady increase compared to the end of June [1] Group 2 - As of the end of August, the balance of loans after adjustments for Beijing's financial "five major articles" was 6.8 trillion yuan, reflecting a year-on-year growth of 10.9% [2] - Loans in key sectors such as technology, green finance, inclusive finance, elderly care, and digital finance saw year-on-year growth rates of 8.8%, 22.5%, 13.3%, 65.7%, and 10.7% respectively [2] - The weighted average interest rate for loans in Beijing was 3.34% in September, a decrease of 36 basis points year-on-year, effectively reducing financing costs for enterprises [2] Group 3 - The total RMB deposit balance in Beijing reached 26.66 trillion yuan by the end of September, with a year-on-year growth of 2.9%, an increase of 0.5 percentage points compared to the end of June [2] - Household deposits increased by 8.6% year-on-year, while non-financial enterprise deposits grew by 6.0%, indicating sustained growth in both categories [2]