8月LPR报价继续保持不变。中国人民银行授权全国银行间同业拆借中心公布，2025年8月20日贷款市场 报价利率(LPR)为：1年期LPR为3%，5年期以上LPR为3.5%。 今年5月，LPR迎来年内首次下调，1年期LPR和5年期以上LPR均下调10个基点。目前我国利率水平处 于历史低位，今年1—6月，新发放企业贷款加权平均利率、新发放的个人住房贷款利率约为3.3%、 3.1%，分别比上年同期低约45个、60个基点。 央行发布的2025年第二季度中国货币政策执行报告指出，持续改革完善贷款市场报价利率(LPR)，着重 提高LPR报价质量，更真实反映贷款市场利率水平，督促金融机构坚持风险定价原则，理顺贷款利率与 债券收益率等市场利率的关系，持续深化明示企业贷款综合融资成本试点，推动社会综合融资成本下 行。 此次LPR按兵不动，广东省住房政策研究中心首席研究员李宇嘉认为由多方面因素决定，首先在货币政 策方面，不久前的政治局会议并没有提及下调政策利率或存款准备金率，主要原因是受制于美联储的降 息节奏，担心降息导致资金外流。另外，上半年GDP超额完成目标，也不想把政策空间用完。同时，当 前楼市的问题，不在利率高低上，而在 ...

Core Viewpoint - Supporting the development of private and small micro enterprises is an inherent requirement of financial services for the real economy, with a focus on enhancing financing accessibility, inclusiveness, and convenience during the "14th Five-Year Plan" period [2][5]. Financing Accessibility - The average annual growth rate of inclusive small micro loans has exceeded 20% over the past five years, with the balance of such loans increasing from 15.1 trillion yuan at the end of 2020 to 35.6 trillion yuan by June 2025 [4][5]. - The proportion of credit loans has reached nearly 30%, and the balance of loans to privately held enterprises has risen to approximately 45 trillion yuan [4]. - Financial institutions have been guided to innovate and better assist enterprises facing collateral shortages and financing difficulties, leading to significant increases in loan disbursements [5]. Cost Reduction - The average interest rate for newly issued inclusive small micro enterprise loans has decreased from 5.08% in December 2020 to 3.48% by June 2025, reflecting a substantial reduction in financing costs [8][9]. - Financial management departments have implemented various measures to lower the comprehensive financing costs for private and small micro enterprises, benefiting a larger number of businesses [8][9]. Diversified Financing - There is a need to expand more diversified financing channels for private and small micro enterprises, as their financing needs and methods vary at different growth stages [10]. - The issuance of technology innovation bonds has gained traction, with 288 entities issuing approximately 600 billion yuan in bonds by June, indicating a growing interest in direct financing [11]. - The proportion of private enterprises among listed companies is significant, with 63% of A-share companies being private, and high representation in the Sci-Tech Innovation Board and other platforms [11].