前天的发布会后，很多人都在分析降准和降息的力度。 但降准降息，我认为还只是表面。 发布会提到的这行字，可能才是接下来楼市应该关注的重点： "要加快出台与房地产发展新模式相适配的系列融资制度，持续巩固房地产市场稳定态势。" 房地产现在处于新旧接轨的时候，旧的模式在破碎，新的模式还未完全建立。 现在要从融资端开始配合，是不是新的模式接下来要全面发力？房地产止跌回稳会走向何方？ 我认为这句话才是接下来的答案。 大概从2022年开始，房地产新模式就开始频繁被提及。 但是很多人并没有重视这句话，并且认为模式这样的东西离自己很远。 但是现在，"房地产新模式"这几个字出现得频率越来越高。 这次发布会也是首次明确提及： 要为房地产新模式适配的融资制度。 并且这句话还是放在发言第一点的位置上来强调的。 但是并没有提到过要建立融资机制，如果真的能把资金来源用制度的方式确定下来，大家会对眼下的稳楼市更有信心。 这句话，我认为至少传递出两个信号： 1、房地产新模式要加速建立了，这次是从资金端、制度端上建立长期机制。 2、房地产是要救的，资金不是漫灌，而是要精准落在房地产新模式上。 换句话说， 我们可能将进入一个融资规则、金融方向、资 ...

Core Viewpoint - The recent interest rate cuts on deposits and loans by major banks signal a proactive approach by the government to lower financing costs for businesses and reduce the burden on residents, reflecting a commitment to stabilize economic growth [1][2][3]. Group 1: Interest Rate Cuts - Major state-owned banks and some joint-stock banks have initiated the first round of deposit rate cuts this year, with the largest reductions of 25 basis points for three-year and five-year deposits, and one-year fixed deposit rates falling below 1% [1][3]. - The one-year LPR and five-year LPR have been reduced by 10 basis points, now standing at 3% and 3.5% respectively, marking the first rate cut since 2025 [1][4]. - The reduction in deposit rates is greater than the LPR cut, which helps lower banks' funding costs and creates room for further LPR adjustments [3]. Group 2: Economic Implications - Analysts suggest that the dual reduction in LPR and deposit rates is a positive signal from policymakers aimed at stimulating effective financing demand and stabilizing credit levels amid external uncertainties [2][3]. - The recent monetary policy easing is expected to boost market risk appetite, as evidenced by the rise in A-share indices and the Hang Seng Index [1]. Group 3: Housing Loan Impact - The LPR cut directly affects mortgage rates, with the average mortgage rate expected to decrease to 3% following the 10 basis point reduction [6]. - For a 1 million loan over 30 years, the total repayment amount could decrease by approximately 20,000, with monthly payments reduced by about 55 [6]. - In Guangzhou, the actual mortgage rate remains unchanged at 3% due to adjustments in the banks' pricing strategies, despite the LPR cut [6][7].

Core Viewpoint - The simultaneous decrease in both loan and deposit rates on May 20 is a rare occurrence, aimed at reducing financial burdens for businesses and residents while also addressing the impact on banks' net interest margins [1][2][3] Summary by Relevant Sections Interest Rate Changes - The 1-year and 5-year LPRs were both reduced by 10 basis points, with the new rates being 3% and 3.5% respectively [2] - Major state-owned banks and some joint-stock banks lowered deposit rates by 5 to 25 basis points, with 3-year and 5-year rates down by 25 basis points [1][2] Impact on Banks - The average reduction in deposit rates exceeded that of the LPR, indicating a protective measure for banks' net interest margins [3][5] - The net interest margin for commercial banks fell to 1.43% in Q1, below the regulatory acceptable level of 1.8% [3][4] - The recent adjustments are expected to improve banks' net interest margins by approximately 7 basis points, positively impacting revenue and profit by around 3% and 6% respectively [5] Future Outlook - The space for further reductions in deposit rates is limited, and banks are likely to focus on controlling costs through internal adjustments and managing deposit structures [1][7] - There is a risk of deposit outflows if lower rates lead to increased reliance on interbank liabilities, which could counteract the benefits of reduced deposit costs [6][7] - The trend of banks not raising rates on 5-year deposits and increasing minimum thresholds for 3-year deposits indicates a shift in strategy to manage costs [8] Housing Loan Adjustments - Some regions have begun adjusting the lower limits for first-home loan rates in response to the LPR changes, aiming to stabilize actual mortgage rates above 3% [8][9]

中房报记者 许倩丨北京报道 今年首次降息，落地。 " 如今降息预期落地，向市场传递出政策层面降低企业融资成本、降低居民负担的积极信号。 5月20日，新一期贷款市场报价利率（LPR）公布：1年期LPR和5年期以上LPR分别下调10个基点，降 至3%、3.5%。这是自2024年10月以来，时隔7个月LPR再度降息，也是2025年首次降息。 此次降息已有征兆。5月7日召开的国新办新闻发布会上，央行宣布下调政策利率0.1个百分点，预计带 动贷款市场报价利率（LPR）随之下行0.1个百分点。同时，下调存量准备金率0.5个百分点，向市场提 供长期流动性约1万亿元。 如今降息预期落地，也向市场传递出政策层面降低企业融资成本、降低居民负担的积极信号。 LPR调降的同时，存款利率也迎来新一轮下调。就在5月20日，LPR发布前，中国银行、农业银行、工 商银行、建设银行、交通银行、邮储银行六大国有银行火速下调存款利率，招商银行第一时间跟进。其 中，三年期和五年期存款下调幅度最大，达到25个基点，而一年期定存利率已全面跌至1%以下。 这也是贯彻落实4月25日中央政治局会议提出的关于"适时降准降息，保持流动性充裕，加力支持实体经 济， ...