wen | dujiaojinrong liuyinping

编辑 | 付影

yinxingdecunkuanlixijingranbushiyinxingjide，yuedinghaodelixishuobujijiubujile，zheizaicunkuanjiekeshijianxinxianshi。

jinqi，bushaozhenxingyinxingchuhushoudaotongzhi，“huobanzhulijihua”huodongzhongzhi，yuanxiancunde3nian、5nianqililvfenbiexiajiang1%、0.8%zhi3.5%、4%，shuohaode“jiaxi”zhijialeyinianduojiujieshule。

cishichuhucaifaxian，yuanlai“zhuliquan”bingbushizhenxingyinxingfade，ershihezuojigounikejuzhenfade，chuyuheguiyinsujuedingquxiaojiaxibutie。

yinxingdecunkuanweiheyouwaibujigou“jiaxi”？disanfangjigoushishenmelaitou？zheizhongxingweishifoushexiangaoxilanchu？yinxing、disanfangjigounengfouyi“hegui”weiyoudanfangmianquxiao“jiaxi”？weiraodingcunchanpinlilvjiaxibeihoudeyihuo，xuyaojiekai。

1 4.5%降至3.5%，振兴银行储户突然收到“降息”通知

zhenxingyinxingchengliyu2017nian9yue28ri，zai19jiaminyingyinxingzhongchenglishijianpianwan，zhucezibenwei20yiyuan，shenyangrongshengzhongtianshiyeyouxiangongsi、shenyangtianxinhaokejiyouxiangongsiweiqianliangdagudong，chigubilifenbiewei30%、28%。

zhenxingyinxingzhengtishilizaiminyingyinxingzhongkaohou。jiezhi2023nianmo，zhenxingyinxingzongzichanwei295.77yiyuan，yingyeshouruwei7.45yiyuan，jinglirunwei1.07yiyuan，zai18jiaminyingyinxingzhongfenbiepaizaidaoshudi3wei，daoshudi4wei，daoshudi5wei。（yuminyinxingweipilu2023nianbao）

minyingyinxingyouyumeiyoushitiyingyewangdian，lanchunandujiaoda，wangwangyikaogenggaodelilvlaixiyinchuhu。

jinnian11yue15riqi，bufenzhenxingyinxingchuhushoudaolaizi“nikejuzhen”dedianhuatongzhi，“huobanzhulijihua”jiangyu11yue19rijieshu，kehucunrude“zhenhuicun”3nian/5nianqicunkuanbuzaixiangyouzhulishouyi，houxuanzhaoyinxingcundanlilvzhixing。nikejuzhenyezaigongzhonghaofabulexiangguangonggao。

chuhushoudaoxiaoximengle，yuedinghaodecunkuanlilv，weishenmekeyishuojiangjiujiang？tongzhi“jiangxi”deweishenmebushiyinxingershiqitajigou？

cishizaicunkuanshichangfajiao，yinfazhengyi。suizhechuhu、yinxing、sanfangjigouxiangjifasheng，zhengjianshidelailongqumaizhujianqingxiqilai。

2023nianzhenxingyinxingtuichuleduogecunkuanlixijianglihuodong，shangmiantidaodejiaxihuodongshizheiyangde：chuhuzaizhenxingyinxingappgoumai“zhenhuicun”chanpin，keyixuanzeshiyong“beijingnikejuzhen”tigongdezhuanshuzhuliquan，dangshizhenxingyinxingguanfangqudaoxianshi3nianqi、5nianqicunkuanlilvfenbiewei3.5%、4%，shiyongzhuliquanhou，3nianqijiaxi1%zhi4.5%，5nianqijiaxi0.8%zhi4.8%。

youchuhuzhenduicicihuodongzixunlezhenxingyinxingkefuyouguanzhuliquanqixianwenti，yiweiqiyeweixinrenzhengwei“liaoningzhenxingyinxing”dekefuhuifu，1%dejiaxihuodongchixusannian。danshijinjinguoquyinianzuoyou，gaizhuliquanjiushixiao，chuhudecunliangcunkuanlilvzaodaoxiadiao。

2 “加息”由第三方机构发放、取消，振兴银行扮演什么角色？

bencishijianzuirangchuhubujiedeshi，tongzhi“jiangxi”debingfeizhenxingyinxing，ershi“nikejuzhen”，houzhedaodishishenmelaitou？liangzheshishenmeguanxi？shuangfangzhenduicishijunjichulehuifu。

zhenxingyinxingbiaoshi，gaizhulihuodongshiyunikejuzhenhezuokaizhandejieduanxingyingxiaohuodong，xianzainikejuzhenquxiaolezheixianghuodong，shuangfangdehezuojieshule，yinxingzishenbingmeiyouxiadiaochuhulilv，meiyouweifancunkuanchanpinfuwuxieyi。

nikejuzhenbiaoshi，tamenshiyuyinxinghezuodeyunyingfuwushang，heyinxinglianhejubanhuodongbingfafanghuodongjiangli，jiaoting“zhuliquan”shichuyuheguiyaoqiu。

yinxingyuwaibujigouyingxiaohezuo，youdisanfangjigouxiangchuhufafangchaoeshouyideqingkuangzaiyeneihenhanjian。

jinrongjianguanzishenzhuanjiazhouyiqinbiaoshi：“zhenxingyinxingyudisanfangjigouhezuokaizhancunkuanyingxiaoxingwei，zaiyingxiaoxuanchuanzhongxiangkehumingqueledisanfangjigoudezhulijiaxifangshi。muqiansuirandisanfangjigoudanfangmianquxiaolezhulijiaxijihua，danbunengyincipaichuzhenxingyinxingdezhutizeren。ciwai，benshenzhulijiaxixingweijiushexiangaoxilanchu。”

conggongshangziliaolaikan，nikejuzhenquanchengshibeijingnikejuzhenkejiyouxiangongsi，chengliyu2018nian9yue7ri，zhuceziben500wanyuan，shiyijiayingxiaoyunyingzonghefuwushang，mugongsiweizaichuangyebanshangshidebeijingkelanruanjianxitonggufenyouxiangongsi（300663.sz）。

nikejuzhenguanwangxianshi，zhuyingyewubaokuoyingxiaoyunyingfuwu、yingxiaoziyuanfuwu、zhinengshuziyingxiaopingtaifuwu，weiyinxingtigongyinxingxianshangqudaodeyingxiaoyunying、chanpinyunyinghekehuyunying。kehuchulezhenxingyinxingwai，haiyouzhongbangyinxing、tailongyinxing、keshangyinxing、yingkouyanhaiyinxing、xinwangyinxingdeng。keyikanchu，nikejuzhendekehuzhong，minyingyinxingzhanbibuxiao。

congnikejuzhengongzhonghaofabudelishiwenzhanglaikan，zaozai2019nianjiuyuzhenxingyinxingkaizhanleduociyingxiaohuodong，neishihouzhengshihulianwangchuangxinxingcunkuanxingqideshihou。

2018~2020nianqijian，duojiaminyingyinxingtongguojingdongjinrong、duxiaoman、lujinsuodenghulianwangpingtaixishouledaliangzijin，cunkuanguimogaosuzengzhang。ranerhaojingbuzhang，youyuzheizhongchuangxinzhinengcunkuanlilvguogao、heguixingwentijiaoduo、liudongxingfengxianjiaogao，jianguanhenkuaijiaotinglezheileicunkuan。

2021nian1yue15ri，《guanyuguifanshangyeyinxingtongguohulianwangkaizhangerencunkuanyewuyouguanshixiangdetongzhi》chutai，yaoqiushangyeyinxingyifaheguitongguohulianwangkaizhancunkuanyewu，budejiezhuwangluodengshouduanweifanhuozheguibijianguanguiding，qieshangyeyinxingbudetongguofeiziyingwangluopingtaikaizhandingqicunkuanhedinghuoliangbiancunkuanyewu。

cihou，hulianwangchuangxinxingcunkuanchedituichujianghu。minyingyinxingkaishijiangdisanfangpingtaidehulianwangcunkuanchanpinzhuanyizhiziyingpingtai，zaicizhiqianmairudecunkuanchanpinyirananzhaoyuanxiandeguidingjixi，baozhanglaokehuliyibushousun。

lanchudezhuyaozhanchangzhuanhuanle，lilvquemeiyouyincixiadiao。yifangmianxiangyaodadaoheguijingyingdemude，lingyifangmianyouxiangliuzhuhaoburongyiconghulianwangpingtaihuoqudekehu，yushijiehewaibujigoucehuajingyingfanganchengweihenduominyingyinxingdexuanze。

danzaishijijingyingdeguochengzhong，minyingyinxingdelanchuheguixingbaoshouzhiyi，gaoxilanchushengyinyizhimeiyouduanguo。

genjuyinbaojianhui《guanyuwanshanshangyeyinxingcunkuanpianliduguanliyouguanshixiangdetongzhi》，yinxingbudetongguofanhaixianjinhuoyoujiazhengquan、zengsongshiwudengbuzhengdangshouduanxishoucunkuan，zheizhongshuyuweiguifanlixicunxingwei。

3 振兴银行、尼客矩阵能否以“合规”为由，单方面取消“加息”活动？

jinjiniancunkuanlilvxiadiaofudujiaoda，dao2023niansijidu，lilv3%yishangdecunkuanchanpinyijingbuduojian，erzhenxingyinxing3nian、5nianqicunkuanlilvhainengdadao3.5%、4%deshuiping，yongshang“zhuliquan”houshenzhinengdadao4.5%、4.8%。

chuhukanshangdejiushizhenxingyinxingyuangaoyuyeneipingjunshuipingdecunkuanlilv。

genjuguojiajinrongjianguanzongjufabudeshuju，2024nianqiansanjiduminyingyinxingdejingxichafenbiewei4.32%、4.21%、4.13%，chixuxiajiang。2023nianzhenxingyinxingjingxichawei2.88%，tongbixiajiang44bp，zai18jiaminyingyinxingzhongpaizaidaoshudi4wei，yuandiyuxingyepingjunshuiping。

jugaobuxiadecunkuanlilvjiyinxingdailailejingyingfangmiandeyali，chixushouzhaidejingxichayedaozhiyinxingdelirunkongjianbeizhujianyasuo。

jinjinianyangxingjiaqiangcunkuanlilvjianguan。《2024niandisanjiduzhongguohuobizhengcezhixingbaogao》zhongzhichu，caiquduoxiangcuoshishutonglilvchuandaojizhi，wendingyinxingjingxicha，guifancunkuanshichanglilvdingjiaxingwei。

zhenxingyinxinghenikejuzhentingzhizhulijihuadeliyoushiweileheguijingying，congjingyingyaliheheguidejiaodulaikan，yinxingxiadiaocunkuanlilvwukehoufei，danchengnuodecunliangcunkuanlilvshuojiangjiujiang，chuhudeliyiyougairuhebaozhang？

“yinxinghedisanfangjigoutingzhiyingxiaohuodongdaozhichuhucunkuanlixisuoshui，xianranweibeileqiyuejingshen。suiranxianjieduanshangyeyinxingjiaodadexichayaliqingkuangkeyilijie，danshijianyixiangguanyinxingduiyucunlianghetongyingruyuelvxingwanbi，fouzehuiduiyinxingzishenxinyu、koubeizaochengshanghai，buliyurihoudejiankangzhangqifazhan。”zhouyiqinbiaoshi。

nimaiguominyingyinxingdecunkuanma？lilvzenmeyang？pinglunquliaoliaoba。