房贷切换LPR，节奏快于市场预期；小微企业延期还本付息，本质上有利于降低不良风险，两者对营收影响均有限。

1. 存量房贷换锚主要规则? .......................................................................................................... 3

2. 面对换锚借款人怎么选？ ......................................................................................................... 4

2.1. LPR 未来大概率向下 ............................................................................................................................................. 4

2.2. 转换LPR 收益与风险............................................................................................................................................ 5

3. 房贷换锚对银行的影响? .......................................................................................................... 7

4. 中、小微延期还本付息？ ......................................................................................................... 8

5. 投资建议与风险提示 ................................................................................................................ 9