中信证券：降息传导至存贷款，稳息差信号明确

Core Viewpoint - The recent reduction in LPR and deposit rates by the central bank is a continuation of the interest rate cut on May 7, indicating a clear signal for stabilizing interest rate spreads [1] Group 1: Interest Rate Changes - The adjustment in LPR and deposit rates aligns with the expected transmission chain of "policy rate - LPR - deposit rate" [1] - The cut in deposit rates by major national banks on the same day as the LPR reduction effectively mitigates the negative impact of declining asset pricing [1] Group 2: Loan Demand and Social Financing - Post-rate cut, loan demand is expected to remain stable, with social financing growth potentially increasing driven by government bonds [1] - Recent export performance has exceeded expectations, reducing the immediate necessity for further monetary policy easing [1] Group 3: Future Observations - The need for additional monetary policy adjustments will depend on future changes in external demand and the real estate sector [1]