6月LPR维持不变：短期政策加码必要性不强 下半年有下调可能

Core Viewpoint - The Loan Prime Rate (LPR) remained unchanged in June, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5%, following a previous reduction of 10 basis points in May. This stability aligns with market expectations, and while there is no immediate need for further policy adjustments, a potential decrease in LPR later this year is anticipated [1][2][3]. Group 1: Current LPR Situation - The LPR's stability in June was expected due to unchanged policy rates and LPR pricing foundations [2][3]. - The recent financial policies, including a 10 basis point reduction in policy rates, have led to a stable LPR, with no significant changes in influencing factors [3][4]. Group 2: Banking Sector Implications - The continuous decline in credit rates has pressured bank interest margins, with the net interest margin for commercial banks dropping to a historical low of 1.43%, down 9 basis points from the previous quarter [4]. - Banks are focusing on managing liability costs and optimizing asset structures to stabilize interest margins amid declining revenue capabilities [4][5]. Group 3: Future Outlook for LPR - Industry experts believe there is still room for LPR adjustments in the second half of the year, particularly to support domestic demand and stabilize the real estate market [7]. - The potential for further LPR reductions may be influenced by external uncertainties and the need to lower financing costs for enterprises and residents [7][8]. - The timing for additional policy measures may shift to August or the fourth quarter, depending on economic conditions and the need to address demand pressures [8][9].