7月LPR报价持平，长期存在调降空间

Core Points - The Loan Prime Rate (LPR) for 1-year remains at 3.0% and for 5-year and above at 3.5%, unchanged from the previous period [1] - The LPR serves as a benchmark for loan pricing, calculated based on the rates offered by major banks to their best clients [1] - The stability of the LPR aligns with market expectations and reflects the unchanged basis of the central bank's open market operations [1] Group 1 - The People's Bank of China (PBOC) has maintained the LPR, which is expected to support the implementation of various counter-cyclical measures in the second half of the year [1] - Economic data indicates that China's economic growth in Q2 exceeded market expectations, providing a solid foundation for achieving annual targets [1] - Analysts suggest that the unchanged LPR will help balance support for the real economy while maintaining the health of the banking system [1] Group 2 - Looking ahead, there is potential for LPR adjustments downward due to uncertainties in the external environment and efforts to boost domestic demand [2] - Analysts predict that the central bank may continue to lower interest rates in the second half of the year, which could lead to a further decrease in LPR [2] - The previous reduction in LPR in May was aimed at lowering financing costs for the real economy, particularly to counter external risks [2]