LPR，维持不变

Core Viewpoint - The Loan Prime Rate (LPR) remains unchanged, aligning with market expectations, as the policy interest rates have stabilized, and the impact of recent financial support measures from the central bank needs further observation [1][2] Group 1: LPR and Interest Rates - The LPR for one year is 3.0% and for five years or more is 3.5%, both remaining unchanged for three consecutive months since a decline in May [2] - New corporate loan rates are approximately 3.2%, and new personal housing loan rates are about 3.1%, showing a year-on-year decrease of around 45 basis points and 30 basis points, respectively [1] - The overall financing costs in society are on a downward trend, indicating that a reduction in LPR is not urgent at this time [1] Group 2: Banking Sector Insights - The net interest margin of commercial banks for the first half of the year is 1.42%, reflecting a slight decrease of 0.01 percentage points from the first quarter, indicating low margins and limited motivation for banks to lower LPR quotes [1] - Future adjustments in policy interest rates and LPR quotes may have room for reduction as efforts to boost domestic demand and stabilize the real estate market continue [1]