惠誉评级：LPR进一步下行空间有限

Core Viewpoint - The net interest margin (NIM) of banks is expected to bottom out, with a negative industry outlook since 2024 primarily due to the continuous decline in interest rates over the past three years [1] Group 1: Net Interest Margin Outlook - The decline in deposit rates is anticipated to positively contribute to NIM by 2026, leading to a gradual reduction in the extent of NIM contraction [1] - The space for further decline in asset yields is limited, as the reduction in the Loan Prime Rate (LPR) has significantly slowed down this year, and existing mortgage rates have not been substantially lowered [1] - The repricing of high-cost long-term deposits is expected to drive down funding costs, supporting the stabilization of banks' NIM [1]