东方金诚：3月LPR报价保持不变，二季度降息窗口有望打开

Group 1: LPR Pricing Analysis - The April LPR remained unchanged at 3.10% for the 1-year term and 3.60% for the 5-year term, consistent with market expectations[4] - The stability in LPR pricing is attributed to unchanged policy rates and historically low bank net interest margins, reducing the incentive for banks to lower LPR[7] - The LPR has not changed since the beginning of the year, reflecting a strong economic performance in Q1, despite a shift in monetary policy towards moderate easing[7] Group 2: Future Expectations - A policy interest rate cut is anticipated in Q2, potentially leading to a 30 basis point reduction in LPR, similar to the total cut from the previous year[7] - This expected reduction in LPR is aimed at lowering financing costs for businesses and households, thereby stimulating consumption and investment to enhance domestic demand[7] - Future LPR adjustments may pressure banks' net interest margins, which will be mitigated by guiding deposit rates downwards and reducing funding costs[8]