企业居民融资成本处低位，7月LPR维持不变符合预期

Core Viewpoint - The People's Bank of China (PBOC) has maintained the 1-year Loan Prime Rate (LPR) at 3.0% and the 5-year LPR at 3.5%, reflecting a combination of policy observation, bank margin pressure, and external environment factors [1][2]. Group 1: Policy and Economic Environment - In May, financial authorities introduced a series of policies, including a 0.5 percentage point reserve requirement ratio cut and a reduction in policy rates, which led to a 10 basis point decrease in LPR [1]. - The current monetary policy has fostered reasonable growth in financial totals and continuous optimization of structure, creating a conducive environment for economic development [1]. - The stability of the 7-day reverse repurchase rate at 1.40% has been a direct reason for the LPR's inability to decline further [1]. Group 2: Banking Sector Dynamics - As of Q1 2025, the net interest margin of commercial banks has dropped to 1.43%, a decrease of 9 basis points from the previous quarter, indicating banks are lacking the motivation to lower LPR due to pressure to pass on benefits to the real economy [1][2]. - The weighted average interest rate for new corporate loans from January to June was approximately 3.3%, down 45 basis points year-on-year, while new personal housing loan rates were around 3.1%, down 60 basis points year-on-year [2]. Group 3: Future Outlook - Market perspectives suggest that while there may be potential for further cuts in reserve requirements and interest rates in the second half of the year, the speed and extent of such reductions will be constrained by multiple factors [3]. - The current issue of "expensive financing" is not seen as the primary concern, and future reductions in overall financing costs may focus on lowering non-interest costs such as collateral and intermediary service fees [4]. - Attention should be paid to upcoming key meetings and decisions from overseas central banks, which may influence the necessity and feasibility of further rate cuts in China [4].