11月LPR不变，四季度降准降息预期减弱

Core Viewpoint - The latest Loan Prime Rate (LPR) remains unchanged for six consecutive months, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5%, reflecting stable market conditions and limited motivation for banks to lower rates [1][4][5]. Group 1: LPR Stability - The LPR has been stable due to the consistent 7-day reverse repurchase rate, which has remained at 1.40% since May [4][5]. - Market expectations for rate cuts have diminished, as liquidity is generally ample and banks need to maintain reasonable net interest margins to better serve the real economy [1][8]. Group 2: Economic Context - The macroeconomic environment has shown strength, with exports exceeding expectations and rapid development in new productive sectors, leading to reduced demand for counter-cyclical adjustments [4][8]. - The weighted average interest rate for new corporate loans in October was 3.1%, down approximately 40 basis points year-on-year, indicating a high level of credit resource supply [6]. Group 3: Future Monetary Policy - The central bank's recent report emphasizes the need for a moderately loose monetary policy while maintaining a focus on structural optimization and balancing short-term fluctuations with long-term goals [9][10]. - There is a shift towards more precise and coordinated monetary policy, with an emphasis on directing financial resources to key areas such as technological innovation and green development [10].