Oriental Jincheng Research said September LPR quotes for both tenors were unchanged, broadly meeting market expectations. LPR has stayed stable year-to-date, supported by 1H GDP growth of 4.7% — inside the 4.5–5.0% annual target — and accelerated expansion in high-tech manufacturing and other new productive sectors. The firm said weaker investment and consumption since Q2 but steady macro policy and an observation-stage monetary stance explain the lack of a September adjustment. It judged the PBOC could implement policy rate cuts later, which would likely prompt LPR cuts. The July 30 Politburo meeting called for fuller use of stock policies, timely rollout of pragmatic incremental measures, stronger countercyclical action and comprehensive, timely adjustment of monetary policy tools; given economic and price trends, a new round of incremental policies cannot be ruled out.(金十)