Wang Qing, chief macro analyst at Dongfang Jincheng, believes that the LPR price is determined by the MLF operating interest rate and the price plus points. The MLF operating interest rate did not change in April, which means that the basis for LPR quotes for the month remained stable. Furthermore, bank net interest spreads are expected to remain low in the first quarter. This means that despite the recent decline in banks' capital costs, they still lack the motivation to lower quotes and add points. Furthermore, the macroeconomic economy continued to pick up its upward trend. This means that in the short term, we will be observing the effects of the policy, and the urgency to further guide the downward trend in LPR quotes will weaken. Based on current prices and economic trends, Wang Qing determined that MLF interest rates may be lowered in the third quarter. This will drive follow-up adjustments in LPR quotes for the two term types, which in turn will drive interest rates on corporate and residential loans to continue to decline. At the same time, the reduction in LPR prices will drive down loan interest rates, which will also provide more favorable conditions for mitigating local debt risks this year.