Why does it say "Hashem Oseh"?
Rashi: He is the One who does this.
Radak: He is Oseh Yerushalayim, which was mentioned above. I.e. he aggrandizes it above all lands. The same applies to "Asher Asah Es Moshe v'Es Aharon" (Shmuel I, 12:6).
Malbim: Asiyah is finishing the matter. Yetzirah is producing the form of the matter; this is before Asiyah. Regarding Hashem, it was already Na'aseh and finished, for His word is as if the matter was done in deed. Regarding lower beings, Hashem does the matter via cause and effect, and over time. The matter will be carried out below when the time comes.
What is the meaning of "Yotzer Osah Lahachinah"?
Radak: He remakes it to prepare it [to last] forever. The same applies to "Hine Anochi Yotzer Aleichem Ra'ah" (18:11). Every Yetzirah is carrying out the matter in deed.
Malbim: Refer to 33:2:1:3.
