季节因素影响导致信贷数据波动 对于如何看待近期的信贷数据，业内人士分析称，贷款增量存在季节特征，对月度贷款数据要综合 分析。 如年初"开门红"的时候贷款就会增长较旺，而7月份则是明显的信贷"小月"。同时，部分银行工作 人员在业绩考核压力下，倾向于将半年末前后的信贷投放前置到6月份完成，这也对7月份贷款数据带来 一定扰动。 "实际上，我国6、7月份信贷数据波动，与金融机构上半年报表披露和实体企业结算窗口期有很大 关系。"一位业内人士解释，一方面，6月份恰逢金融机构半年报披露，部分机构会出现短期调整信贷投 放节奏、拉高6月份数据的情况，这种"冲时点"的做法在以往年份也常常出现，从经营的角度看有一定 的内在逻辑。另一方面，6月份也是企业半年期经营结算的重要时间窗口，大量企业面临货款回收、债 务偿还、资金清算等刚性需求，这种阶段性的资金流动高峰也会反映在信贷数据上。对此，业内人士认 为，观察6、7月份金融数据时，可考虑将两个月的数据合并起来综合分析，剔除季节性和外部冲击因素 的扰动。 8月13日，中国人民银行发布7月份金融统计数据。总体来看，主要金融指标继续高于经济增速，金 融对实体经济支持力度比较大。7月末，社会融 ...

8月13日，中国人民银行发布2025年7月份社会融资规模增量统计数据报告。初步统计，2025年前7个 月，社会融资规模增量累计为23.99万亿元，比上年同期多5.12万亿元。其中，对实体经济发放的人民币 贷款增加12.31万亿元，同比少增694亿元；对实体经济发放的外币贷款折合人民币减少725亿元，同比 少减245亿元；委托贷款减少689亿元，同比多减116亿元；信托贷款增加1592亿元，同比少增1480亿 元；未贴现的银行承兑汇票减少2196亿元，同比少减1243亿元；企业债券净融资1.43万亿元，同比少 1849亿元；政府债券净融资8.9万亿元，同比多4.88万亿元；非金融企业境内股票融资2212亿元，同比多 767亿元。 ...

Monetary Statistics - As of the end of July, the broad money supply (M2) reached 329.94 trillion yuan, with a year-on-year growth of 8.8% [1] - The narrow money supply (M1) stood at 111.06 trillion yuan, growing by 5.6% year-on-year [1] - The currency in circulation (M0) amounted to 13.28 trillion yuan, reflecting an 11.8% year-on-year increase [1] Loan and Deposit Data - By the end of July, the total loans in both domestic and foreign currencies reached 272.48 trillion yuan, with a year-on-year growth of 6.7% [1] - The total deposits in both domestic and foreign currencies were 327.83 trillion yuan, showing a year-on-year increase of 9% [2] - In the first seven months, the increase in RMB loans was 12.87 trillion yuan, while RMB deposits rose by 18.44 trillion yuan [1][2] Sector-Specific Loan Breakdown - Household loans increased by 680.7 billion yuan, with short-term loans decreasing by 383 billion yuan and medium to long-term loans increasing by 1.06 trillion yuan [1] - Corporate loans rose by 11.63 trillion yuan, with short-term loans increasing by 3.75 trillion yuan and medium to long-term loans increasing by 6.91 trillion yuan [1] - Foreign currency loans decreased by 8.1% year-on-year, with a total balance of 555.8 billion USD [1] Cross-Border Transactions - In July, the cross-border RMB settlement amount under the current account was 1.57 trillion yuan, with goods trade accounting for 1.15 trillion yuan [3] - Direct investment cross-border RMB settlement reached 0.64 trillion yuan, with outbound direct investment at 0.22 trillion yuan and foreign direct investment at 0.42 trillion yuan [3]

Core Insights - The People's Bank of China reported that as of the end of July 2025, the total social financing scale was 431.26 trillion yuan, reflecting a year-on-year growth of 9% [1] Summary by Category Total Social Financing - As of July 2025, the total social financing scale was 431.26 trillion yuan, with a year-on-year increase of 9% [1] RMB Loans - The balance of RMB loans to the real economy was 264.79 trillion yuan, showing a year-on-year growth of 6.8% [1] Foreign Currency Loans - The balance of foreign currency loans to the real economy, converted to RMB, was 1.21 trillion yuan, which represents a year-on-year decline of 23.2% [1] Entrusted Loans - The balance of entrusted loans was 11.16 trillion yuan, reflecting a slight year-on-year decrease of 0.4% [1] Trust Loans - The balance of trust loans was 4.46 trillion yuan, indicating a year-on-year increase of 5.9% [1] Bank Acceptance Bills - The balance of undiscounted bank acceptance bills was 1.92 trillion yuan, showing a year-on-year decline of 10.4% [1] Corporate Bonds - The balance of corporate bonds was 33.39 trillion yuan, with a year-on-year growth of 3.8% [1] Government Bonds - The balance of government bonds was 89.99 trillion yuan, reflecting a significant year-on-year increase of 21.9% [1] Non-Financial Corporate Stocks - The balance of non-financial corporate stocks in the domestic market was 11.94 trillion yuan, showing a year-on-year increase of 3.2% [1] Structural Analysis - As of the end of July, RMB loans accounted for 61.4% of the total social financing scale, down 1.2 percentage points year-on-year [1] - Foreign currency loans accounted for 0.3%, down 0.1 percentage points year-on-year [1] - Entrusted loans accounted for 2.6%, down 0.2 percentage points year-on-year [1] - Trust loans accounted for 1%, down 0.1 percentage points year-on-year [1] - Undiscounted bank acceptance bills accounted for 0.4%, down 0.1 percentage points year-on-year [1] - Corporate bonds accounted for 7.7%, down 0.4 percentage points year-on-year [1] - Government bonds accounted for 20.9%, up 2.2 percentage points year-on-year [1] - Non-financial corporate stocks accounted for 2.8%, down 0.1 percentage points year-on-year [1]

Monetary Statistics - As of the end of July, the broad money supply (M2) reached 329.94 trillion yuan, with a year-on-year growth of 8.8% [1] - The narrow money supply (M1) stood at 111.06 trillion yuan, growing by 5.6% year-on-year [1] - The currency in circulation (M0) amounted to 13.28 trillion yuan, reflecting a year-on-year increase of 11.8% [1] - In the first seven months, a net cash injection of 465.1 billion yuan was recorded [1] Loan Statistics - By the end of July, the total outstanding loans in both domestic and foreign currencies reached 272.48 trillion yuan, with a year-on-year increase of 6.7% [1] - The outstanding RMB loans were 268.51 trillion yuan, growing by 6.9% year-on-year [1] - In the first seven months, RMB loans increased by 1.287 trillion yuan, with household loans rising by 680.7 billion yuan [1] - Corporate loans increased by 1.163 trillion yuan, with short-term loans up by 375. billion yuan and medium to long-term loans up by 691 billion yuan [1] - Foreign currency loans totaled 55.58 billion USD, showing a year-on-year decline of 8.1% [1] Deposit Statistics - As of the end of July, the total deposits in both domestic and foreign currencies reached 327.83 trillion yuan, with a year-on-year growth of 9% [2] - The RMB deposits were 320.67 trillion yuan, reflecting an 8.7% year-on-year increase [2] - In the first seven months, RMB deposits increased by 1.844 trillion yuan, with household deposits rising by 966 billion yuan [2] - Foreign currency deposits reached 1 trillion USD, growing by 20% year-on-year [2] Interbank Market Activity - In July, the total transaction volume in the interbank RMB market was 222.44 trillion yuan, with an average daily transaction of 9.67 trillion yuan, marking a year-on-year increase of 14.8% [2] - The weighted average interest rate for interbank borrowing was 1.45%, lower than both the previous month and the same period last year [2] - The weighted average interest rate for pledged repos was 1.46%, also lower than the previous month and the same period last year [2] Cross-Border RMB Settlement - In July, the cross-border RMB settlement amount under the current account was 1.57 trillion yuan, with goods trade accounting for 1.15 trillion yuan [3] - Direct investment cross-border RMB settlement amounted to 0.64 trillion yuan, with outbound direct investment at 0.22 trillion yuan and foreign direct investment at 0.42 trillion yuan [3]

Core Viewpoint - The introduction of personal consumption loan interest subsidy policies aims to enhance financial collaboration, reduce credit costs for consumers and businesses, and stimulate consumption to support economic circulation [1][2]. Group 1: Personal Consumption Loan Subsidy Policy - The personal consumption loan subsidy policy is the first of its kind from the central government, directly benefiting the public [2]. - The subsidy period is from September 1, 2025, to August 31, 2026, covering various consumption types, including daily small purchases and larger items like cars and home renovations [2]. - Individuals can receive a maximum subsidy of 500 yuan per single loan, with cumulative subsidies possible for multiple loans, up to 1,000 yuan for loans under 50,000 yuan and 3,000 yuan for loans above that amount [2]. Group 2: Service Consumption Growth Potential - The central government emphasizes the development of service consumption to drive economic growth, with service consumption per capita growing at an annual rate of 9.6% from 2020 to 2024 [4]. - By 2024, service consumption is expected to account for 46.1% of total per capita consumption, contributing 63% to the growth of consumer spending [4]. - The subsidy policy for service industry loans targets key sectors such as dining, health, and tourism, with a subsidy rate of 1% for up to 1 million yuan in loans per entity [4]. Group 3: Consumer Demand and Service Quality - There is a growing demand for high-quality, personalized services in areas like health and entertainment, which are becoming essential for many households [5]. - The subsidy policy aims to support service providers in innovating their service offerings to meet diverse consumer needs [5]. - The financial regulatory authority will ensure that lending institutions adhere to responsible lending practices while optimizing financial services for consumers [7]. Group 4: Financial Product Optimization - Financial institutions are encouraged to enhance their consumer finance products and services, focusing on personalized offerings and streamlined approval processes [8]. - There is an emphasis on integrating financial services with various consumption scenarios to improve consumer experience [8]. - The central bank will guide financial institutions to increase credit availability in service sectors, promoting the growth of high-quality consumption [7][8].

作为市场情绪和杠杆水平的重要指标，两融余额重返高位表明投资者不断加大A股权益配置，市场活跃 度持续提升。"不过，目前两融余额占A股流通市值、两融交易额占A股成交额指标均处于历史中枢水 平，远低于2015年峰值。"中国银行证券首席策略分析师杨超表示。 华西证券（002926）策略分析师李立峰表示，本轮行情增量资金来源众多，有保险、养老金、公募基 金、私募基金等机构资金，也有居民配置资金的入市。自去年"924"行情启动以来，我国M1-M2同比增 速负剪刀差持续收窄，反映资金活化程度增强，居民的消费和投资意愿出现边际回暖迹象。 此外，两融余额时隔十年再度突破2万亿元大关，反映个人投资者风险偏好正在持续回升。当前，居民 增量配置资金入市动能犹在，后市股市微观流动性环境仍偏宽松，居民增量资金入市将成为本轮行情的 重要驱动。风格上，"十五五"规划将成为聚焦点，科技成长仍将是未来较长一段时间的政策主线。 数据显示，截至当日收盘，上证指数涨0.48%，收报3683.46点，为2021年12月13日以来新高；深证成指 涨1.76%，收报11551.36点；创业板指涨3.62%，收报2496.50点。 成交量方面，全市场今日成交 ...

近日，财政部、中国人民银行、金融监管总局印发《个人消费贷款财政贴息政策实施方案》。什么时间 能享受到这项政策？需要符合哪些条件才能申请？申请个人消费贷款财政贴息需要哪些操作？究竟能享 受多少补贴？有哪些贷款经办机构？个人消费贷款资金用途有何要求？ 针对这些大家关心的热点问题，《金融时报》记者进行了梳理： Q：什么时间能享受到这项政策？ A：2025年9月1日至2026年8月31日期间，居民个人使用贷款经办机构发放的个人消费贷款（不含信用 卡业务）中实际用于消费，且贷款经办机构可通过贷款发放账户等识别借款人相关消费交易信息的部 分，可按规定享受贴息政策。 Q：需要符合什么条件才能申请？ A：2025年9月1日至2026年8月31日期间，无论是日常生活性的小额消费，还是买车、装修、购置家具 家电或手机电脑等较大额度的商品消费，或者是旅游、养老、生育、教 培 、医疗等服务消费，只要是 在相关机构获得了消费贷款，其中实实在在花出去用于消费的部分，都可以享受贴息支持，每人单笔消 费最高享受的贷款贴息是500元，多笔消费可以叠加享受。 具体规则：对于单笔5万元以下的消费，按照实际金额计算贴息，多笔叠加以后，在同一家贷款机 ...

Group 1 - The new corporate loan interest rate in July is approximately 3.2%, and the new personal housing loan interest rate is about 3.1%, reflecting a decrease of around 45 basis points and 30 basis points compared to the same period last year, indicating a low interest rate environment [1] - The current low interest rates signal a relatively abundant credit supply, making it easier and more cost-effective for borrowers to obtain bank credit, supported by multiple interest rate cuts since 2018 [1] - The central bank has expressed its commitment to maintaining economic stability through monetary policy, having lowered the policy rate to a historic low of 1.4% while also reducing the rates of all structural monetary policy tools [1] Group 2 - Many small and medium-sized manufacturing enterprises have reported that loan interest rates have halved from previous highs of around 6.5%, significantly impacting their profitability [2] - The decline in financing costs is expected to boost market expectations and expand demand, as evidenced by a technology company that applied for a loan to upgrade its production line after receiving a 20 basis point interest rate discount [2] - A recent World Bank survey indicates that China's financial service efficiency ranks among the best globally, with only 7.7% of surveyed enterprises finding loan rates high or procedures complex, comparable to New Zealand's 5.5% [2] Group 3 - Many regions are implementing trials for "explicit comprehensive financing costs for corporate loans," enhancing transparency in financing costs and reducing the burden on enterprises [3] - Previously, loan agreements often included hidden fees, but now all costs are clearly outlined, allowing businesses to understand the total financing costs upfront [3]

Group 1: Monetary Data Overview - As of the end of July, the broad money supply (M2) reached 329.94 trillion yuan, growing by 8.8% year-on-year, while the narrow money supply (M1) was 111.06 trillion yuan, up by 5.6% year-on-year, and the currency in circulation (M0) was 13.28 trillion yuan, increasing by 11.8% year-on-year [1] - In the first seven months of 2025, RMB loans increased by 12.87 trillion yuan, and the total social financing scale increased by 23.99 trillion yuan, which is 5.12 trillion yuan more than the same period last year [1] - RMB deposits rose by 18.44 trillion yuan in the first seven months of 2025, indicating strong financial support for the real economy [1] Group 2: Government Bond Issuance and Fiscal Policy - The issuance of government bonds has accelerated, with a total of 13.3 trillion yuan issued in the first half of the year, including 7.89 trillion yuan in national bonds, a 36% increase year-on-year [2] - The proactive fiscal policy, combined with the accommodative monetary policy, has led to a reasonable growth in social financing scale and monetary credit [2] - The increase in government leverage is seen as a way to optimize the macro leverage structure while stabilizing corporate and household leverage [3] Group 3: Credit Data Analysis - Recent credit data fluctuations are influenced by seasonal factors, with July typically being a low month for credit growth [4] - It is important to analyze loan data from multiple dimensions, including cumulative growth and balance growth rates, rather than just monthly increments [5] - As of the end of July, the total RMB loan balance was 268.51 trillion yuan, with a year-on-year growth of 6.9%, indicating stable support for the real economy [6] Group 4: Credit Structure Optimization - The structure of credit is continuously improving, with inclusive small and micro loans growing by 11.8% year-on-year and medium to long-term loans for the manufacturing sector increasing by 8.5% [6] - The financial policies are increasingly aligned with the economic structure transformation, emphasizing the quality of credit allocation [6] - The focus on key areas such as technology innovation, consumption, green finance, and inclusive finance is expected to continue driving reasonable credit growth throughout the year [7]