深度解读5月金融数据，谁是社融多增的最大“功臣”

Group 1 - The core viewpoint of the articles highlights the stable growth of financial support for the real economy, with significant increases in broad money supply (M2), loans, and social financing scale [1][7][10] - As of the end of May, M2 reached 325.78 trillion yuan, growing by 7.9% year-on-year, while the loan balance was 266.32 trillion yuan, up by 7.1% year-on-year [1][3] - The social financing scale stood at 426.16 trillion yuan, with a year-on-year growth of 8.7%, indicating a sustained increase in financial support for the real economy [1][7] Group 2 - The issuance of government bonds has been a major driver of the increase in social financing, with May seeing a net increase of 2.29 trillion yuan in social financing, up by 224.7 billion yuan year-on-year [7][9] - The issuance of special refinancing bonds for debt replacement exceeded 2 trillion yuan in the last quarter of the previous year and over 1.6 trillion yuan this year, which has replaced approximately 2.3 trillion yuan in loans [4][8] - The average interest rate for new corporate loans was approximately 3.2%, down about 50 basis points from the previous year, while the average interest rate for new personal housing loans was around 3.1%, down about 55 basis points year-on-year [3][5] Group 3 - The financial structure is evolving, with a notable shift towards direct financing, which is seen as more suitable for high-growth and research-intensive sectors [4][9] - The growth of M1, which increased by 2.3% year-on-year, indicates a recovery in liquidity, while M2 growth remains significantly higher than the nominal GDP growth of 4.6% in the first quarter [10][11] - The government is expected to continue its proactive fiscal policies, with a focus on supporting consumption and innovation in emerging industries such as artificial intelligence and renewable energy [11][12]