5 月金融数据透视：“活钱”增速显著加快，信贷社融双稳格局延续

Group 1: Monetary Supply and Credit Conditions - In May, the broad money supply (M2) increased by 7.9% year-on-year, a slight decrease of 0.1 percentage points from the previous month [2][3] - The narrow money supply (M1) grew by 2.3% year-on-year, with an increase of 0.8 percentage points compared to the end of the previous month [3] - New RMB loans in May amounted to 620 billion yuan, a decrease of 330 billion yuan year-on-year, while the social financing scale increased by 22.894 billion yuan, up by 2.271 billion yuan year-on-year [2][10] Group 2: Economic Activity and Investment - The increase in M1 indicates a significant acceleration in "active money," suggesting a recovery in investment and consumption activities [3][5] - The government bond issuance has accelerated, which is the primary driver for the rapid growth of social financing scale [11] - The total social financing scale at the end of May was 426.16 trillion yuan, reflecting a year-on-year growth of 8.7% [10] Group 3: Loan Dynamics and Sector Performance - Corporate loans increased by 530 billion yuan in May, but this was a decrease of 210 billion yuan year-on-year, indicating a continued impact from local government debt replacement [7][9] - Retail loans showed signs of improvement, although overall demand remains weak, with a year-on-year decrease of 217 billion yuan in residential loans [9] - The issuance of special refinancing bonds has been significant, with over 1.6 trillion yuan issued this year to support debt replacement [7][11]