中信证券：7月资金面或维持合理充裕 社融增速或有望延续提振趋势

Core Viewpoint - The report from CITIC Securities indicates an expected improvement in credit expansion readings for June, driven by increased willingness to lend from the supply side and a projected year-on-year increase in central bank loan increments [1] Group 1: Credit Expansion and Social Financing - The anticipated increase in corporate short-term loans is expected to contribute to the overall credit expansion in June [1] - The social financing growth rate is projected to slightly rise to approximately 8.9% in June, supported by government bond issuance [1] Group 2: Future Outlook - Looking ahead to July, seasonal endogenous easing combined with a supportive stance from the central bank is expected to effectively counterbalance factors such as tax periods and government bond issuance, maintaining a reasonably ample liquidity environment [1] - The continued high level of government bond issuance, along with a very low base from the same period last year, suggests that the social financing growth rate in July may continue to show an upward trend [1]