上半年信贷结构进一步优化

Group 1 - Government bonds are the main driver of social financing growth, with a cumulative increase of 22.83 trillion yuan in the first half of 2025, which is 4.74 trillion yuan more than the same period last year [1] - Net financing of government bonds reached 7.66 trillion yuan, an increase of 4.32 trillion yuan year-on-year, while domestic stock financing for non-financial enterprises was 170.7 billion yuan, up 49.3 billion yuan year-on-year [1] - The issuance of government bonds has significantly increased compared to last year, with the issuance pace in the first half of the year being about 10 to 15 percentage points faster than the same period last year [1] Group 2 - The M2 money supply grew by 8.3% year-on-year as of the end of June, an increase of 0.4 percentage points from the previous month, largely influenced by a low base effect from last year [1] - The low base effect from last year, where M2 growth was only 6.2%, is expected to gradually diminish, leading to a reasonable growth rate for financial totals in the second half of the year [2] - The financial sector is expected to continue providing strong support for the real economy, with reasonable growth in loans and targeted support for key areas such as technology innovation, consumption, green finance, and inclusive finance [2]