上半年金融成绩单出炉：金融总量合理增长，综合融资成本低位下行

Core Viewpoint - The People's Bank of China (PBOC) has reported significant growth in financial statistics for the first half of the year, indicating effective monetary policy support for the real economy and a low-cost financing environment [1][2]. Group 1: Financial Growth Metrics - As of June, the social financing scale increased by 8.9% year-on-year, while the broad money supply (M2) grew by 8.3% and the RMB loan balance rose by 7.1% [1]. - In the first half of the year, RMB loans increased by 12.92 trillion yuan, with corporate loans being the primary driver, accounting for 89.5% of total new loans [2]. - The weighted average interest rate for new corporate loans was approximately 3.3%, down about 45 basis points from the previous year, while the rate for new personal housing loans was around 3.1%, down about 60 basis points [3]. Group 2: Loan Structure and Sector Focus - Corporate loans increased by 11.57 trillion yuan, with medium- and long-term loans making up a significant portion, indicating stable funding for the real economy [2]. - The loan structure has been optimized, with new loans primarily directed towards key sectors such as manufacturing and infrastructure, with manufacturing medium- and long-term loans growing by 8.7% year-on-year [2]. - Seasonal consumer demand in June contributed to a rapid increase in credit, supported by promotional events and summer travel planning [4]. Group 3: Monetary Policy and Economic Support - The PBOC is committed to maintaining an appropriately accommodative monetary policy to support economic recovery, with various measures implemented to ensure liquidity and lower financing costs [6][7]. - The central bank has introduced targeted support for sectors like consumption, technology innovation, and small and micro enterprises, indicating a strategic focus on enhancing economic growth [6][7]. - The overall financing structure is improving, with direct financing through stocks and bonds growing rapidly, while the total funds flowing to the real economy remain at a high level [7].