7月末社融规模存量为431.26万亿元，同比增长9%

Core Insights - As of the end of July 2025, the balance of RMB loans issued to the real economy accounted for 61.4% of the total social financing scale, a decrease of 1.2 percentage points year-on-year [1][2] - The total social financing scale stood at 431.26 trillion yuan, reflecting a year-on-year growth of 9% [1] - The balance of RMB loans to the real economy reached 264.79 trillion yuan, with a year-on-year increase of 6.8% [1] - The balance of foreign currency loans to the real economy, converted to RMB, was 1.21 trillion yuan, showing a significant year-on-year decline of 23.2% [1] - The balance of entrusted loans was 11.16 trillion yuan, with a slight year-on-year decrease of 0.4% [1] - Trust loans amounted to 4.46 trillion yuan, marking a year-on-year growth of 5.9% [1] - The balance of undiscounted bank acceptance bills was 1.92 trillion yuan, down 10.4% year-on-year [1] - Corporate bonds reached a balance of 33.39 trillion yuan, reflecting a year-on-year increase of 3.8% [1] - Government bonds totaled 89.99 trillion yuan, with a notable year-on-year growth of 21.9% [1] - The balance of domestic stocks of non-financial enterprises was 11.94 trillion yuan, showing a year-on-year increase of 3.2% [1] Structural Analysis - The proportion of RMB loans to the real economy decreased by 1.2 percentage points year-on-year, while foreign currency loans accounted for 0.3%, down 0.1 percentage points [2] - Entrusted loans represented 2.6% of the total, a decrease of 0.2 percentage points year-on-year [2] - Trust loans made up 1% of the total, down 0.1 percentage points year-on-year [2] - Undiscounted bank acceptance bills accounted for 0.4%, a decrease of 0.1 percentage points [2] - Corporate bonds represented 7.7% of the total, down 0.4 percentage points year-on-year [2] - Government bonds increased to 20.9% of the total, up 2.2 percentage points year-on-year [2] - Domestic stocks of non-financial enterprises accounted for 2.8%, down 0.1 percentage points year-on-year [2]