中信证券：7月社融增速继续上行，信贷季节性回落

Group 1 - The core viewpoint of the article indicates that the growth rate of social financing (社融) in July continues to rise due to a low base and accelerated issuance of government bonds, with expectations for a sustained rapid pace of special bond issuance in the third quarter [1] - The article notes that the seasonal decline in credit data from the central bank is observed, with corporate financing demand not showing significant improvement, leading to a larger decline in July due to the substitution effect from the increase in short-term loans at the end of June [1] - It is anticipated that personal consumption loans and service industry loan interest subsidy policies will work in conjunction with previous measures to boost credit from both demand and supply sides [1] Group 2 - The growth rates of M1 and M2 deposits have both rebounded, with the low base effect from last year supporting the increase in M1 growth in July [1] - The article highlights that the overall decline in household loans follows a concentrated increase at the end of the first half of the year, with real estate sales data confirming this trend [1] - The expectation is that the base effect will continue to provide support for M1 growth in the future [1]