Zheng Quan Shi Bao Wang·2025-08-15 00:03Core Viewpoint - The report from CITIC Securities indicates a positive performance in social financing in July, with a year-on-year growth of 9% in the total social financing scale and an 8.8% year-on-year increase in M2 money supply, suggesting a shift of "sedentary" funds in the financial system towards "active" funds [1] Summary by Relevant Categories Social Financing - In July, the total social financing scale showed a year-on-year increase of 9% [1] - The M2 money supply also increased by 8.8% year-on-year, indicating a healthy liquidity environment [1] Credit Performance - Credit performance in July was generally average, with several credit data points showing negative growth [1] - The seasonal nature of credit scale is highlighted, as July is traditionally a credit off-peak season [1] - Financial institutions are moving away from intense competition and the "scale obsession," which may lead to a "watered-down" effect on credit data [1] Economic Support - Despite fluctuations in monthly credit increment data, the overall financial system continues to provide strong support to the real economy, particularly with the increase in government bonds [1]