4月金融数据点评：存款读数改善，政府债提速支撑社融

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights a stable outlook for the banking sector, driven by policies such as interest rate cuts and adjustments in tariffs, which are expected to support credit recovery in May and June 2025 [6] - The report anticipates that the performance of the banking sector will remain stable in 2025, with revenue and net profit growth gradually recovering [6] Summary by Sections Financial Data - M1 growth rate slightly decreased to 1.5% year-on-year, while M2 growth rate increased significantly to 8.0% year-on-year, influenced by a low base effect [3] - In April, new social financing (社融) amounted to 1.16 trillion yuan, slightly below market expectations, with a stock growth rate of 8.7% [4] - The new corporate loans and personal housing loans in April were reported at 3.2% and 3.1% respectively, both showing a slight decrease month-on-month [5] Investment Recommendations - The report recommends focusing on banks with stable dividends, specifically mentioning Citic Bank and Everbright Bank, while also highlighting Agricultural Bank, China Merchants Bank, and Beijing Bank as beneficiaries [6] - For cyclical stocks, Suzhou Bank is recommended, with Jiangsu Bank, Chengdu Bank, and Changshu Bank also identified as beneficiaries [6]