宏观经济点评：财政对冲下的宽信用兑现

Credit Growth - In April, the total social financing increased by CNY 1.16 trillion, below the expected CNY 1.3 trillion and significantly lower than the previous month's CNY 5.9 trillion[2] - New RMB loans amounted to CNY 280 billion, compared to an expectation of CNY 764.4 billion and a previous increase of CNY 3.6 trillion[2] - Corporate loans decreased by CNY 2.5 trillion year-on-year, with new corporate loans at CNY 610 billion in April[3] Household Loans - Household medium and long-term loans showed resilience, with a year-on-year decrease of CNY 435 billion, maintaining a marginal improvement from March[2] - Short-term household loans decreased by CNY 501 billion year-on-year, indicating a weakening trend[2] Corporate Financing Factors - The slowdown in corporate loans is attributed to several factors, including a reduced pace of debt replacement and weakened demand due to tariff disturbances[3] - Special refinancing bonds issued in April totaled CNY 261.7 billion, down CNY 121.3 billion from the previous month, indicating a decline in overall replacement capacity[3] Government Bond Financing - In April, government bond financing contributed significantly, with an increase of CNY 9.76 trillion year-on-year, marking three consecutive months of over CNY 1 trillion increase[4] - The issuance of special bonds in April was CNY 230.1 billion, with a year-on-year increase of CNY 239.6 billion[4] Monetary Supply - M2 growth improved to 8% in April, while M1 growth decreased by 0.1 percentage points to 1.5%[5] - Non-bank deposits saw a significant increase, reflecting the end of the interest rate pricing self-discipline mechanism and the entry of capital into the stock market[5]