4月金融数据点评：政府债推动社融持续高增

Group 1: Financial Data Overview - In April, China's M2 growth reached 8.0%, exceeding market expectations of 7.5% and up from 7.0% in the previous month[4] - New social financing in April was 1.16 trillion yuan, slightly below the market expectation of 1.26 trillion yuan and down from 5.89 trillion yuan in March[5] - New RMB loans in April totaled 280 billion yuan, significantly lower than the expected 764.4 billion yuan and down from 3.64 trillion yuan in March[5] Group 2: Government Bonds and Social Financing - The increase in social financing was primarily driven by government bonds, which contributed 9.76 trillion yuan in April, a year-on-year increase of 10.7 trillion yuan[30] - The stock growth rate of social financing was 8.7%, up 0.3 percentage points from the previous month, influenced by a low base effect from last year[6] - The issuance of government bonds accelerated, with a notable contribution from refinancing bonds and the launch of special long-term government bonds[30] Group 3: Loan Dynamics - Total new loans in April were weak, with a year-on-year decrease of 450 billion yuan, indicating a cautious lending attitude from banks[8] - Household loans decreased by 521.6 billion yuan, while corporate loans increased by 610 billion yuan, reflecting a mixed response from different sectors[13] - Non-standard financing saw a reduction of 2.87 trillion yuan, with a significant drop in discounted bank acceptance bills contributing to this decline[27]