银行行业：财政前置发力支撑社融同比多增，信贷受隐债置换和3月冲高回落影响

Investment Rating - The industry investment rating is "Positive" [2][10] Core Viewpoints - The increase in social financing (社融) in April is primarily supported by government bond financing, reflecting a more proactive fiscal policy [4][10] - The overall credit growth remains stable, with a notable increase in deposits, while the interest rates on loans continue to decline [6][10] - The report highlights that the effective credit demand has not significantly improved, with corporate loans primarily driven by bill financing [5][10] Summary by Sections Social Financing and Credit Data - As of the end of April, the stock of social financing increased by 8.7% year-on-year, with a monthly increase of 1.16 trillion yuan, mainly supported by government bond financing [3][4] - The total amount of RMB loans added in April was 280 billion yuan, a decrease of 450 billion yuan year-on-year, indicating a decline in actual credit demand [5][10] Corporate and Household Loans - In April, non-financial corporate loans increased by 610 billion yuan, a year-on-year decrease of 250 billion yuan, with bill financing being the main contributor [5][10] - Household short-term loans decreased significantly due to regulatory adjustments, while medium and long-term loans saw a year-on-year increase of 435 billion yuan, indicating some improvement in mortgage early repayments [5][10] Monetary Supply and Deposits - M2 increased by 8.0% year-on-year, with a notable rise in non-financial institution deposits, which added 1.57 trillion yuan in April, a year-on-year increase of 1.9 trillion yuan [5][10] - The report indicates that the growth in deposits is a reflection of the ongoing efforts to stabilize the financial system and support economic recovery [10] Investment Strategy - The report suggests that the banking sector's stable credit growth and rising deposit rates present a favorable investment opportunity, particularly in state-owned banks with strong dividend yields [10] - It emphasizes the importance of monitoring the effectiveness of growth-stabilizing policies in the second half of the year, which are expected to support further credit demand [10]