2025年5月金融数据预测：社融增速有望延续回升

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - Forecasts for May 2025: The report predicts 1 trillion yuan in new loans and 2.4 trillion yuan in social financing. By the end of May, M2 is expected to reach 326.2 trillion yuan, with a year - on - year increase of 8.1%; M1 (new caliber) is expected to have a year - on - year increase of 1.9%, and the social financing growth rate is expected to be 8.8% [2]. - Outlook for the whole year: New loans are expected to increase slightly year - on - year, government bond net financing is expected to expand significantly year - on - year, social financing is expected to increase year - on - year, and the social financing growth rate may rise first and then fall, with an expected year - end growth rate of around 8.4% [4]. - Bond market investment advice: The bond market is in a volatile state with few opportunities. It is recommended to focus on 5Y credit bonds with a yield of over 2%, and also pay attention to stock, convertible bond investment opportunities, and Hong Kong - listed bank stocks [4]. 3. Summary by Related Content New Loans in May - Overall prediction: It is expected that new loans in May will be 1 trillion yuan, close to the same period last year. Personal loans are expected to increase by 900 million yuan, corporate credit by 8 billion yuan, and non - bank inter - bank loans by 600 million yuan [4]. - Personal loan breakdown: Short - term personal loans are expected to increase by 100 million yuan, and medium - and long - term personal loans by 800 million yuan [4]. - Corporate loan breakdown: Short - term corporate loans are expected to decrease by 500 million yuan, medium - and long - term corporate loans to increase by 5 billion yuan, and bill financing to increase by 3.5 billion yuan [4]. M1 and M2 Growth Rates in May - M1 growth rate: The new - caliber M1 growth rate is expected to be 1.9%, with a month - on - month increase; the old - caliber M1 growth rate is expected to be + 0.2%, also with a month - on - month increase [4]. - M2 growth rate: The M2 growth rate in May is expected to be 8.1%, with a slight month - on - month increase [4]. Social Financing in May - Social financing increment: It is predicted that the social financing increment in May will be 2.4 trillion yuan (compared with 2.06 trillion yuan in May 2024), with a year - on - year increase mainly from government bond net financing [4]. - Components of social financing: The increment of RMB loans to the real economy is expected to be 89 billion yuan, undiscounted bank acceptance bills to be - 12 billion yuan, corporate bond net financing to be 7 billion yuan, and government bond net financing to be 140 billion yuan [4]. - Social financing growth rate: The social financing growth rate at the end of May is expected to be 8.8%, a 0.1 - percentage - point increase month - on - month [4].