本周聚焦：5月社融数据：政府债支撑社融，新发放贷款利率保持不变

Investment Rating - The report maintains an "Overweight" rating for the banking sector, indicating a positive outlook for investment opportunities in this industry [6]. Core Insights - The report highlights that the social financing (社融) growth rate for May 2025 is 8.7%, remaining stable compared to the previous month, while the growth rate excluding government bonds is 6.0% [1][2]. - The increase in social financing is primarily driven by a significant rise in government bond issuance, which net increased by 1.46 trillion yuan, contributing to a year-on-year increase of 2.367 trillion yuan [2]. - The report notes that new loan rates for enterprises and personal housing loans have remained at historically low levels, with the average weighted interest rate for new enterprise loans at approximately 3.2% and for personal housing loans at about 3.1% [5]. Summary by Sections 1. Social Financing Data - In May 2025, the total new social financing amounted to 2.29 trillion yuan, an increase of 227.1 billion yuan year-on-year [1]. - The breakdown of new social financing includes: - RMB loans to the real economy increased by 596 billion yuan, a decrease of 223.7 billion yuan year-on-year [1]. - Corporate bond financing net increased by 149.6 billion yuan, a year-on-year increase of 121.1 billion yuan [2]. - Off-balance-sheet financing saw a net increase in trust loans of 17.3 billion yuan, while entrusted loans decreased by 16.7 billion yuan [2]. 2. Credit and Deposit Growth - New RMB loans in May 2025 totaled 620 billion yuan, a decrease of 330 billion yuan year-on-year [2]. - The composition of loans includes: - Corporate loans increased by 530 billion yuan, a decrease of 210 billion yuan year-on-year, with medium to long-term loans down by 170 billion yuan [2]. - Personal loans increased by 54 billion yuan, a decrease of 217 billion yuan year-on-year [3]. - As of the end of May 2025, RMB deposits reached 316.96 trillion yuan, growing by 8.1% year-on-year [3]. 3. Monetary Supply Situation - The growth rates for M0, M1, and M2 in May were 12.1%, 2.3%, and 7.9%, respectively, with M2-M1 spread narrowing to 5.6% [4]. 4. New Loan Rates - The report indicates that new loan rates have remained stable, with the average weighted interest rate for new enterprise loans at 3.2% and for personal housing loans at 3.1% [5]. 5. Regional Credit Allocation - The report provides insights into credit growth across various provinces, with notable increases in Sichuan, Anhui, Jiangsu, and Shandong, where credit growth rates exceeded 9% [7]. 6. Sectoral Outlook - The banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with specific banks like Ningbo Bank, Postal Savings Bank, and China Merchants Bank highlighted as potential investment opportunities [8].