Bank of China Securities·2025-06-16 02:26Core Insights - The report highlights that the economic growth target for 2025 remains unchanged at around 5%, with monetary policy tasks also remaining consistent [6][9] - The financial data for May indicates that new social financing (社融) slightly exceeded expectations, while new RMB loans were slightly below expectations, reflecting a mixed outlook for corporate financing demand [6][9] Macroeconomic Overview - In May, new social financing amounted to 2.29 trillion yuan, an increase of 227.1 billion yuan year-on-year, and higher than the expected 2.05 trillion yuan [6][7] - The stock of social financing grew by 8.7% year-on-year, maintaining the same growth rate as April, but slightly below the expected 8.8% [6][7] - The growth rates for M0, M1, and M2 in May were 12.1%, 2.3%, and 7.9% respectively, with M1 increasing by 0.8 percentage points compared to April [7][8] Financing Structure - The report notes a shift in the structure of social financing, with government bonds seeing an increase in proportion, while RMB loans and bills saw a decrease [7][8] - The trend of "deposit migration" continues, with financial institutions reporting an increase of 2.18 trillion yuan in new deposits in May, up by 500 billion yuan year-on-year [8] Corporate Financing Demand - There is a noted weakness in corporate loan demand, with new loans totaling 620 billion yuan in May, reflecting a decline in short-term and residential loans compared to the previous year [8][9] - The report suggests that internal demand is weak, influenced by unclear U.S. tariff expectations and downward revisions of global economic growth forecasts by international institutions [8][9] Industry Performance - The report provides insights into industry performance, with sectors such as oil and petrochemicals showing positive growth, while sectors like beauty care and media experienced declines [4]