5月隐债置换继续下拉新增贷款数据，稳增长发力带动新增社融连续第6个月同比多增

Loan Data Analysis - In May 2025, new RMB loans amounted to 620 billion, a year-on-year decrease of 330 billion[1] - The month saw a seasonal increase of 340 billion in loans compared to the previous month, but the year-on-year decline indicates a weakening in loan growth[3] - Corporate loans decreased by 210 billion year-on-year, with medium to long-term corporate loans down by 170 billion, primarily due to local government debt replacement[3][4] Social Financing Insights - New social financing in May reached 2.29 trillion, a year-on-year increase of 227.1 billion, marking the sixth consecutive month of growth[2][6] - Government bond financing was a significant contributor, with a year-on-year increase of 236.7 billion in May, driven by higher net financing of treasury and special bonds[6] - Corporate bond financing also rose by 121.1 billion year-on-year, aided by lower bond issuance rates and the launch of technology innovation bonds[6] Monetary Supply Trends - As of the end of May, M2 growth was 7.9%, a slight decrease of 0.1 percentage points from the previous month, indicating a slowdown in deposit creation[7][8] - M1 growth accelerated to 2.3%, up by 0.8 percentage points from the previous month, although it remains low, reflecting weak consumer spending and investment[8] - The increase in fiscal deposits due to large-scale government bond issuance has contributed to a temporary monetary contraction effect[7] Future Outlook - The financial support for the real economy is expected to strengthen further, with projections for continued year-on-year growth in social financing in June[2][9] - The central bank is anticipated to maintain a moderately loose monetary policy, with potential interest rate cuts and reserve requirement ratio reductions in the second half of the year[9]