2025年5月社融数据点评：社融同比增幅收窄，但金融支持并未减弱

Group 1: Social Financing Data - In May 2025, the incremental social financing scale was 22,871 billion yuan, an increase of 2,248 billion yuan year-on-year, compared to an increase of 12,249 billion yuan in the previous month[1] - The total social financing stock reached 426.16 trillion yuan, with a year-on-year growth rate of 8.7%, unchanged from the previous value[1] - New loans in May 2025 amounted to 5,960 billion yuan, a decrease of 2,237 billion yuan year-on-year, compared to a decrease of 2,465 billion yuan in the previous month[6] Group 2: Credit and Financing Trends - Resident loans increased by 540 billion yuan in May 2025, a year-on-year decrease of 217 billion yuan, with short-term loans showing a slight improvement[6] - Corporate loans totaled 5,300 billion yuan, a year-on-year decrease of 2,100 billion yuan, indicating a weak demand for medium to long-term credit[6] - Government bond net financing in May 2025 was 14,633 billion yuan, with a year-on-year increase of 2,367 billion yuan, marking the highest level for the same period historically[6] Group 3: Monetary Supply and Economic Indicators - M1 and M2 growth rates in May 2025 were 2.3% and 7.9%, respectively, with the M1-M2 gap widening to -5.6%[6] - The year-on-year increase in social financing has significantly narrowed, largely due to government bonds, with base effects being a primary reason[6] - The overall support from the financial system to the real economy remains strong, despite the decline in credit demand from residents[6]