6月金融数据点评：边际转暖的融资，平稳宽松的资金

Group 1 - The report highlights a marginal improvement in financing conditions and a stable, accommodative monetary environment as of June 2025 [2][3] - In June 2025, new RMB loans amounted to 2.24 trillion yuan, significantly higher than May's 0.62 trillion yuan, while new social financing reached 4.20 trillion yuan compared to 2.29 trillion yuan in May [3] - The year-on-year growth rate of social financing was 8.9% in June, slightly up from 8.7% in May, and M2 growth was 8.3%, up from 7.9% in the previous month [3] Group 2 - Government bonds continued to support the growth rate of social financing in June, with net financing of government bonds reaching 1.41 trillion yuan, although slightly down from 1.49 trillion yuan in May [3][5] - The demand for credit from the real economy remains weak, indicating that the effects of a loose monetary policy may take time to materialize [3] - The report notes that while corporate short-term loans showed seasonal improvement, medium to long-term loans remained low, suggesting weak investment intentions among enterprises [3] Group 3 - The report indicates that the growth rates of M1 and M2 have both increased, with the M1-M2 spread narrowing, which may reflect a marginal improvement in economic activity [3][34] - The adjustment in the bond market is primarily driven by risk appetite and asset pricing effects, with expectations that the adjustment period will be limited in time and space [3] - The report anticipates that the probability of continued tight funding conditions in July is low, supported by the central bank's clear stance on maintaining a moderately accommodative monetary policy [3]