融资需求稳中趋升，供给调控影响显现

Group 1: Economic Financing Demand - In June, the demand for financing in the real economy showed a significant rebound, with new RMB loans amounting to 23,600 billion yuan, an increase of 1,132 billion yuan year-on-year[9] - Corporate bond financing reached 2,422 billion yuan, which is an increase of 322 billion yuan year-on-year, indicating a recovery in financing demand[9] - The increase in household loans in June was 5,976 billion yuan, up by 267 billion yuan year-on-year, reflecting a rise in residents' willingness to leverage[10] Group 2: Monetary Supply and Deposits - In June, new RMB deposits totaled 32,100 billion yuan, an increase of 7,500 billion yuan year-on-year, with household deposits increasing by 3,300 billion yuan[12] - M1 growth was 4.6% year-on-year, up by 2.3 percentage points from the previous value, while M2 growth was 8.3%, reflecting an overall improvement in economic activity[14] - The gap between M1 and M2 growth rates narrowed to -3.7%, indicating increased economic activity but requiring attention to supply-side regulatory impacts[14] Group 3: Market Conditions and Risks - Positive signals from Sino-U.S. trade negotiations have improved market risk appetite, reducing the likelihood of intensified trade friction[2] - The "anti-involution" policy is expected to remain industry self-regulated for now, limiting its immediate impact on production[2] - Risks include potential escalation of geopolitical conflicts and trade tensions, as well as the possibility that policy effects may fall short of expectations[3][18]