25Q2金融机构贷款投向点评：贷款增速小幅下行，零售贷款低位增长

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [8]. Core Insights - The growth rate of financial institution loans has slightly declined, with retail loans experiencing low growth. The total balance of RMB loans reached 268.56 trillion yuan, reflecting a year-on-year growth of 7.1% as of the end of Q2 2025, with an increase of 3.14 trillion yuan in the second quarter [2][4]. - The decline in loan growth is primarily attributed to the accelerated issuance of government bonds, which has negatively impacted corporate loans. The growth rate of corporate loans remains the main focus, with industrial medium and long-term loans growing by 10.7% year-on-year [4]. - The growth of inclusive small and micro loans remains stable, with a year-on-year increase of 12.3%, which is 5.2 percentage points higher than the overall loan growth rate [4]. - The mortgage loan growth rate has stabilized, with a slight year-on-year decline of 0.1%. The report anticipates that continued reductions in loan interest rates may enhance home-buying enthusiasm [4]. Summary by Sections Loan Growth Trends - As of the end of Q2 2025, the growth rate of financial institution loans has decreased by 0.3 percentage points compared to Q1, with corporate loans being the primary focus of resource allocation [4]. - The growth of real estate loans has shown a slight recovery, with a year-on-year increase of 4.9% [4]. Policy Impact and Market Dynamics - The report emphasizes the importance of policy implementation effects, particularly in the mortgage sector, where the decline in growth has slowed down [4]. - The changing structure of funding is highlighted as a significant factor in driving sector valuation recovery, with stable inflows from passive indices and a preference for high-dividend bank stocks among long-term funds [4]. Investment Recommendations - The report suggests a strategic shift towards reallocation rather than trading, focusing on the dividend configuration value of the banking sector. It expresses optimism for A-share listed banks and certain regional banks with strong dividend advantages [4].