本周聚焦：2025上半年各地信贷增速及贷款利率有何变化？

Investment Rating - The report maintains a "Buy" rating for the banking sector, indicating a positive outlook for selected banks based on recent economic policies and market conditions [4][7]. Core Insights - The report highlights that the credit growth rate in China as of June 2025 is 6.7%, a decrease of 0.4 percentage points compared to 2024. Household and corporate loan growth rates are at 3.0% and 8.6%, respectively, also showing declines [1][2]. - Key provinces such as Sichuan, Jiangsu, and Anhui are leading in credit growth, with rates above 9%. Notably, Beijing and Chongqing have seen increases in credit growth rates, contrary to the overall trend [1][2]. - The average interest rate for newly issued corporate loans has decreased to 3.22%, down 41 basis points year-on-year, with many regions reporting rates below 4% [3]. Summary by Sections Credit Growth Analysis - As of June 2025, the total loan balance in China reached approximately 2,676.33 billion yuan, with a year-on-year growth rate of 6.7%. The corporate loan balance was about 1,824.68 billion yuan, growing at 8.6%, while household loans stood at 840.09 billion yuan, growing at 3.0% [16]. - Provinces with notable corporate loan growth include Sichuan (14.1%), Jiangsu (13.6%), and Shandong (13.1%). Beijing's corporate loan growth surged by 4.2 percentage points to 9.3%, marking a 14-month high [2][16]. Interest Rate Trends - The report indicates a continued decline in corporate financing costs, with the average interest rate for new corporate loans at 3.22%, reflecting a downward trend across various regions [3]. - Regions such as Beijing, Shanghai, and Guangdong have seen rates drop below 3%, contributing to a favorable borrowing environment for businesses [3]. Sector Outlook - The report suggests that expansionary policies aimed at stabilizing the real estate market and boosting consumption are expected to support economic growth in the medium term. The banking sector is likely to benefit from these policies, particularly for banks with improving fundamentals [4][7]. - Specific banks such as Ningbo Bank are recommended for attention due to positive changes in their financial performance [4].