5月金融数据点评：政府债发行节奏加速

Group 1: Financial Data Overview - In May, the new social financing (社融) increased by CNY 20,648 billion, up CNY 5,088 billion year-on-year, slightly above market expectations[15] - The total social financing stock grew by 8.4% year-on-year, a 0.1 percentage point increase from the previous month[15] - Government bond issuance accelerated, contributing significantly to the recovery of social financing growth, with an increase of CNY 12,266 billion, up CNY 6,695 billion year-on-year[10] Group 2: Loan and Deposit Trends - New loans in May amounted to CNY 9,500 billion, a decrease of CNY 4,100 billion year-on-year, primarily supported by bill financing[6] - Corporate loans increased by CNY 7,400 billion, down CNY 1,158 billion year-on-year, with a notable decline in medium and long-term loans[6] - Resident loans rose by CNY 757 billion, down CNY 2,915 billion year-on-year, indicating limited consumer confidence in investment and consumption[6] Group 3: Monetary Supply and Economic Indicators - M2 growth in May was 7.0%, a decrease of 0.2 percentage points from the previous month, while M1 decreased by 4.2%[4] - The gap between M2 and M1 widened to 11.2%, reflecting weak corporate liquidity and the impact of paused manual interest subsidies[4] - Non-bank deposits saw a significant year-on-year increase of CNY 8,379 billion, while corporate deposits decreased by CNY 8,000 billion[26]