居民扩表暂弱——2025年4月金融数据解读【陈兴团队•财通宏观】

Group 1 - The core viewpoint of the article highlights the impact of tariff policies on corporate financing and investment, indicating a mixed performance in credit growth and financing demand in April 2025 [1][2][3] - In April 2025, the social financing scale increased by 1.16 trillion yuan, with a year-on-year increase of 1.2 trillion yuan, primarily supported by government bonds, discounted bills, and corporate bonds [3][7] - The net financing scale of government bonds in April decreased to 972.9 billion yuan, contributing significantly to the social financing increment [3][7] Group 2 - The willingness of residents to expand their balance sheets has not shown significant improvement, indicating that boosting domestic demand will remain a key focus of future macroeconomic policies [2][8] - In April, the total amount of new RMB loans was 280 billion yuan, reflecting a year-on-year decrease of 450 billion yuan, with notable reductions in both short-term and medium-to-long-term loans for residents [8] - The M2 growth rate rebounded by 1 percentage point to 8% in April, influenced by a low base effect from the previous year, while M1 growth slightly declined [7][8]