新华社北京7月20日电 题：金融精准发力提升高质量发展成色——中国经济年中观察之五 吴雨、彭扬、韩宋辉 金融是国民经济的血脉，肩负着助推经济高质量发展的重要使命与责任。 今年上半年，我国社会融资规模存量超430万亿元、广义货币（M2）余额超330万亿元、新增贷款近13 万亿元……为经济回升向好营造了良好的货币金融环境。 新增贷款流向哪些领域？折射出哪些经济发展新动向？近日，记者深入企业工厂、金融机构，调研了解 金融如何更好服务实体经济。 加大对"五篇大文章"领域的支持力度 走进福建南平元力活性炭有限公司的生产车间，竹加工产生的竹屑等"下脚料"，经过深加工，变成了每 吨近万元的木质颗粒活性炭产品。 "我们自主研发的技术，将农林废弃物制成了具有高附加值的活性炭，还利用循环产业链将热能综合利 用率提升了30%。"公司董事长许文显介绍，在建行提供的7000多万元绿色信贷支持下，公司加速高端 产品国产化进程，正努力成为新材料产业领跑者。 这是金融支持高质量发展的生动缩影。当前，金融部门着力做好科技金融、绿色金融、普惠金融、养老 金融、数字金融五篇大文章，为经济社会发展提供更高质量、更有效率的金融服务。 在浙江湖州，农行 ...

上半年我国金融数据近期出炉，平稳增长的信贷总量、持续优化的信贷结构，反映出金融支持经济力度 稳固且精准。在推进经济转型和高质量发展的关键阶段，金融体系加速打通堵点、提质增效，引导资金 配置向"新"向"实"，以金融活水更好浇灌高质量发展沃土。 金融支持实体经济，总量稳、力度大。上半年人民币各项贷款新增近13万亿元，企业居民有效信贷需求 持续释放。这背后是一系列稳就业稳经济举措逐步落地，企业设备更新和技术改造等需求加大，家电、 汽车补贴等进一步激发消费潜力，为经济增长注入更多动能。 金融是经济的镜像，反映着实体经济的需求。哪些领域更"吸金"，可以从信贷结构变化窥见一斑。5月 末，科技、绿色、普惠、养老、数字领域的贷款同比分别增长12%、27.4%、11.2%、38%和9.5%，均高 于同期各项贷款增速。这些领域的信贷增长意味着，做好金融"五篇大文章"成效渐显，也为金融体系进 一步精准发力指明了方向，引导资金流向国家重大战略、重点领域和薄弱环节，更好助力实体经济破局 拓新。 金融是实体经济的血脉，必须疏通堵点让资金直达"毛细血管"。上半年我国经营性贷款增加9239亿元， 占新增住户贷款的近八成，体现了金融机构对个体 ...

科技金融增量扩面，绿色金融提质增效，普惠金融精准滴灌，养老金融破题开局，数字金融赋能升 级……人行河南省分行信贷政策管理处处长崔凯介绍，人行河南省分行聚焦服务保障"两高四着力"，围 绕经济高质量发展重点领域，闭环推进金融"五篇大文章"各项工作，有力支持全省经济高质量发展和持 续回升向好。 此外，金融全力支持稳外贸稳外资。"上半年，全省410家优质企业共办理贸易外汇收支便利化业务3.47 万笔，金额合计427亿美元。"人行河南省分行外汇管理处副处长王莎介绍，我省持续提升跨境贸易投融 资便利化水平。 扩大跨境人民币使用是推进人民币国际化的重要抓手。据了解，上半年，全省跨境人民币收付合计 1806.9亿元，同比增长30.8%，收付总额创同期历史新高、居中部六省首位，进一步助力全省稳外贸、 稳外资和扩大高水平对外开放。（记者 李鹏） 这些新增贷款最终"流"向哪里？"一揽子货币政策措施出台后，金融机构积极用好降准后更加充裕的流 动性环境，加大企（事）业单位贷款投放。"人行河南省分行调查统计处处长任远星介绍，金融机构对 小微企业、民营企业、科技型企业支持力度加大。上半年，全省小微企业贷款增加1585.8亿元，同比多 增4 ...

Core Insights - The financial institutions' RMB loan balance reached 268.56 trillion yuan by the end of June, showing a year-on-year growth of 7.1%, with new loans added amounting to 12.92 trillion yuan in the first half of the year, indicating strong credit support for the real economy [1] - The banking sector has increased its lending to key areas such as consumption and technological innovation, positively impacting market confidence and stabilizing expectations [1][2] - The banking industry is facing challenges such as narrowing net interest margins due to a low interest rate environment, but is focusing on core operations to support the real economy and improve capital foundations [1][4] Financial Support for the Real Economy - In the first half of the year, the banking sector responded positively to government policies aimed at increasing credit to key sectors, with significant growth in loans to manufacturing, infrastructure, and other priority areas [2] - By the end of May, loans in green, technology, inclusive finance, elderly care, and digital sectors grew by 27.4%, 12%, 11.2%, 38%, and 9.5% respectively, all exceeding the overall loan growth rate [2] Cost Reduction and Revenue Growth Strategies - The average interest rate for new corporate loans was approximately 3.3% in the first half of the year, down about 45 basis points from the previous year, reflecting efforts to lower financing costs for enterprises [3] - Banks are focusing on expanding domestic demand and promoting consumption, with initiatives such as the introduction of 19 measures to enhance financial services for consumers and businesses [3] Capital Adequacy and Risk Management - As of the first quarter of 2025, the capital adequacy ratio for commercial banks was 15.28%, with a slight decrease from the end of 2024, indicating a need for further capital support to manage rising risks [6] - The issuance of special government bonds has helped major banks strengthen their capital bases, while smaller banks are also diversifying their capital sources through various instruments [6][7] Asset Quality and Operational Efficiency - The banking sector is prioritizing risk control and maintaining asset quality, with efforts to reduce non-performing loans and improve coverage ratios [7] - The focus on operational efficiency is becoming crucial as banks adapt to a competitive environment where product and service offerings are key differentiators [5]

2025 年 07 月 15 日 2025 年 6 月金融数据点评 主要金融数据加速增长 证券分析师 | 钟正生 | 投资咨询资格编号 | | --- | --- | | | S1060520090001 | | | ZHONGZHENGSHENG93 4@pingan.com.cn | | 张璐 | 投资咨询资格编号 | | | S1060522100001 | | | ZHANGLU150@pingan.com.cn | 事项： 央行发布 2025 年上半年金融统计数据报告。 平安观点： 风险提示：稳增长政策效果不及预期，海外经济衰退程度超预期，地缘政治冲突升级等。 宏 观 报 告 宏 观 点 评 报 告 证 券 研 究 报 告 2025 年 6 月主要金融数据加速增长。社融存量同比增长 8.9%，较上月提升 0.2 个百分点；贷款存量同比增长 7.1%，持平于上月；M1 同比增长 4.6%， 比上月抬升 2.3 个百分点；M2 同比增长 8.3%，比上月提升 0.4 个百分点。 金融数据向好反映了以下因素的共同支持： 一是，积极的财政政策提前发力，金融体系强化配合。6 月政府债券融资对 社融存量同比的拉 ...

"服务消费领域的市场主体轻资产特点明显，养老产业领域的企业本身投资周期长且存在抵质押物不足 的问题。再贷款的方式有助于降低金融机构的资金成本，也有助于丰富服务消费和养老领域主体的资金 来源，推动行业高质量发展。"中国邮政储蓄银行研究员娄飞鹏在接受《金融时报》记者采访时表示。 政策工具及时精准有效落地 1.2亿元养老产业贷款近日成功发放至重庆垫江泰泽城市运营管理有限公司（以下简称"泰泽公司"）的 账户。"这笔贷款就像一场及时雨，将有力推动公司养老服务水平再上新台阶。"公司负责人充满信心地 说，"新建升级的服务体系，将让当地老年人享受到更加优质、便捷的养老服务，切实提升他们的生活 幸福感。" 据了解，服务消费与养老再贷款政策出台后，中国人民银行重庆市分行推动全市金融机构对养老产业链 上下游企业开展深度走访与全面摸排，及时掌握企业需求，找准政策落地着力点。在此过程中，泰泽公 司的融资需求得到关注。 随即，农业银行垫江支行与该企业进行精准对接，及时为该公司养老设施新建升级、专业服务团队扩充 以及智能化养老服务体系搭建等项目解决资金缺口问题。 "相较于通过传统手段拉动内需的做法，服务消费与养老再贷款工具在机制设计和导向 ...

Monetary Policy and Economic Support - Since 2020, the People's Bank of China (PBOC) has implemented 12 reserve requirement ratio cuts and 9 interest rate reductions, leading to a decrease of 115 basis points for 1-year loans and 130 basis points for loans over 5 years [1] - In the first half of the year, new corporate loans increased by 12.92 trillion yuan, with a weighted average interest rate of approximately 3.3%, down about 45 basis points year-on-year [2] - The PBOC's monetary policy has effectively supported the real economy, with total social financing growing by 8.9% year-on-year and broad money supply increasing by 8.3% [2][3] Financial Structure and Innovation Support - The PBOC's financial support measures have led to a notable increase in loans for technology and innovation, with technology loans growing by 12% year-on-year, reaching a balance of 43.3 trillion yuan [4] - The "Five Major Financial Articles" initiative has resulted in a loan balance of 103.3 trillion yuan, with significant growth in green, inclusive, and digital loans [4][5] - The establishment of a "Technology Board" in the bond market has facilitated the issuance of approximately 600 billion yuan in technology innovation bonds, supporting both emerging industries and traditional sectors [5] Consumer Spending and Economic Recovery - The PBOC has introduced a 500 billion yuan service consumption and pension refinancing initiative to enhance financial support for sectors like hospitality, education, and tourism [6] - The focus is on improving the quality of financial services in the consumption sector, aiming to create a virtuous cycle where supply drives demand and vice versa [6]

Group 1 - The National Development and Reform Commission (NDRC) is committed to achieving economic and social development goals despite international uncertainties, focusing on domestic priorities [1] - The NDRC is developing a series of measures to stabilize employment and the economy, which will complement previous policies introduced in September and during the Central Economic Work Conference [1] - Key areas of focus include supporting employment, stabilizing foreign trade, promoting consumption, expanding effective investment, and creating a stable development environment [1] Group 2 - The NDRC has allocated over 160 billion yuan for consumption incentives, with additional funds expected to be released, totaling around 140 billion yuan [2] - Investment expansion will include support for industrial software upgrades and infrastructure projects, with a goal to finalize the project list by June [2] - The People's Bank of China plans to adjust monetary policy tools to ensure liquidity and support key areas such as employment and growth [2] Group 3 - The Ministry of Commerce, in collaboration with the NDRC, has introduced a comprehensive policy package to assist foreign trade enterprises in expanding domestic sales [3] - Financial support measures include increasing government funding, enhancing credit support from financial institutions, and reducing costs for struggling enterprises [3] - The impact of recent fluctuations in the U.S. Treasury market on China's foreign exchange reserves is considered limited due to a diversified investment strategy [3]

Core Viewpoint - Several banks are integrating party building with business operations, focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to support high-quality economic development [1] Group 1: Service to the Real Economy - Banks are emphasizing financial services to the real economy as their fundamental purpose, leveraging monetary policy tools to ensure the implementation of major decisions from the central government [1][2] - Industrial and Commercial Bank of China (ICBC) is enhancing support for small and micro enterprises through digital transformation and innovative financing products, improving accessibility and convenience for customers [1] - Agricultural Bank of China is focusing on green development and ecological protection, increasing financial support for energy transition and environmental sustainability [2] - China Construction Bank is providing a comprehensive technology finance service system to support innovation and technology enterprises with tailored financial products [2] - Bank of China is enhancing services for foreign trade and investment, contributing to the internationalization of the Renminbi [2] Group 2: Risk Management - Banks are prioritizing risk management amidst market volatility, emphasizing the importance of internal controls and operational risk prevention [3] - ICBC is adopting a proactive approach to risk management, ensuring overall risk control through compliance and internal oversight [3] - Regional banks like Baode Rural Commercial Bank are focusing on precise risk prevention and enhancing compliance management to address potential issues early [3] Group 3: Compliance and Ethical Standards - Banks are conducting educational initiatives to reinforce compliance with central regulations, emphasizing integrity and ethical conduct among employees [4][5] - China Bank's leadership is advocating for a culture of accountability and discipline, aiming to resist corruption and maintain high ethical standards [4] - Shanghai Pudong Development Bank is integrating compliance education into daily operations to ensure effective implementation and high-quality development [5]

Core Insights - The company is enhancing support for the county's real economy through various initiatives, including customer visits, product innovation, and service quality improvements [1][2] Group 1: Financial Support Initiatives - The bank has provided comprehensive financial support for agriculture, small enterprises, and community families, with a total loan balance of 20.405 billion yuan as of the end of May, reflecting an increase of 589 million yuan since the beginning of the year [1] - A "thousand enterprises and ten thousand households" outreach program has been implemented to understand customer needs better, resulting in 12,900 customer visits and 612 loans issued amounting to 172 million yuan [1] Group 2: Product Innovation - The bank has introduced various tailored credit products to meet the diverse financing needs of local customers, such as "Good Yuncheng Grain Loan" for grain purchasing clients and "Good Yuncheng Agricultural Loan" for farming clients [2] - The bank is also collaborating with government and guarantee institutions to offer products like "Entrepreneur Guarantee Loan" and "Shandong Guarantee Agricultural Loan" to reduce financing costs for eligible customers [2] Group 3: Service Efficiency - The bank has established multiple online and offline channels for loan applications, ensuring a streamlined approval process with specific turnaround times for different types of loans [2] - The bank has improved mobile payment security and convenience for local small businesses, activating services for 4,700 micro-enterprises and facilitating an average of 7,000 transactions daily [2]