初步统计，2025年7月末社会融资规模存量为431.26万亿元，同比增长9%。其中，对实体经济发放的人 民币贷款余额为264.79万亿元，同比增长6.8%；对实体经济发放的外币贷款折合人民币余额为1.21万亿 元，同比下降23.2%；委托贷款余额为11.16万亿元，同比下降0.4%；信托贷款余额为4.46万亿元，同比 增长5.9%；未贴现的银行承兑汇票余额为1.92万亿元，同比下降10.4%；企业债券余额为33.39万亿元， 同比增长3.8%；政府债券余额为89.99万亿元，同比增长21.9%；非金融企业境内股票余额为11.94万亿 元，同比增长3.2%。 从结构看，7月末对实体经济发放的人民币贷款余额占同期社会融资规模存量的61.4%，同比低1.2个百 分点；对实体经济发放的外币贷款折合人民币余额占比0.3%，同比低0.1个百分点；委托贷款余额占比 2.6%，同比低0.2个百分点；信托贷款余额占比1%，同比低0.1个百分点；未贴现的银行承兑汇票余额占 比0.4%，同比低0.1个百分点；企业债券余额占比7.7%，同比低0.4个百分点；政府债券余额占比 20.9%，同比高2.2个百分点；非金融企业境内股票余额占 ...

智通财经APP获悉，8月13日，据央行初步统计，2025年7月末社会融资规模存量为431.26万亿元，同比 增长9%。其中，对实体经济发放的人民币贷款余额为264.79万亿元，同比增长6.8%；对实体经济发放 的外币贷款折合人民币余额为1.21万亿元，同比下降23.2%；委托贷款余额为11.16万亿元，同比下降 0.4%；信托贷款余额为4.46万亿元，同比增长5.9%；未贴现的银行承兑汇票余额为1.92万亿元，同比下 降10.4%；企业债券余额为33.39万亿元，同比增长3.8%；政府债券余额为89.99万亿元，同比增长 21.9%；非金融企业境内股票余额为11.94万亿元，同比增长3.2%。 从结构看，7月末对实体经济发放的人民币贷款余额占同期社会融资规模存量的61.4%，同比低1.2个百 分点；对实体经济发放的外币贷款折合人民币余额占比0.3%，同比低0.1个百分点；委托贷款余额占比 2.6%，同比低0.2个百分点；信托贷款余额占比1%，同比低0.1个百分点；未贴现的银行承兑汇票余额占 比0.4%，同比低0.1个百分点；企业债券余额占比7.7%，同比低0.4个百分点；政府债券余额占比 20.9%，同比高2 ...

Group 1 - The central bank's continued interest rate cuts can significantly reduce the cost of existing debt for households, businesses, and the government, leading to substantial savings in interest payments each year [1][5] - As of June, the broad money supply (M2) grew by 8.3% year-on-year, while the narrow money supply (M1) increased by 4.6%, indicating positive changes in financial data [1] - M1 is considered a leading indicator of economic activity, as it reflects the liquidity available for consumption, investment, and trading [1][2] Group 2 - A further increase in M1 growth to between 5% and 10% is necessary for true monetary easing and to stimulate consumption, stabilize housing prices, and revitalize the stock market [2][4] - The net financing of government bonds in the first half of the year reached 7.66 trillion yuan, which is 4.32 trillion yuan more than the previous year, benefiting from the low-interest environment [4] - The corporate bond net financing was 1.15 trillion yuan, a decrease of 256.2 billion yuan year-on-year, indicating a need for improved business investment confidence and further interest rate cuts [4] Group 3 - The current household debt in China amounts to approximately 80 trillion yuan, and a 1% reduction in interest rates could save households around 800 billion yuan in interest payments annually [5] - Non-financial enterprises owe about 150 trillion yuan to banks, and a 1% interest rate cut could result in an additional 1.5 trillion yuan in profits for these companies [5] - The total government debt, including hidden debts, is over 100 trillion yuan, and a 1% interest rate reduction could save the government more than 100 billion yuan in interest payments each year [5] Group 4 - There is a viewpoint that emphasizes the importance of not deliberately devaluing the currency to enhance export advantages, suggesting that market forces should dictate currency value [8] - Concerns about interest rate cuts leading to currency devaluation and capital outflow are seen as misplaced, as the primary goal of monetary policy should be to stabilize domestic economic growth and employment [8][9] - Historical examples from Japan and the U.S. demonstrate that aggressive monetary policies, including zero and negative interest rates, can successfully stimulate economic recovery [9][10]

人民银行副行长邹澜7月14日在国新办新闻发布会上表示，从上半年金融数据看， 货币政策支持实体经 济效果比较明显。6月末，社会融资规模存量同比增8.9%，M2同比增8.3%，人民币贷款同比增7.1%， 如果把地方专项债置换地方融资平台贷款进行还原，按可比口径贷款同比增速还会更高一些。 ...

中国人民银行：初步统计，2025年6月末社会融资规模存量为430.22万亿元，同比增长8.9%。 ...

Core Insights - The People's Bank of China reported that as of May 2025, the total social financing scale reached 426.16 trillion yuan, reflecting a year-on-year growth of 8.7% [1] Summary by Category - **Social Financing Scale**: The total social financing scale in China stood at 426.16 trillion yuan as of May 2025, indicating a significant increase compared to the previous year [1] - **Year-on-Year Growth**: The growth rate of 8.7% year-on-year highlights a robust expansion in the financing environment within the Chinese economy [1]

股指日报 股指期货日报 2025年5月15日 王梦颖（Z0015429）、廖臣悦 (F03120676) 投资咨询业务资格:证监许可【2011】1290号 缩量调整 市场回顾 今日股指集体收跌，以沪深300指数为例，收盘下跌0.91%。从资金面来看，两市成交额回落1643.32亿 元。期指方面，各品种均缩量下跌。 重要资讯 1.央行发布数据显示，4月末，我国社会融资规模存量同比增长8.7%，M2余额同比增长8%，较上月增速 加快。 核心观点 今日股指缩量调整，大盘股指相对抗跌。四月社会数据昨晚公布，整体来看政府端发力明显，企业信贷和 居民贷款或是受前期关税影响，表现偏弱，需求修复有待提振。随着中美贸易关系缓和，外围不确定性有 所减弱，国内利好政策托底、稳定股市以及国内外流动性宽松的预期较为明确，为指数提供支撑，预计短 期下方空间有限，不过当前指数的驱动以情绪面为主，持续性有待观察，因此建议观望为主，多单可继续 持有。 策略推荐 观望为主 股指日报期指市场观察 | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | 主力日内涨跌幅（%） | -0.74 ...

早盘速递 2025/5/15 热点资讯 1、中方针对美方芬太尼关税的反制措施仍然有效。外交部发言人林剑表示，美方以芬太尼为借口对中国无理加征两轮关税，中 方均第一时间采取包括关税和非关税措施在内的反制举措，坚定维护自身正当权益。这些反制措施仍然有效。 2、商务部新闻发言人表示，为落实中美经贸高层会谈共识，自5月14日起，暂停28家美国实体列入出口管制管控名单90天，暂 停17家美国实体不可靠实体清单措施90天。对于开展加强战略矿产出口全链条管控工作，商务部新闻发言人表示，对于铤而走 3、美国调整对华加征关税，于美东时间5月14日凌晨0时01分，撤销对中国商品加征的共计91%的关税，调整实施34%的对等关税 措施，其中24%的关税暂停加征90天，保留剩余10%的关税。同时，美方还将对中国小额包裹的国际邮件从价税率由120%下调至 54%，撤销原定于6月1日起将从量税由每件100美元调增为200美元的措施。 4、央行发布数据显示，4月末，我国社会融资规模存量同比增长8.7%，M2余额同比增长8%，较上月增速加快。今年前四个月， 人民币贷款增加10.06万亿元，社会融资规模增量16.34万亿元。4月，企业新发放贷款 ...

Core Viewpoint - The prices of copper, aluminum, and zinc on the London Metal Exchange (LME) reached their highest levels since early April due to the U.S. adjusting tariffs on Chinese imports, which temporarily increased the risk appetite for metals reliant on economic growth [1][3]. Price Movements - As of May 14, 2023, LME three-month copper rose by $7 to $9,606.50 per ton, having previously hit a peak of $9,664, the highest since April 2 [1][2]. - Three-month aluminum reached $2,543.5 per ton, marking its highest point since April 1 [1]. - Three-month zinc increased by 2.22%, closing at $2,765.00 per ton [1][2]. Tariff Adjustments - The U.S. has rescinded a total of 91% of tariffs on Chinese goods and modified a 34% tariff, with 24% of it suspended for 90 days, while retaining 10% [3]. - The adjustments are in line with the consensus reached during high-level economic talks between the U.S. and China [3]. Market Conditions - The U.S. dollar has weakened following disappointing consumer inflation data, providing further support to the market [4]. - China's social financing scale stock was reported at 424 trillion yuan at the end of April 2025, reflecting an 8.7% year-on-year growth, indicating future demand for industrial metals [4]. - The premium of COMEX copper over LME copper has decreased from 18% at the end of March to around 10% currently, with COMEX copper inventories increasing by 77% since late February [4].

金十图示：2025年05月14日（周三）新闻联播今日要点 * 根据美国白宫5月12日发布的《修改对等关税税 率以反映与中华人民共和国会谈情况的行政 令》,美方已于美东时间5月14日凌晨0时01分撤 销根据2025年4月8日第14259号行政令和2025年 4月9日第14266号行政令对中国商品(包括香港 特别行政区和澳门特别行政区商品)加征的共计 91%的关税,修改2025年4月2日第14257号行政 令对中国商品(包括香港特别行政区和澳门特别 行政区商品)加征的34%的对等关税措施,其中 24%的关税暂停加征90天,保留剩余10%的关 税。同时,美方还下调或撤销对中国小额包裹 (包括香港特别行政区小额包裹) 加征的关税, 将国际邮件从价税率由120%下调至54%,撤销 原定于2025年6月1日起将从量税由每件100美元 调增为200美元的措施。 ● 李强向加拿大总理卡尼致贺电 ● 赵乐际会见拉丁美洲议会议长 · 赵乐际会见中美洲议会议长 · 王沪宁会见津巴布韦众议长 ● 韩正会见智利总统 · 4月金融指标增速加快 有力支持实体经济 * 中国人民银行今天(5月14日)发布的数据显 示,4月主要金融指标增速较上 ...