Core Viewpoint - Despite facing significant pressures and challenges, the financial sector has shown strong performance, supported by effective financial policies implemented in September 2022 and May 2023 [2][3]. Economic Performance - In the first half of 2023, China's GDP reached 66,053.6 billion yuan, reflecting a year-on-year growth of 5.3% [3]. - Monetary indicators showed steady growth, with broad money supply increasing by 8.3%, RMB loans growing by 7.1%, and social financing scale rising by 8.9% [3]. Interest Rates and Financial Support - The cost of funds has been decreasing, with the weighted average interbank lending rate falling from 1.86% in January to 1.46% in June, and the pledged repo rate decreasing from 2.16% to 1.5% during the same period [3]. - The structure of policies is improving, with increased credit support for inclusive finance, green finance, and technology innovation finance, all showing loan growth rates higher than the overall loan growth [3]. Market Confidence - The capital market has been recovering, with the Shanghai Composite Index recently surpassing 3,500 points, indicating improved market confidence and expectations [3]. Challenges and Pressures - Despite the positive performance in the financial sector, challenges remain, particularly in the monetary realm where the growth rate of broad money exceeds that of narrow money, indicating potential for increased monetary vitality [4]. - While RMB deposits increased significantly, corporate investment and consumer spending still face considerable pressure [4]. - The social financing scale showed a year-on-year growth of 8.9% by the end of June, largely driven by government bond financing, highlighting the need for effective coordination and utilization of funds [4].

Core Viewpoint - The improvement in credit is primarily driven by the rapid growth of short-term loans from enterprises, with a monthly year-on-year increase of 490 billion [3][46] - In June, total new credit reached 2.24 trillion, with a year-on-year increase of 110 billion, where enterprise loans increased by 1.4 trillion, mainly from short-term loans [3][46] - The cautious attitude of enterprises towards long-term investments is reflected in the decline of the PMI business expectation index from 53.3 to 52.0 [3][46] Credit and Loan Analysis - In June, household loans showed a mild improvement, largely attributed to operational loans rather than consumer or housing loans, with operational loans accounting for 73.7% of new household loans [3][13] - The total household loans increased by 1.17 trillion in the first half of the year, with operational loans rising by 923.9 billion [3][13] - The slow growth in consumer loans may be linked to current employment prospects, as indicated by the BCI employment expectation index at 49.1 [3][13] Social Financing and Government Bonds - The year-on-year increase in social financing scale has expanded, primarily due to net financing from government bonds, with a total increase of 4.7 trillion in the first half of the year [4][47] - The net financing from government bonds contributed 4.3 trillion to the social financing increase, but this rapid improvement phase may be coming to an end [4][47] - Moving into the third quarter, the high base of government bond net financing may lead to a more stable growth rate in social financing [4][47] Monetary Policy Outlook - The monetary policy will be adjusted based on domestic and international economic conditions, with a focus on the timing and intensity of policy implementation [4][22] - The People's Bank of China indicated that the effects of already implemented monetary policies will continue to manifest over time [4][22] - New policy financial tools introduced in the second half of the year may help stimulate credit growth and stabilize the economy [4][22] Regular Monitoring of M1 and M2 - In June, new credit totaled 2.24 trillion, with a year-on-year increase of 110 billion, mainly driven by the enterprise sector [5][48] - The structure of loans shows that short-term loans increased by 1.16 trillion, while medium and long-term loans saw a smaller increase of 400 billion [5][48] - The M2 growth rate rose by 0.4 percentage points to 8.3%, while M1 increased by 2.3 percentage points to 4.6% [5][49]

Core Viewpoint - The improvement in credit is primarily driven by the rapid growth of short-term loans from enterprises, with a monthly year-on-year increase of 490 billion [3][46] - In June, total new credit reached 2.24 trillion, with a year-on-year increase of 110 billion, where enterprise loans increased by 1.4 trillion, mainly from short-term loans [3][46] - The cautious attitude of enterprises towards long-term investments is reflected in the decline of the PMI production expectation index from 53.3 to 52.0 [3][46] Credit and Loan Data - In June, new loans to residents amounted to 597.6 billion, showing a mild improvement, primarily from operational loans rather than consumption or housing needs [3][13] - The increase in household loans was 1.17 trillion in the first half of the year, with operational loans contributing 923.9 billion [3][13] - The BCI employment outlook index was at 49.1, indicating a challenging employment environment affecting consumer loans [3][13] Social Financing and Government Bonds - The year-on-year increase in social financing expanded, mainly due to net financing from government bonds, with a total increase of 4.7 trillion in the first half of the year [4][47] - Government bond net financing contributed 4.3 trillion to the social financing increase, but the rapid improvement phase may be coming to an end [4][47] - Future social financing growth may stabilize as government bond financing levels remain high [4][47] Monetary Policy Outlook - The People's Bank of China indicated that the effects of monetary policy will take time to manifest, with new policy tools expected to stimulate credit growth and stabilize the economy in the second half of the year [4][22] - The implementation of monetary policy will be adjusted based on domestic and international economic conditions [4][22] M1 and M2 Growth - In June, new credit totaled 2.24 trillion, with a year-on-year increase of 110 billion, primarily from the enterprise sector [5][48] - M2 increased by 0.4 percentage points to 8.3%, while M1 rose by 2.3 percentage points to 4.6% [5][49] - The structure of deposits showed an increase in household deposits by 2.47 trillion and enterprise deposits by 1.78 trillion, while fiscal deposits decreased [5][49]

Group 1: Credit Improvement - Credit balance remained stable year-on-year at 7.1% as of June 2025[1] - Social financing stock increased by 0.2 percentage points to 8.9% year-on-year[1] - M2 growth rose by 0.4 percentage points to 8.3% year-on-year[1] Group 2: Short-term Loans - Significant improvement in credit driven by a rapid increase in short-term loans, with a monthly year-on-year increase of 490 billion RMB[2] - Total new credit in June was 2.24 trillion RMB, an increase of 110 billion RMB year-on-year[2] - Corporate loans increased by 1.77 trillion RMB, with short-term loans contributing 1.16 trillion RMB, a year-on-year increase of 490 billion RMB[4] Group 3: Government Debt and Social Financing - New social financing increased by 4.7 trillion RMB year-on-year in the first half of 2025, primarily due to government bond net financing, which rose by 4.3 trillion RMB[3] - The rapid improvement phase of fiscal financing may be nearing its end as government bond net financing remains high[3] Group 4: Household Loans - Household loans showed moderate improvement, with an increase of 597.6 billion RMB, a year-on-year rise of 26.7 billion RMB[10] - Business loans accounted for 73.7% of new household loans, indicating a shift towards operational needs rather than consumption[10] Group 5: Economic Outlook - Future monetary policy will adapt to domestic and international economic conditions, with potential new policy tools to stabilize the economy[15] - The effectiveness of implemented monetary policies is expected to manifest further in the second half of the year[15]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The resumption progress of tin mines in Wa State, Myanmar has great uncertainty, and Thailand prohibits the transit of tin ore from Myanmar, restricting the import supply of tin ore; the Bisie mine in Congo plans to resume production in stages, and currently the tin ore processing fee remains at a historically low level [3] - In the smelting sector, Yunnan is facing a shortage of raw materials and cost pressure, while Jiangxi's waste recycling system is under pressure and the operating rate remains at a low level [3] - In the demand sector, after the rush to install photovoltaic equipment ended, the operating rate of some producers decreased; the electronics industry entered the off - season with a strong wait - and - see sentiment [3] - Recently, tin prices have been widely adjusted. Downstream buyers mainly purchase at low prices, the domestic inventory has decreased slightly, and overseas inventory continues to decline with an increase in LME cancelled warrants [3] - Technically, there is a divergence between long and short positions at a low position, and the price is adjusted widely within the range. Attention should be paid to the support of MA60. It is recommended to wait and see for now, with a reference range of 262,000 - 270,000 yuan/ton [3] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai Tin is 266,720 yuan/ton, up 2,780 yuan; the closing price of the 3 - month LME tin is 33,565 US dollars/ton, up 115 US dollars [3] - The closing price of the August - September contract of Shanghai Tin is 20 yuan/ton, up 150 yuan; the position of the main contract of Shanghai Tin is 25,204 lots, up 1,054 lots [3] - The net position of the top 20 in futures of Shanghai Tin is 435 lots, down 467 lots; the total LME tin inventory is 1,970 tons, down 45 tons [3] - The inventory of tin in the Shanghai Futures Exchange is 7,097 tons (weekly), down 101 tons; the LME tin cancelled warrants are 570 tons, down 25 tons [3] - The warehouse receipts of tin in the Shanghai Futures Exchange are 6,605 tons (daily), down 26 tons [3] 3.2 Spot Market - The spot price of SMM 1 tin is 266,500 yuan/ton, down 200 yuan; the spot price of 1 tin in the Yangtze River Non - ferrous Market is 266,180 yuan/ton, down 640 yuan [3] - The basis of the main contract of Shanghai Tin is - 220 yuan/ton, down 2,980 yuan; the LME tin premium (0 - 3) is - 251.8 US dollars/ton, down 274.01 US dollars [3] 3.3 Upstream Situation - The import volume of tin ore and concentrates is 12,100 tons (monthly), down 2,900 tons; the average processing fee of 40% tin concentrate is 10,500 yuan/ton, unchanged [3] - The average price of 40% tin concentrate is 254,700 yuan/ton, down 600 yuan; the average price of 60% tin concentrate is 258,700 yuan/ton, down 600 yuan [3] - The average processing fee of 60% tin concentrate is 6,500 yuan/ton, unchanged [3] 3.4 Industry Situation - The monthly output of refined tin is 14,000 tons, down 1,600 tons; the monthly import volume of refined tin is 3,762.32 tons, up 143.24 tons [3] 3.5 Downstream Situation - The price of 60A solder bar in Gejiu is 173,330 yuan/ton, unchanged; the cumulative output of tin - plated sheets (strips) is 1.6014 million tons (monthly), up 144,500 tons [3] - The monthly export volume of tin - plated sheets is 14,070 tons, down 3,390 tons [3] 3.6 Industry News - In June in China, the social financing increment was 420 billion yuan, new RMB loans were 224 billion yuan, and the M2 - M1 gap narrowed [3] - The EU is prepared to impose counter - tariffs on US imports worth about 84 billion US dollars if the US - EU trade negotiation fails [3] - The resumption progress of tin mines in Wa State, Myanmar is uncertain, and Thailand prohibits the transit of tin ore from Myanmar, restricting the import supply of tin ore; the Bisie mine in Congo plans to resume production in stages, and currently the tin ore processing fee remains at a historically low level [3]

Group 1: Financial Data Overview - In the first half of the year, social financing increased by approximately 47,351 billion yuan year-on-year, with RMB loans increasing by 2,796 billion yuan and government bonds increasing by 43,100 billion yuan[1] - As of June, M0 increased by 12.0% year-on-year, M1 by 4.6%, and M2 by 8.3%, with the gap between M1 and M2 growth narrowing to -3.7 percentage points[1] - The balance of RMB deposits in June grew by 8.3% year-on-year, with household deposits increasing by 10.8% and non-financial enterprise deposits by 3.6%[1] Group 2: Social Financing Structure - The social financing balance in June increased by 8.9% year-on-year, with government bonds growing by 21.3% and contributing 0.1 percentage points to the growth rate[2] - RMB loan growth stabilized at 7.0% year-on-year, contributing 0.01 percentage points to the social financing growth rate[2] - The balance of corporate bonds increased by 3.5% year-on-year, while trust loans grew by 5.5%[2] Group 3: Investment Recommendations and Risks - The financial cycle may lead the economic cycle, with M1 and M2 growth rates stabilizing and financial markets showing signs of stability[3] - Attention should be paid to monetary policy operations, financial market changes, and price movements during this phase[3] - Risks include potential changes in policy rhythm and insufficient monetary transmission effects[4]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Trump used high - tariff threats last week but signaled negotiation on Monday, showing tariffs as a negotiation strategy, and the three major US stock indexes closed slightly higher [3] - China's June financial data shows that the social financing scale and RMB loans have improved year - on - year, and the import and export data shows signs of stabilization, indicating overall economic development [3] - The A - share market showed a shrinking trading volume, with the market transitioning from large - financial stocks to resource stocks. The adjustment of the banking sector drove up the individual - stock profit - making effect, but short - term chasing risks should be watched out for [3] Summary by Directory 1. Market Analysis - **Domestic Financial Data**: In the first half of this year, China's social financing scale increment was 22.83 trillion yuan, 4.74 trillion yuan more than the same period last year; RMB loans increased by 12.92 trillion yuan. At the end of June, the M2 balance increased by 8.3% year - on - year. The central bank will continue a moderately loose monetary policy [1] - **Domestic Trade Data**: In the first half of this year, China's total value of goods trade imports and exports was 21.79 trillion yuan, a record high for the same period, with exports growing by 7.2% and imports by 2.3% [1] - **Overseas Trade News**: Trump said the US will negotiate on tariffs with other countries and is open to trade negotiations with Europe. The EU will also discuss trade issues with the US, and the US has reached some trade agreements [1] - **Stock Market Performance**: In the spot market, the three major A - share indexes showed mixed trends. The Shanghai Composite Index rose 0.27% to 3519.65 points, while the ChiNext Index fell 0.45%. Most sector indexes rose, with machinery, public utilities, and household appliances leading the gains, and real estate, media, and non - bank finance sectors leading the losses. The trading volume of the Shanghai and Shenzhen stock markets fell slightly below 1.5 trillion yuan. In overseas markets, the three major US stock indexes closed slightly higher, with the Nasdaq rising 0.27% to 20640.33 points [2] - **Futures Market Situation**: In the futures market, the current - month contract will be delivered this Friday, and the basis is converging. The trading volume and open interest of index futures decreased simultaneously [2] 2. Strategy - Trump's tariff strategy and the positive domestic economic data led to a slightly higher close of US stocks and a shrinking - volume A - share market. The market transitioned, and short - term chasing risks should be noted [3] 3. Macro - economic Charts - The charts include the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends [6][8][10] 4. Spot Market Tracking Charts - **Stock Index Performance**: On July 14, 2025, the Shanghai Composite Index rose 0.27% to 3519.65 points, the Shenzhen Component Index fell 0.11% to 10684.52 points, the ChiNext Index fell 0.45% to 2197.07 points, the CSI 300 Index rose 0.07% to 4017.67 points, the SSE 50 Index rose 0.00% to 2757.81 points, the CSI 500 Index fell 0.10% to 6020.86 points, and the CSI 1000 Index rose 0.02% to 6462.31 points [13] - Other charts show the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [6][14] 5. Futures Market Tracking Charts - **Position and Volume**: The trading volume and open interest of IF, IH, IC, and IM index futures decreased. For example, the open interest of IF was 80048 (down 83463), and the trading volume was 263468 (down 19160) [6][18] - **Basis**: The basis of index futures showed different changes. For example, the current - month contract basis of IF was - 0.21 (up 12.61) [6][41] - **Inter - period Spread**: The inter - period spreads of index futures also had various changes. For example, the spread between the next - month and current - month contracts of IF was - 14.60 (up 3.40) [6][47]

1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core Viewpoints of the Report - From a long - term perspective, A - shares are considered to have high investment value. Among them, CSI 500 and CSI 1000, supported by more science and innovation policies, have the potential for high growth and returns, while SSE 50 and CSI 300 have more defensive value in the current macro - environment [2]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - For IF contracts, the prices of all terms decreased, with a decline range from 0.29% to 0.41%. The trading volume of IF contracts was 28382, 6951, 37589, and 7126 respectively, and the open interest decreased by 12573, 2405, - 8205, and - 787 respectively [1]. - For IH contracts, the prices of all terms decreased, with a decline range from 0.46% to 0.53%. The trading volume of IH contracts was 14360, 2702, 21777, and 2497 respectively, and the open interest decreased by 6696, 221, - 7554, and - 553 respectively [1]. - For IC contracts, the prices of all terms decreased, with a decline range from 0.30% to 0.43%. The trading volume of IC contracts was 28123, 9438, 22467, and 6378 respectively, and the open interest decreased by 13063, 3845, - 4713, and - 741 respectively [1]. - For IM contracts, the prices of all terms decreased, with a decline range from 0.20% to 0.30%. The trading volume of IM contracts was 37369, 10738, 71184, and 13491 respectively, and the open interest decreased by 14229, 2724, - 13493, and - 3322 respectively [1]. - The current values of the inter - month spreads of IF, IH, IC, and IM were - 13.60, - 3.20, - 57.00, and - 68.80 respectively, compared with the previous values of - 14.60, - 3.60, - 49.60, and - 64.00 [1]. 3.2 Stock Index Spot Market - The CSI 300 index rose 0.07%, with a trading volume of 207.92 billion lots and a total trading value of 3214.16 billion yuan [1]. - The SSE 50 index rose 0.04%, with a trading volume of 51.49 billion lots and a total trading value of 900.39 billion yuan [1]. - The CSI 500 index fell 0.10%, with a trading volume of 189.28 billion lots and a total trading value of 2262.91 billion yuan [1]. - The CSI 1000 index rose 0.02%, with a trading volume of 242.06 billion lots and a total trading value of 3026.37 billion yuan [1]. - In terms of industries, the energy, raw materials, optional consumption, and telecom business industries had positive growth rates, while the information technology, real estate and finance, and pharmaceutical and healthcare industries had negative growth rates [1]. 3.3 Futures - Spot Basis - The basis values of IF contracts compared with the CSI 300 index showed different degrees of change, with the current values being - 8.67, - 22.27, - 31.87, and - 62.47 respectively [1]. - The basis values of IH contracts compared with the SSE 50 index were - 6.01, - 9.21, - 10.41, and - 7.81 respectively [1]. - The basis values of IC contracts compared with the CSI 500 index were - 12.46, - 69.46, - 123.26, and - 246.26 respectively [1]. - The basis values of IM contracts compared with the CSI 1000 index were - 20.11, - 88.91, - 160.11, and - 341.51 respectively [1]. 3.4 Other Domestic and Overseas Indexes - Among domestic main indexes, the Shanghai Composite Index rose 0.27%, the Shenzhen Component Index fell 0.11%, the Small and Medium - Sized Board Index fell 0.07%, and the ChiNext Index fell 0.45% [1]. - Among overseas indexes, the Hang Seng Index rose 0.26%, the Nikkei 225 fell 0.28%, the S&P 500 rose 0.14%, and the DAX index fell 0.39% [1]. 3.5 Macro Information - In the first half of this year, China's social financing scale increment was 22.83 trillion yuan, 4.74 trillion yuan more than the same period last year, and RMB loans increased by 12.92 trillion yuan. The M2 balance at the end of June increased by 8.3% year - on - year. The central bank will continue to implement a moderately loose monetary policy [2]. - In the first half of this year, China's total value of goods trade imports and exports was 21.79 trillion yuan, a year - on - year increase of 2.9%. In June, both imports and exports increased year - on - year [2]. - The Chinese government will strengthen the governance of illegal criminal activities in the financial field and improve the rules for handling financial disputes in emerging fields [2]. - China hopes that the US will work with it to maintain the stable, healthy, and sustainable development of Sino - US economic and trade relations [2]. 3.6 Industry Information - The coal industry is facing a complex supply - demand situation, and coal enterprises are required to strictly implement the medium - and long - term contract system for thermal coal and strengthen industry self - discipline [2]. - In the first half of this year, the number of newly registered new energy vehicles was 5.622 million, a year - on - year increase of 27.86%, and the total number of new energy vehicles in the country reached 36.89 million by the end of June [2]. - The China Private Education Association and 10 leading artificial intelligence companies jointly issued a convention to promote the coordinated education of schools, families, and artificial intelligence companies [2]. - The scale of foreign - funded wealth management companies has increased significantly, with at least two companies exceeding 50 billion yuan in scale and achieving an increase of over 20 billion yuan in the first half of this year [2].

Monetary Supply and Financing - As of the end of June, the broad money supply (M2) reached 330.29 trillion yuan, reflecting a year-on-year growth of 8.3% [1] - The total social financing scale increased by 22.83 trillion yuan in the first half of the year, which is 4.74 trillion yuan more than the same period last year [2] - By the end of June, the total social financing stock was 430.22 trillion yuan, showing a year-on-year increase of 8.9% [3] Loan and Deposit Growth - In the first half of the year, RMB loans increased by 12.92 trillion yuan, with household loans rising by 1.17 trillion yuan and corporate loans increasing by 11.57 trillion yuan [4] - RMB deposits grew by 17.94 trillion yuan in the first half of the year, with household deposits increasing by 10.77 trillion yuan [5] Interest Rates and Currency Exchange - The weighted average interbank lending rate in June was 1.46%, down 0.41 percentage points from the same period last year [6] - The loan market quotation rate decreased compared to the end of last year, with the one-year rate at 3.00% and the five-year rate at 3.50% [7] - The CFETS RMB exchange rate index fell by 6.03% compared to the end of last year, while the RMB appreciated against the USD but depreciated against the EUR and JPY [8]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - On July 14, the current - month contracts of the four major stock index futures showed mixed trends. IF fell 0.29%, IH fell 0.46%, IC fell 0.3%, and IM fell 0.2% [1]. - On the trading day, the total trading volume of stock index futures declined, indicating a cooling of investors' trading enthusiasm. The total trading volume of IF, IH, IC, and IM decreased by 83,463 lots, 49,239 lots, 57,299 lots, and 134,671 lots respectively. The total positions of IF, IH, IC, and IM decreased by 19,160 lots, 14,582 lots, 14,672 lots, and 28,320 lots respectively [1][2]. - The trend strength of IF and IH is 1, and that of IC and IM is also 1. The central bank's data shows that the effect of monetary policy in supporting the real economy is obvious [6]. 3. Summary by Relevant Catalogs 3.1. Stock Index Futures Data Tracking - **IF Contracts**: The closing prices of IF2507, IF2508, IF2509, and IF2512 were 4009, 3995.4, 3985.8, and 3955.2 respectively, with declines of 0.29%, 0.30%, 0.33%, and 0.41%. The trading volumes decreased by 25,073 lots, 2028 lots, 47,192 lots, and 9170 lots respectively, and the positions changed by - 12,573 lots, + 2405 lots, - 8205 lots, and - 787 lots respectively [1]. - **IH Contracts**: The closing prices of IH2507, IH2508, IH2509, and IH2512 were 2751.8, 2748.6, 2747.4, and 2750 respectively, with declines of 0.46%, 0.53%, 0.50%, and 0.48%. The trading volumes decreased by 13,916 lots, 1026 lots, 30,394 lots, and 3903 lots respectively, and the positions changed by - 6696 lots, + 221 lots, - 7554 lots, and - 553 lots respectively [1]. - **IC Contracts**: The closing prices of IC2507, IC2508, IC2509, and IC2512 were 6008.4, 5951.4, 5897.6, and 5774.6 respectively, with declines of 0.30%, 0.36%, 0.39%, and 0.43%. The trading volumes decreased by 20,355 lots, 1770 lots, 25,404 lots, and 9770 lots respectively, and the positions changed by - 13,063 lots, + 3845 lots, - 4713 lots, and - 741 lots respectively [1]. - **IM Contracts**: The closing prices of IM2507, IM2508, IM2509, and IM2512 were 6442.2, 6373.4, 6302.2, and 6120.8 respectively, with declines of 0.20%, 0.29%, 0.30%, and 0.28%. The trading volumes decreased by 31,955 lots, 6153 lots, 75,947 lots, and 20,616 lots respectively, and the positions changed by - 14,229 lots, + 6035 lots, - 13,493 lots, and - 3322 lots respectively [1]. 3.2. Positions of the Top 20 Members - For IF contracts, in IF2507, long - orders decreased by 9620 lots with a net change of - 14,538 lots, and short - orders decreased by 10,048 lots with a net change of - 15,421 lots [5]. - For IH contracts, in IH2507, long - orders decreased by 5448 lots with a net change of - 12,265 lots, and short - orders decreased by 6088 lots with a net change of - 12,841 lots [5]. - For IC contracts, in IC2507, long - orders decreased by 9785 lots with a net change of - 11,634 lots, and short - orders decreased by 10,069 lots [5]. - For IM contracts, in IM2507, long - orders decreased by 10,792 lots with a net change of - 20,778 lots, and short - orders decreased by 10,998 lots with a net change of - 19,506 lots [5]. 3.3. Important Drivers - In the first half of the year, RMB loans increased by 12.92 trillion yuan, deposits increased by 17.94 trillion yuan, and the incremental social financing scale was 22.83 trillion yuan, 4.74 trillion yuan more than the same period last year. The central bank said the effect of monetary policy in supporting the real economy was obvious [6]. - The central bank's deputy governor said that the monetary policy is moderately loose, and the policy state is supportive with accumulated effects. Since 2020, the central bank has cut the reserve requirement ratio 12 times and the policy interest rate 9 times [7]. 3.4. Market Performance - The Shanghai Composite Index rose 0.27%, the Shenzhen Component Index fell 0.11%, and the ChiNext Index fell 0.45%. A - share trading volume was 1.48 trillion yuan, down from 1.74 trillion yuan the previous day [7]. - The U.S. three major stock indexes rose slightly. The Dow rose 0.2%, the S&P 500 rose 0.14%, and the Nasdaq rose 0.27%. The Nasdaq set a new closing record [8].