Core Insights - The People's Bank of China released financial statistics for the first three quarters of 2025, indicating a total loan balance of 274.33 trillion yuan as of the end of September, reflecting a year-on-year growth of 6.5% [1] - The total RMB loan balance reached 270.39 trillion yuan, with a year-on-year increase of 6.6%, and an increase of 14.75 trillion yuan in RMB loans during the first three quarters [1] Loan Breakdown - Household loans increased by 1.1 trillion yuan, with short-term loans decreasing by 230.4 billion yuan and medium to long-term loans increasing by 1.33 trillion yuan [1] - Corporate loans rose by 13.44 trillion yuan, with short-term loans increasing by 4.53 trillion yuan, medium to long-term loans increasing by 8.29 trillion yuan, and bill financing increasing by 475.2 billion yuan [1] - Non-bank financial institution loans decreased by 112.1 billion yuan [1] Foreign Currency Loans - The foreign currency loan balance stood at 55.44 billion USD, showing a year-on-year decline of 5.3% [1] - In the first three quarters, foreign currency loans increased by 12.3 billion USD [1]

Group 1: Monetary Statistics - As of the end of August, the broad money supply (M2) reached 331.98 trillion yuan, growing by 8.8% year-on-year [1] - The narrow money supply (M1) stood at 111.23 trillion yuan, with a year-on-year increase of 6% [1] - The cash in circulation (M0) amounted to 13.34 trillion yuan, reflecting a year-on-year growth of 11.7% [1] - In the first eight months, a net cash injection of 520.8 billion yuan was recorded [1] Group 2: Loan Statistics - By the end of August, the total balance of RMB loans was 269.1 trillion yuan, marking a year-on-year increase of 6.8% [1] - In the first eight months, RMB loans increased by 13.46 trillion yuan [1] - Household loans rose by 711 billion yuan, with short-term loans decreasing by 372.5 billion yuan and medium to long-term loans increasing by 1.08 trillion yuan [1] - Corporate loans increased by 12.22 trillion yuan, with short-term loans up by 3.82 trillion yuan and medium to long-term loans up by 7.38 trillion yuan [1] Group 3: Deposit Statistics - The total balance of RMB deposits reached 322.73 trillion yuan, growing by 8.6% year-on-year [3] - In the first eight months, RMB deposits increased by 20.5 trillion yuan [3] - Household deposits rose by 9.77 trillion yuan, while non-financial enterprise deposits increased by 610.6 billion yuan [3] Group 4: Foreign Currency Statistics - As of the end of August, the foreign currency loan balance was 551.7 billion USD, down by 7.1% year-on-year [2] - The foreign currency deposit balance reached 1.02 trillion USD, reflecting a year-on-year increase of 19.4% [4] - In the first eight months, foreign currency loans increased by 9.6 billion USD [2] - Foreign currency deposits rose by 165.4 billion USD during the same period [4] Group 5: Interbank Market Activity - In August, the weighted average interest rate for interbank RMB market lending was 1.4%, lower by 0.05 percentage points from the previous month and 0.37 percentage points year-on-year [4] - The total transaction volume in the interbank RMB market reached 202.68 trillion yuan, with an average daily transaction of 9.65 trillion yuan, a year-on-year increase of 16.8% [4] Group 6: Cross-Border RMB Settlement - In August, the cross-border RMB settlement amount under the current account was 1.47 trillion yuan, with goods trade accounting for 1.11 trillion yuan [5] - The direct investment cross-border RMB settlement amount was 0.61 trillion yuan, with outbound direct investment at 0.24 trillion yuan and foreign direct investment at 0.37 trillion yuan [5] Group 7: Social Financing Scale - As of the end of August, the total social financing scale was 433.66 trillion yuan, growing by 8.8% year-on-year [9] - The balance of RMB loans to the real economy was 265.42 trillion yuan, with a year-on-year increase of 6.6% [9] - The balance of government bonds reached 91.36 trillion yuan, reflecting a year-on-year growth of 21.1% [9] Group 8: Social Financing Increment - In the first eight months, the cumulative increment of social financing was 26.56 trillion yuan, which is 4.66 trillion yuan more than the same period last year [11] - RMB loans to the real economy increased by 12.93 trillion yuan, which is a decrease of 4.85 trillion yuan compared to the previous year [11] - Government bond net financing was 10.27 trillion yuan, which is an increase of 4.63 trillion yuan year-on-year [11]

Group 1: Monetary Statistics - The broad money supply (M2) increased by 8.8% year-on-year, reaching 331.98 trillion yuan by the end of August [2] - The narrow money supply (M1) grew by 6% year-on-year, totaling 111.23 trillion yuan, while the currency in circulation (M0) rose by 11.7% to 13.34 trillion yuan [2] - A net cash injection of 520.8 billion yuan occurred in the first eight months of the year [2] Group 2: Loan Statistics - The total balance of RMB loans reached 269.1 trillion yuan, with a year-on-year growth of 6.8%, and an increase of 13.46 trillion yuan in the first eight months [3] - Household loans increased by 711 billion yuan, with short-term loans decreasing by 372.5 billion yuan and medium to long-term loans increasing by 1.08 trillion yuan [3] - Corporate loans rose by 12.22 trillion yuan, with short-term loans increasing by 3.82 trillion yuan and medium to long-term loans increasing by 7.38 trillion yuan [3] Group 3: Deposit Statistics - The total balance of RMB deposits reached 322.73 trillion yuan, growing by 8.6% year-on-year, with an increase of 20.5 trillion yuan in the first eight months [5] - Household deposits rose by 9.77 trillion yuan, while non-financial corporate deposits increased by 610.6 billion yuan [5] - Foreign currency deposits amounted to 1.02 trillion USD, reflecting a year-on-year growth of 19.4% [6] Group 4: Interbank Market Activity - The average weighted interest rate for interbank RMB lending was 1.4%, lower than the previous month and the same period last year [7] - The total transaction volume in the interbank RMB market reached 202.68 trillion yuan in August, with a daily average transaction of 9.65 trillion yuan, marking a year-on-year increase of 16.8% [7] - The average weighted interest rate for pledged bond repos was 1.41%, also lower than the previous month and the same period last year [7] Group 5: Cross-Border RMB Settlement - The cross-border RMB settlement amount for current account transactions was 1.47 trillion yuan in August, with goods trade accounting for 1.11 trillion yuan [8] - Direct investment cross-border RMB settlement amounted to 0.61 trillion yuan, with outbound direct investment at 0.24 trillion yuan and foreign direct investment at 0.37 trillion yuan [8]

Core Insights - The People's Bank of China released the financial statistics report for August 2025, indicating a significant growth in both domestic and foreign currency deposits [1] Group 1: Deposit Growth - As of the end of August, the total balance of domestic and foreign currency deposits reached 329.96 trillion yuan, reflecting a year-on-year increase of 8.8% [1] - The balance of RMB deposits at the end of August was 322.73 trillion yuan, with a year-on-year growth of 8.6% [1] - In the first eight months, RMB deposits increased by 20.5 trillion yuan, with household deposits rising by 9.77 trillion yuan and non-financial enterprise deposits increasing by 610.6 billion yuan [1] Group 2: Foreign Currency Deposits - At the end of August, the balance of foreign currency deposits was 1.02 trillion USD, showing a year-on-year increase of 19.4% [1] - In the first eight months, foreign currency deposits increased by 165.4 billion USD [1]

Core Insights - The People's Bank of China released the financial statistics report for August 2025, indicating a total loan balance of 273.02 trillion yuan, reflecting a year-on-year growth of 6.6% [1] - The yuan loan balance reached 269.1 trillion yuan, with a year-on-year increase of 6.8% [1] - In the first eight months, the increase in yuan loans amounted to 13.46 trillion yuan [1] Loan Breakdown - Household loans increased by 711 billion yuan, with short-term loans decreasing by 372.5 billion yuan and medium to long-term loans increasing by 1.08 trillion yuan [1] - Corporate loans rose by 12.22 trillion yuan, with short-term loans increasing by 3.82 trillion yuan, medium to long-term loans increasing by 7.38 trillion yuan, and bill financing increasing by 877.8 billion yuan [1] - Non-bank financial institution loans increased by 122.7 billion yuan [1] Foreign Currency Loans - The foreign currency loan balance stood at 551.7 billion USD, showing a year-on-year decline of 7.1% [1] - In the first eight months, foreign currency loans increased by 9.6 billion USD [1]

Group 1: Loan Statistics - In the first seven months of the year, Shaanxi Province saw an increase of 305.586 billion RMB in RMB loans [1] - By the end of July, the total balance of RMB loans reached 61,060.05 billion RMB, reflecting a year-on-year growth of 7.74% [1] - Household loans increased by 46.968 billion RMB, with short-term loans rising by 10.935 billion RMB and medium to long-term loans increasing by 36.033 billion RMB [1] - Loans to enterprises increased by 255.273 billion RMB, with medium to long-term loans rising by 242.434 billion RMB and bill financing increasing by 17.039 billion RMB [1] - The balance of foreign currency loans reached 2.148 billion USD, showing a year-on-year increase of 28.59% [1] Group 2: Deposit Statistics - By the end of July, the total balance of deposits in Shaanxi Province was 74,908.73 billion RMB, with a year-on-year growth of 6.84% [2] - The balance of RMB deposits was 74,491.10 billion RMB, reflecting a year-on-year increase of 6.77% [2] - In the first seven months, RMB deposits increased by 266.069 billion RMB, with household deposits rising by 265.085 billion RMB [2] - Non-financial enterprise deposits decreased by 59.660 billion RMB, while fiscal deposits increased by 12.661 billion RMB [2] - The balance of foreign currency deposits reached 5.842 billion USD, with a year-on-year growth of 19.28% [2]

Report Summary 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - Iron ore: The actual demand for steel has limited improvement, and the price has corrected from its high level [2][4]. - Rebar and hot - rolled coil: Demand falls short of expectations, and the prices are in a weak and volatile state [2][9][10]. - Ferrosilicon and silicomanganese: The sentiment in the sector is weak, and the prices are in a weak and volatile state [2][15]. - Coke and coking coal: The sentiment has declined, and the prices are correcting from their high levels [2][18][19]. - Logs: The price fluctuates repeatedly [2][22]. 3. Summary by Related Catalogs Iron Ore - **Fundamental Data**: The futures price closed at 775.0 yuan/ton, down 20.0 yuan/ton (-2.52%). The import and some domestic ore prices also decreased. The basis and some spreads changed [5]. - **Macro and Industry News**: On August 12, 2025, South Korea plans to impose a five - year anti - dumping duty on Chinese - originated hot - rolled stainless steel plates [6]. - **Trend Intensity**: The trend intensity of iron ore is 0 [6]. Rebar and Hot - Rolled Coil - **Fundamental Data**: For rebar RB2510, the closing price was 3,189 yuan/ton, down 59 yuan/ton (-1.82%); for hot - rolled coil HC2510, it was 3,432 yuan/ton, down 41 yuan/ton (-1.18%). Inventory and production data also changed [10]. - **Macro and Industry News**: On August 14, steel production, inventory, and apparent demand data changed. In July, financial statistics showed changes in M2, M1, etc. In late July, steel inventory and production data of key enterprises changed, and automobile production and sales data were released [11][13]. - **Trend Intensity**: The trend intensity of rebar and hot - rolled coil is - 1 [14]. Ferrosilicon and Silicomanganese - **Fundamental Data**: Futures prices of ferrosilicon and silicomanganese decreased. Spot prices and various spreads also changed [15][16]. - **Macro and Industry News**: On August 14, prices of ferrosilicon and silicomanganese in different regions were reported. Some steel mills' procurement prices and quantities changed [16]. - **Trend Intensity**: The trend intensity of ferrosilicon and silicomanganese is 0 [17]. Coke and Coking Coal - **Fundamental Data**: Futures prices of coking coal JM2601 and coke J2601 decreased. Spot prices and various spreads changed [19]. - **Macro and Industry News**: On August 12, 2025, South Korea plans to impose a five - year anti - dumping duty on Chinese - originated hot - rolled stainless steel plates [20]. - **Trend Intensity**: The trend intensity of coke and coking coal is 0 [21]. Logs - **Fundamental Data**: The closing prices, trading volumes, and open interests of different log contracts changed. Spot prices of different types of logs in different regions were mostly stable [23]. - **Macro and Industry News**: In July, financial statistics showed that M2 and M1 had year - on - year growth [25]. - **Trend Intensity**: The trend intensity of logs is 0 [25].

Core Insights - The People's Bank of China reported that financial policies have effectively supported stable growth in credit and optimized its structure, enhancing financial support for the real economy [1] Group 1: Financial Statistics - As of the end of July, the total social financing stock was 431.26 trillion yuan, with a year-on-year growth of 9.0% [1] - The broad money supply (M2) reached 329.94 trillion yuan, growing by 8.8% year-on-year [1] - The balance of RMB loans was 264.79 trillion yuan, reflecting a year-on-year increase of 6.8% [1][2] Group 2: Loan Structure - The balance of various RMB loans stood at 268.51 trillion yuan, with a year-on-year growth of 6.9% [2] - Inclusive small and micro loans amounted to 35.05 trillion yuan, showing a year-on-year increase of 11.8% [2] - Medium to long-term loans in the manufacturing sector reached 14.79 trillion yuan, with a year-on-year growth of 8.5% [2] Group 3: Market Confidence - The narrowing gap between M1 and M2 indicates improved liquidity and efficiency in fund circulation, reflecting effective market stabilization policies [1]

Core Insights - The People's Bank of China reported that in July, social financing scale, broad money M2, and RMB loans continued to exceed economic growth rates, indicating strong financial support for the real economy [1][2] Group 1: Financial Statistics - As of the end of July, the balance of broad money (M2) reached 329.94 trillion yuan, with a year-on-year growth of 8.8%, showing an accelerated growth rate [1] - The social financing scale stood at 431.26 trillion yuan at the end of July, with a year-on-year increase of 9% [1] - From January to July, the incremental social financing was 23.99 trillion yuan, which is 5.12 trillion yuan more than the same period last year [1] - RMB loans increased by 12.87 trillion yuan in the first seven months [1] Group 2: Credit Support and Structure - The balance of inclusive small and micro loans reached 35.05 trillion yuan, with a year-on-year growth of 11.8%, while medium and long-term loans for the manufacturing sector amounted to 14.79 trillion yuan, growing by 8.5% [2] - Loans for technology, green initiatives, inclusive finance, elderly care, and digital economy sectors grew significantly faster than the overall loan growth rate [2] - Structural monetary policy tools have enhanced the ability and willingness of financial institutions to support key areas [2] Group 3: Loan Rates and Financing Demand - In July, the interest rate for newly issued corporate loans was approximately 3.2%, and for personal housing loans, it was about 3.1%, both remaining at historically low levels [3] - The new corporate loan rate decreased by about 45 basis points compared to the same period last year, while the personal housing loan rate fell by about 30 basis points [3] - The low interest rates reflect a relatively abundant credit supply, making it easier for borrowers to obtain bank credit at lower costs [3]

Financial Statistics Summary - As of the end of July 2025, the broad money supply (M2) reached 329.94 trillion yuan, reflecting a year-on-year growth of 8.8% [1] - The narrow money supply (M1) stood at 111.06 trillion yuan, with a year-on-year increase of 5.6% [1] - The cash in circulation (M0) was 13.28 trillion yuan, showing a year-on-year growth of 11.8% [1] - A net cash injection of 465.1 billion yuan occurred in the first seven months of 2025 [1] Loan and Deposit Statistics - By the end of July 2025, the total balance of RMB loans was 268.51 trillion yuan, with a year-on-year growth of 6.9% [2] - In the first seven months, RMB loans increased by 12.87 trillion yuan, with household loans rising by 680.7 billion yuan and corporate loans increasing by 11.63 trillion yuan [2] - The total balance of RMB deposits reached 320.67 trillion yuan, reflecting a year-on-year growth of 8.7% [3] - In the first seven months, RMB deposits increased by 18.44 trillion yuan, with household deposits rising by 9.66 trillion yuan [3] Interbank Market and Interest Rates - The average weighted interest rate for interbank RMB market lending in July was 1.45%, lower than the previous month and the same month last year [4] - The average weighted interest rate for pledged bond repos was 1.46%, also lower than the previous month and the same month last year [4] - The total transaction volume in the interbank RMB market reached 222.44 trillion yuan in July, with a daily average transaction of 9.67 trillion yuan, marking a year-on-year increase of 14.8% [4] Cross-Border RMB Settlement - In July 2025, the cross-border RMB settlement amount for current account transactions was 1.57 trillion yuan, with goods trade accounting for 1.15 trillion yuan [5] - The direct investment cross-border RMB settlement amount was 0.64 trillion yuan, with foreign direct investment contributing 0.42 trillion yuan [5] Social Financing Scale - By the end of July 2025, the total social financing scale was 431.26 trillion yuan, reflecting a year-on-year growth of 9% [6] - The balance of RMB loans to the real economy was 264.79 trillion yuan, with a year-on-year increase of 6.8% [6] - In the first seven months, the cumulative social financing scale increased by 23.99 trillion yuan, which is 5.12 trillion yuan more than the same period last year [6] Breakdown of Financing Components - The increase in RMB loans to the real economy was 12.31 trillion yuan, which is a decrease of 694 billion yuan compared to the previous year [6] - The net financing of government bonds reached 8.9 trillion yuan, which is an increase of 4.88 trillion yuan compared to the previous year [6] - The net financing of corporate bonds was 1.43 trillion yuan, which is a decrease of 1.849 trillion yuan compared to the previous year [6]