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]

Group 1 - The People's Bank of China reported that in the first seven months, RMB loans increased by 12.87 trillion yuan, with corporate loans rising by 11.63 trillion yuan [1] - As of the end of July, the RMB loan balance reached 268.51 trillion yuan, reflecting a year-on-year growth of 6.9% [1] - In the same period, household loans increased by 680.7 billion yuan, while corporate medium- and long-term loans rose by 6.91 trillion yuan [1] Group 2 - The broad money supply (M2) stood at 329.94 trillion yuan at the end of July, showing a year-on-year increase of 8.8% [1] - The narrow money supply (M1) was 111.06 trillion yuan, with a year-on-year growth of 5.6% [1] - The currency in circulation (M0) reached 13.28 trillion yuan, marking a year-on-year increase of 11.8% [1] Group 3 - In the first seven months, RMB deposits increased by 18.44 trillion yuan, with household deposits rising by 9.66 trillion yuan [1] - The total social financing scale increased by 23.99 trillion yuan in the first seven months, which is 5.12 trillion yuan more than the same period last year [1] - As of the end of July, the total social financing stock was 431.26 trillion yuan, reflecting a year-on-year growth of 9% [1]

Core Insights - The People's Bank of China released the financial statistics report for July 2025, indicating a steady growth in both foreign and domestic currency loans [1] Loan Balances - As of the end of July, the balance of foreign currency loans reached 272.48 trillion yuan, reflecting a year-on-year growth of 6.7% [1] - The balance of RMB loans stood at 268.51 trillion yuan, with a year-on-year increase of 6.9% [1] Loan Increases - In the first seven months of the year, RMB loans increased by 12.87 trillion yuan [1] - Household loans rose by 680.7 billion yuan, with short-term loans decreasing by 383 billion yuan and medium to long-term loans increasing by 1.06 trillion yuan [1] - Corporate loans increased by 1.163 trillion yuan, with short-term loans rising by 375 billion yuan, medium to long-term loans increasing by 691 billion yuan, and bill financing adding 824.7 billion yuan [1] - Loans from non-bank financial institutions increased by 235.7 billion yuan [1]

Group 1 - The People's Bank of China reported that as of the end of July 2025, the total balance of domestic and foreign currency deposits reached 327.83 trillion yuan, reflecting a year-on-year growth of 9% [1] - The balance of RMB deposits at the end of July was 320.67 trillion yuan, with a year-on-year increase of 8.7% [1] - In the first seven months of 2025, RMB deposits increased by 18.44 trillion yuan, with household deposits rising by 9.66 trillion yuan, non-financial enterprise deposits increasing by 310.9 billion yuan, fiscal deposits growing by 2.02 trillion yuan, and deposits from non-bank financial institutions up by 4.69 trillion yuan [1] Group 2 - The balance of foreign currency deposits at the end of July was 1 trillion USD, showing a year-on-year growth of 20% [1] - In the first seven months, foreign currency deposits increased by 148.9 billion USD [1]

初步统计，2025年前七个月社会融资规模增量累计为23.99万亿元，比上年同期多5.12万亿元。其中，对 实体经济发放的人民币贷款增加12.31万亿元，同比少增694亿元；对实体经济发放的外币贷款折合人民 币减少725亿元，同比少减245亿元；委托贷款减少689亿元，同比多减116亿元；信托贷款增加1592亿 元，同比少增1480亿元；未贴现的银行承兑汇票减少2196亿元，同比少减1243亿元；企业债券净融资 1.43万亿元，同比少1849亿元；政府债券净融资8.9万亿元，同比多4.88万亿元；非金融企业境内股票融 资2212亿元，同比多767亿元。 北京商报讯（记者 岳品瑜 董晗萱）8月13日，人民银行官网公布2025年7月金融统计数据报告。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 ...

Core Insights - The People's Bank of China released the financial statistics report for July 2025, indicating a total loan balance of 272.48 trillion yuan, reflecting a year-on-year growth of 6.7% [1] - The yuan loan balance at the end of July was 268.51 trillion yuan, with a year-on-year increase of 6.9% [1] Loan Breakdown - In the first seven months, the increase in yuan loans amounted to 12.87 trillion yuan [1] - Household loans rose by 680.7 billion yuan, with short-term loans decreasing by 383 billion yuan and medium to long-term loans increasing by 1.06 trillion yuan [1] - Corporate loans increased by 1.163 trillion yuan, with short-term loans rising by 375 billion yuan, medium to long-term loans increasing by 691 billion yuan, and bill financing adding 824.7 billion yuan [1] - Non-bank financial institution loans increased by 235.7 billion yuan [1] Foreign Currency Loans - The foreign currency loan balance stood at 555.8 billion USD at the end of July, showing a year-on-year decline of 8.1% [1] - In the first seven months, foreign currency loans increased by 13.7 billion USD [1]