Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The market is currently focusing on the semi - annual reports of listed companies. The net profit growth rates of the four major broad - based indexes are showing positive growth, and the improvement of the fundamentals of some listed companies supports the stock market. However, one should be wary of the drag on the index performance caused by the profit decline of companies that have not yet released their financial reports. - With the high valuation of US stocks, A - shares with more reasonable valuations continue to attract foreign capital inflows, injecting incremental funds into the market. - Although the market faces certain pressure near the previous stage high, the trading volume has not significantly declined. After a short - term consolidation, A - shares still have the potential to rise. It is recommended to buy on dips with a light position for the medium - to - long - term [2]. 3. Summary by Related Catalogs 3.1 Futures Disk - **Contract Prices**: IF (2509) is at 4163.8, down 0.8; IH (2509) is at 2829.6, up 13.6; IC (2509) is at 6380.2, down 64.2; IM (2509) is at 6929.2, down 66.2. - **Contract Spreads**: IF - IH spread is 1344.6, down 18.6; IC - IF spread is 2259.0, down 65.6; IM - IC spread is 557.4, down 1.0. - **Quarter - to - Month Spreads**: IF (quarter - month) is - 33.8, up 4.4; IH (quarter - month) is 1.8, down 2.2; IC (quarter - month) is - 188.6, up 14.0; IM (quarter - month) is - 234.0, up 8.2 [2]. 3.2 Futures Positions - IF top 20 net positions are - 26,185.00, down 2544.0; IH top 20 net positions are - 16,055.00, down 1890.0; IC top 20 net positions are - 15,324.00, down 2013.0; IM top 20 net positions are - 49,157.00, down 3751.0 [2]. 3.3 Spot Prices - CSI 300 is at 4173.31, down 3.3; SSE 50 is at 2829.47, up 16.5; CSI 500 is at 6429.85, down 78.3; CSI 1000 is at 6976.49, down 87.9 [2]. 3.4 Market Sentiment - A - share trading volume is 23,062.83 billion yuan, up 1310.72 billion yuan; margin trading balance is 20,462.51 billion yuan, up 117.18 billion yuan; northbound trading volume is 2771.92 billion yuan, up 406.58 billion yuan [2]. 3.5 Industry News - In July, China's CPI turned from a 0.1% decline to a 0.4% increase month - on - month, and was flat year - on - year. The core CPI increased by 0.8% year - on - year, with the growth rate expanding for three consecutive months. PPI decreased by 0.2% month - on - month, with the decline narrowing by 0.2 percentage points from the previous month, and decreased by 3.6% year - on - year, the same as the previous month [2]. 3.6 Key Data to Watch - On 8/14 at 20:30, US July PPI and core PPI data will be released; on 8/15 at 10:00, China's July industrial added value, fixed - asset investment, social consumer goods retail sales, and real estate data will be released [3]

Group 1: Monetary Supply and Financing - In July, the new social financing scale reached 1.16 trillion yuan, an increase of 0.39 trillion yuan year-on-year, with a year-on-year growth rate of 9%[2] - M1 growth accelerated to 5.6% in July, up from 4.6% in the previous month, marking the highest growth since January 2023[3] - M2 growth improved to 8.8% in July, up from 8.3% in June, with the M2-M1 gap narrowing to 3.2%[3] Group 2: Loan Demand and Government Financing - Government bond issuance from January to July reached 890 billion yuan, accounting for 75% of the annual issuance plan, significantly higher than the five-year average of 47%[3] - Corporate loan demand showed a contraction, with July's corporate loans decreasing by 700 billion yuan year-on-year, the lowest level in five years[4] - Residential loans in July also fell below the five-year average, with long-term and short-term loans decreasing by 1.1 trillion yuan and 3.8 trillion yuan respectively[4] Group 3: Economic Outlook and Risks - Overall liquidity has improved, but credit remains volatile due to seasonal factors, with only a slight decline in new loans compared to June[5] - The government is currently in a process of leveraging while the private sector is de-leveraging, necessitating improved efficiency in fiscal spending to stabilize demand[5] - Risks include potential underperformance of domestic macroeconomic policies and the possibility of slower government bond issuance if special treasury bonds are not issued[5]

Core Viewpoint - China Galaxy issued a report on the banking industry on August 14, recommending a buy rating for banks based on several key factors [1] Group 1: Financial Indicators - Social financing continues to show a year-on-year increase [1] - RMB loans have turned to negative growth, with government bonds contributing significantly to the increase in social financing [1] - M1 and M2 growth rates continue to rise, with a substantial increase in non-bank deposits [1] Group 2: Credit Demand - Seasonal weakness in credit is noted, with both household and corporate loan demand still needing recovery [1]

Group 1 - The core viewpoint of the articles indicates that the monetary policy remains moderately loose, as evidenced by the high growth rates of M2 and social financing scale [2][7] - As of the end of July, M2 balance reached 329.94 trillion yuan, with a year-on-year growth of 8.8%, and M1 balance was 111.06 trillion yuan, growing by 5.6% year-on-year [2][7] - The total social financing scale for the first seven months was 23.99 trillion yuan, which is 5.12 trillion yuan more than the same period last year, with a year-on-year growth of 9% as of the end of July [2][5] Group 2 - In July, new RMB loans decreased by 500 million yuan, marking the first negative growth in 20 years, influenced by seasonal factors and external shocks [3][4] - The structure of loans has improved, with small and micro loans growing by 11.8% year-on-year and medium to long-term loans in the manufacturing sector increasing by 8.5% [4][5] - The increase in social financing in July was 1.16 trillion yuan, with a year-on-year increase of 3.89 trillion yuan, driven mainly by bond financing [5][6] Group 3 - The M1 growth rate accelerated to 5.6%, reflecting an increase in the liquidity of funds and a rise in corporate investment willingness [7][8] - The narrowing of the M1-M2 gap indicates enhanced fund activity, suggesting that households and businesses are converting fixed deposits into demand deposits for consumption or investment [8] - Future policies, including loan interest subsidies and real estate stabilization measures, are expected to stimulate credit demand and support economic recovery [8]

Investment Rating - The report maintains a "Recommended" rating for the banking sector, indicating a positive outlook for the industry [1]. Core Insights - The report highlights a weak credit demand and a significant increase in non-bank deposits, with July's new social financing reaching 1.16 trillion yuan, a year-on-year increase of 386.4 billion yuan [3]. - The report notes that the growth of M1 and M2 continues to rise, with M1 increasing by 5.6% and M2 by 8.8% year-on-year [3]. - The report emphasizes that government bonds are the main contributors to social financing growth, with new government bonds issued amounting to 1.24 trillion yuan in July, a year-on-year increase of 555.9 billion yuan [3]. - The report anticipates that the implementation of personal consumption loans and business loan interest subsidies will create opportunities for retail credit growth [3]. - The report suggests that the banking sector's fundamentals are accumulating positive factors, indicating a potential turning point in performance [3]. Summary by Sections Credit Demand and Social Financing - In July, the total social financing stock grew by 9% year-on-year, with a month-on-month increase of approximately 0.1 percentage points [3]. - The report indicates that the demand for loans from both households and enterprises remains weak, with a notable decrease in household loans by 4.893 trillion yuan year-on-year [3]. Deposit Trends - Non-bank deposits saw a significant increase of 2.14 trillion yuan year-on-year, attributed to the active capital market [3]. - The report mentions a "deposit migration" phenomenon, where household and corporate deposits decreased significantly, while fiscal deposits increased by 770 billion yuan year-on-year [3]. Investment Recommendations - The report recommends focusing on the effectiveness of a package of policies and upcoming reform measures from the 20th Central Committee's Fourth Plenary Session and the 15th Five-Year Plan [3]. - Specific stock recommendations include Industrial and Commercial Bank of China (601398), Agricultural Bank of China (601288), Postal Savings Bank of China (601658), Jiangsu Bank (600919), and Hangzhou Bank (600926) [3].

Group 1: Report Overview - Report title: "社融多增与信贷少增？——7月中国金融数据点评20250814" [1] - Report date: August 14, 2025 [2] - Analysts: Yan Ziqi, Hong Ziyan [2] Group 2: Main Views Data Observation - In July, both social financing and credit showed seasonal declines, with a slight negative growth in credit. The new social financing stock scale in July was 1.16 trillion yuan, a year-on-year increase of 0.38 trillion yuan. RMB loans decreased by 0.05 trillion yuan, a year-on-year decrease of 310 billion yuan [2]. - In terms of money supply, the growth rates of M2 and M1 both increased, with a more significant increase in M1, while the growth rate of M0 slowed down slightly. M2 increased by 8.8% year-on-year, up 0.5 pct from the previous month. M1 increased by 5.6% year-on-year, up 1.0 pct from the previous month, showing a significant marginal increase. M0 increased by 11.8% year-on-year, down 0.2 pct from the previous month [2]. Reasons for Social Financing Growth - The seasonal decline in social financing growth in July was still stronger than in previous years, and the increase in government bond issuance remained the core driving force. Due to the faster issuance of government bonds this year, July was still a peak period for government bond supply. Meanwhile, the negative growth of the monthly credit scale this month was lower than in previous years, leading to a further increase in the proportion of government bond issuance in the new social financing this month [3]. Reasons for Credit Shortfall - The new credit in July showed a seasonal decline, and the credit shortfall might be due to seasonal patterns. July is usually a month with the smallest credit increment in a year. Looking back at credit - weak months such as February, April, and May this year, their performance was weaker than in previous years. Therefore, the credit increment in July also continued this trend, reaching the lowest level in recent years. However, according to seasonal patterns, there is still room for recovery next month [4]. - From the supply side, banks' willingness to lend may have shrunk, as the BCI corporate financing environment index dropped to 46.09% (49.12% last month), a significant decline. From the demand side, the PMI index in July dropped to 49.3%, with the new order index shrinking to 49.4% and the procurement index shrinking to 49.5%. Both production demand and procurement willingness were weak, and corporate business expectations were under pressure. In addition, the PMI of small enterprises showed a large decline for two consecutive months, and the industry faced corporate clearance pressure [4]. M2 and M1 Trends - M2 and M1 continued to grow, indicating an abundant total amount of market funds. Since September 2024, M1 has shown an upward trend in the range, and the M2 - M1 gap has been continuously narrowing. In July, M1 continued its rapid upward trend, reaching 5.6% year - on - year, the highest value since March 2023. On the one hand, July is a large month for local government debt financing, and the central bank conducted 1.4 trillion yuan in outright reverse repurchases to guide a loose capital environment. On the other hand, the popularity of the equity market and commodity market continued, facilitating the activation of money in the investment field [5]. Highlights in July Financial Data - In terms of fiscal deposits, the government bond financing volume was higher than in previous years, and the new fiscal deposits were at a relatively high historical level. The difference between the new government bond financing volume and the new fiscal deposits decreased compared with the previous month but was higher than the seasonal level, indicating that the transmission speed of funds from the government sector to the real economy was still faster than in the same period of previous years [6]. - In terms of corporate direct financing by industry, the bond financing of real - sector enterprises increased year - on - year, with significant year - on - year increases in net financing in the energy, optional consumption, and healthcare sectors. Financial financing decreased slightly year - on - year, and real estate net financing showed signs of recovery. Large enterprises with the ability to finance from the bond market still had good net financing performance this month [7][8]. - In terms of bill financing, bill financing took the lead in the new credit in July, showing an obvious shift from short - term loan volume - boosting to bill volume - boosting by banks. Due to the increased corporate operation risks this month, banks, under the pressure of assessment, chose bill financing again to increase the total credit scale, leading to a significant decline in bill interest rates on July 28. In other credit sub - items, both short - term and long - term corporate loans declined significantly, and the suppressed financing demand was transformed into a significant increase in bill financing, and the corporate financing structure developed in a non - benign direction [8]. Future Outlook - In the current economic situation, with the continuous acceleration of government leverage, the money side continues to be activated, but there are still concerns about corporate balance sheets. In terms of money circulation, the M2 - M1 gap continued to narrow, and M1 continued its upward trend, indicating significant capital activation. The year - on - year growth of the total assets and total liabilities of industrial enterprises above the designated size began to recover, and the balance - sheet expansion momentum was restored. However, the equity growth rate was lower than the asset growth rate, reflecting insufficient internal accumulation, and the balance - sheet expansion relied on debt rather than profit support. There is also a contradictory problem of "increased social financing" but "credit contraction" at the corporate level [8]. - The policy is guiding the economy from "over - capacity" to "industry clearance." Recently, multiple measures have been accelerating the clearance of inefficient enterprises, and further standardizing corporate operations through new regulations on social security contributions and housing rent taxes. During this process, the economy may face structural adjustments, and the economic fundamentals may show increased volatility [9]. - Fiscal and monetary policies are coordinated to further strengthen credit supply. On the household side, a consumer loan interest subsidy policy has been introduced, showing the intention to support household leverage. On the corporate side, an operating entity loan interest subsidy policy has been introduced, showing the intention to support small enterprises relying on bank financing and reflecting the principle of "helping in an emergency rather than rescuing the poor." From the perspective of the leverage chain of "government - driven → enterprise - taking - over → household - following," in the second half of the year, the government's leverage - increasing is coming to an end, and it is a critical turning point for enterprises and households to take over. The loose attitude of the monetary side may continue, and the loose financing environment may still be guaranteed [9]. - Regarding interest rate cuts, a dialectical view is needed. Although the recent interest subsidy policies have led to speculation in the market about a lower probability of future interest rate cuts, the weak US non - farm payroll data and the reduced inflation risk have increased the expectation of a Fed interest rate cut in September, providing policy space for China's interest rate cut. There is still a possibility of interest rate cuts both at home and abroad in the second half of the year [9]. - From the perspective of banks' reluctance to lend, the central bank may further guide a loose capital environment to promote the flow of funds to the real economy. To cooperate with government bond issuance, the central bank may still use various tools such as outright reverse repurchases, increased reverse repurchase issuance, restarting treasury bond purchases, and MLF over - renewal to ensure the liquidity of the banking system [10]. - For the bond market, there may still be twists and turns in the process of the fundamentals moving from "capacity clearance" to "demand recovery," which will bring about long - and short - term differences in the market. The volatility of the bond market is expected to increase. It is recommended to pay attention to changes in market sentiment to seize trading opportunities brought about by increased volatility [10][12]

Report Industry Investment Rating - The report is bullish on the bond market, predicting that the yield of the 10Y Treasury bond will fluctuate between 1.6% - 1.8% in the second half of 2025 and may gradually return to around 1.65%, and the 5Y national stock secondary will fall below 1.9%. It is also bullish on long - duration sinking urban investment and capital bonds, urban investment dim sum bonds and US dollar bonds, and strongly recommends perpetual bonds of Minsheng, Bohai, and Hengfeng Banks, and pays attention to capital bond opportunities of Tianjin Bank, Beibu Gulf Bank, and China Property Insurance [2]. Report's Core View - In July 2025, credit demand was weak, with a rare negative growth in new loans. The growth rates of M2 and M1 both rebounded. Social financing increased year - on - year, but its growth rate may have reached a phased peak. The report is bullish on the bond market [1][2]. Summary by Relevant Content Credit Situation - In July, new loans were - 500 million yuan, a rare negative growth, indicating weak credit demand. The near - zero interest rate of 1 - month term transfer discount at the end of July reflected poor credit delivery. The reduction of time deposit rates in May may increase the pressure of early mortgage repayment. Individual loans decreased by 48.93 billion yuan, including a decrease of 38.27 billion yuan in short - term individual loans and 11 billion yuan in medium - and long - term individual loans. Corporate short - term loans decreased by 55 billion yuan, corporate medium - and long - term loans decreased by 26 billion yuan, and bill financing increased by 87.11 billion yuan. Credit demand may be weak in the long term due to low capacity utilization in manufacturing, weak real estate investment, and limited infrastructure investment space [2]. M2 and M1 Situation - Since January 2025, the central bank has adopted a new M1 caliber, which further includes personal current deposits and customer reserves of non - bank payment institutions on the basis of the previous M1. As of the end of July 2025, the balance of the new - caliber M1 reached 111.06 trillion yuan. The new - caliber M1 growth rate in July was 5.6%, a 1 - percentage - point increase from the end of the previous month, related to the stock market recovery and a low year - on - year base. The M2 growth rate in July was 8.8%, a 0.5 - percentage - point increase from the previous month [2]. Social Financing Situation - In July, the social financing increment was 1.16 trillion yuan, a year - on - year increase of 0.39 trillion yuan, mainly from the net financing of government bonds and corporate bonds. The increment of RMB loans to the real economy was - 42.63 billion yuan, a year - on - year decrease of 34.55 billion yuan; undiscounted bank acceptance bills were - 16.38 billion yuan; corporate bond net financing was + 27.91 billion yuan; government bond net financing was 1.24 trillion yuan, a year - on - year increase of 0.56 trillion yuan. The social financing growth rate at the end of July was 9.0%, a 0.1 - percentage - point increase from the end of the previous month and a 1 - percentage - point increase from the beginning of the year. It is expected that in 2025, new loans will be similar year - on - year, government bond net financing will increase significantly year - on - year, social financing will increase significantly year - on - year, the social financing growth rate may rise first and then fall, and may reach about 8.2% at the end of the year. Due to the misalignment of government bond issuance rhythms, the social financing growth rate may have reached a phased peak in July and may decline in the next few months [2]. Bond Market Outlook - The financial data in July reflected weak financing demand in the real economy. The recent bond market correction was mainly due to the non - bank sentiment fluctuations caused by the strong stock market, rather than changes in the economic fundamentals. In 2025, the bond market lacks a trending market and requires correct band operations. The report predicts that the yield of the 10Y Treasury bond will fluctuate between 1.6% - 1.8% in the second half of the year, and currently, with the central bank's continuous easing, it is fully bullish on the bond market [2].

Investment Rating - The report maintains a "Buy" rating for the banking industry, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [1]. Core Insights - The report highlights a seasonal decline in credit expansion, with a notable increase in the pace of deposit funds entering the market. The July financial data shows a year-on-year increase in M2 by 8.8% and M1 by 5.6%, while new RMB loans decreased by 500 billion, reflecting a drop of 3.1 trillion year-on-year [3][4][35]. Summary by Sections Credit Market Overview - In July, new RMB loans decreased by 500 billion, with a growth rate of 6.9%, down 0.2 percentage points from June. Economic activity showed signs of slowing, with the manufacturing PMI at 49.3, indicating contraction [4][5]. - Cumulatively, from January to July, new RMB loans totaled 12.9 trillion, a decrease of 660 billion year-on-year, with the second quarter seeing a similar trend [5][18]. Corporate Loans - New corporate loans in July amounted to 600 billion, down 700 billion year-on-year. The report notes a significant seasonal decline in short-term loans, with a negative growth of 5.5 trillion in July [17][19]. - The report indicates that the demand for medium to long-term loans remains weak due to economic uncertainties, with the average interest rate for new corporate loans at 3.2% [19][31]. Retail Loans - Retail loans saw a significant decline, with a total of -4.893 trillion in July, reflecting a decrease of 2.793 trillion year-on-year. The report attributes this to weak consumer demand and low willingness to leverage among residents [28][30]. - The average interest rate for new personal housing loans remained stable at 3.1%, indicating continued pressure on the mortgage market [30][31]. Social Financing - In July, the total social financing increased by 1.16 trillion, with a growth rate of 9%, up 0.1 percentage points from June. The report emphasizes the role of government bonds in supporting social financing growth [35][39]. - The contribution of bank acceptance bills to social financing has increased significantly, accounting for 61% of the new social financing in July [39][40]. Monetary Supply - The report notes that M2 growth exceeded expectations at 8.8%, while M1 growth was recorded at 5.6%. The narrowing gap between M2 and M1 growth rates suggests a marginal improvement in monetary activation [41][43]. - Total deposits in July increased by 500 billion, with a year-on-year increase of 1.3 trillion, indicating a strong deposit growth trend despite the overall credit contraction [43][46].

Loan and Financing Data - New social financing (社融) in July was 11,600 billion CNY, a year-on-year increase of 3,893 billion CNY, but below the market expectation of 14,100 billion CNY[1] - New RMB loans turned negative at -500 billion CNY, a decline of 3,100 billion CNY year-on-year, marking the first negative value since July 2005[1] - The scale of new government bonds reached 12,440 billion CNY in July, an increase of 5,559 billion CNY year-on-year, contributing significantly to new social financing[2] Economic Demand and Loan Trends - New loans to the real economy fell sharply to -4,263 billion CNY, setting a historical low since data collection began[2] - New household loans were -4,893 billion CNY, a decrease of 2,793 billion CNY year-on-year, indicating weak consumer demand[3] - New corporate loans were 600 billion CNY, with short-term loans at -5,500 billion CNY and medium to long-term loans at -2,600 billion CNY, the latter marking the first negative value since August 2016[4] Financial Market Insights - M1 money supply grew by 5.6% year-on-year, exceeding the expected 5.3%, but this growth is attributed to a low base effect rather than active deposit mobilization[5] - Non-bank financial institutions saw an increase in deposits by 2,100 billion CNY, while household deposits decreased by 1,100 billion CNY, suggesting a shift of funds from banks to non-bank entities[6] - The overall financial data for July indicates a slow recovery in demand, necessitating potential monetary easing measures to stimulate economic activity[6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - In July 2025, new RMB loans decreased by 50 billion yuan, with a year - on - year decrease of 310 billion yuan, and the credit balance growth rate dropped to 6.9%. New social financing scale reached 1.16 trillion yuan, with a year - on - year increase of 389.2 billion yuan, and the stock growth rate of social financing rose from 8.9% to 9%. The year - on - year growth rate of M2 increased from 8.3% to 8.8%, and the growth rate of the new - caliber M1 increased from 4.6% to 5.6%. Overall, July's credit performance was lower than market expectations, with bills being the main support. Among social financing sub - items, government bonds increased by 555.9 billion yuan year - on - year, supporting the social financing growth rate to remain high. In terms of deposits, under the low - base effect, the M1 growth rate continued to rise, and M2 was mainly driven by non - bank deposits [5][8]. 3. Summary by Related Catalogs 3.1 Credit: Both the household and corporate sectors performed mediocrely - **Household Sector**: In July, both short - term and medium - to - long - term loans were relatively weak, with a combined decrease of 489.3 billion yuan. Short - term loans decreased by 382.7 billion yuan, 167.1 billion yuan less than the same period last year, possibly due to the overdraft effect of the June shopping festival. Medium - to - long - term credit decreased by 110 billion yuan, 120 billion yuan less than the same period last year. The year - on - year growth rate of the trading area of commercial housing in 30 large - and medium - sized cities was - 18.6%, and the decline was larger than last month. The trading of second - hand houses was relatively weak, and medium - to - long - term household loans showed negative growth again since April [2][10]. - **Corporate Sector**: In July, corporate medium - to - long - term loans decreased by 260 billion yuan, 390 billion yuan more than the same period last year. The growth rate of the loan balance dropped slightly to 6.9%. Existing policy tools had limited driving effects on corporate loans, and subsequent policy - based financial tools might support corporate medium - to - long - term loans. Corporate short - term loans decreased by 550 billion yuan, basically the same as last year. Bill financing increased by 871.1 billion yuan, 312.5 billion yuan more than the same period last year. With the weak loan issuance, the demand for bills to "fill the gap" increased significantly [2][15][16]. 3.2 Social Financing: Government bonds still provided support, and the willingness to issue corporate bonds continued - **Government Bonds**: In July, the issuance scale of government bonds was large, with a new increase of 1.24 trillion yuan, 555.9 billion yuan more than the same period last year. According to the current issuance plan, government bonds would still support social financing in July, but from August to the end of the year, they might see a year - on - year decrease. If no additional bonds were issued at the end of the year, the peak of the annual social financing growth rate might appear in July [3][17]. - **Corporate Bonds**: In July, the willingness to issue corporate bonds was still strong, with a new increase of 27.91 billion yuan, 7.55 billion yuan more than the same period last year. With relatively low bond yields, the willingness to issue bonds increased seasonally, which might also "siphon" corporate loans. Un - discounted bills decreased by 16.39 billion yuan, close to the same period last year, and off - balance - sheet bills continued to be transferred to on - balance - sheet [3][21]. 3.3 Deposits: The growth rates of M1 and M2 continued to rise - **M1**: In July, the new - caliber M1 decreased by 2.9 trillion yuan, 832.4 billion yuan more than the same period in 2024, which was at a relatively high seasonal level. The wealth effect of the equity market supported the activation of funds to some extent, and the year - on - year reading of M1 increased significantly from 4.6% to 5.6%. - **M2**: Among the sub - items of M2, non - bank deposits were the main support. Driven by the recovery of the equity market, non - bank deposits increased by 2.14 trillion yuan in July, 1.39 trillion yuan more than the same period in 2024. After the cross - quarter in July, corporate deposits showed an outflow state, decreasing by 1.46 trillion yuan, but due to the low - base effect of the general deposit outflow after manual interest compensation in 2024, the decrease was 320.9 billion yuan less year - on - year [3][23][30].