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社融多增3.83万亿背后:债券对贷款替代作用明显
Sou Hu Cai Jing· 2025-06-13 13:15
Group 1 - The core viewpoint of the articles highlights the growth in social financing scale driven primarily by government and corporate bonds, indicating a shift towards direct financing methods [1][2] - As of May 2025, the total social financing scale reached 426.16 trillion yuan, with a year-on-year growth of 8.7%, remaining stable compared to the previous month [1] - The balance of loans to the real economy was 262.86 trillion yuan, showing a year-on-year increase of 7%, but a slight decline of 0.1 percentage points from the previous month [1] Group 2 - Government bonds accounted for 20.5% of the total social financing scale, reflecting a significant year-on-year increase of 2.1 percentage points, while corporate bonds made up 7.7%, down 0.4 percentage points [1] - The net financing of government bonds in the first five months of 2025 reached 6.31 trillion yuan, which is an increase of 3.81 trillion yuan compared to the previous year [1][2] - The issuance of special refinancing bonds has been a key factor in replacing bank loans, which may temporarily affect credit volume but ultimately helps alleviate local debt risks [3][4] Group 3 - The trend of bonds substituting loans is becoming more pronounced, with nearly 90% of the social financing scale consisting of bonds and loans, indicating their complementary roles in supporting economic stability [3] - The average yield of 5-year AAA-rated corporate bonds fell to 1.97% in May, encouraging companies to increase bond financing to lower overall financing costs [2][3] - The growth in fixed asset investment funding sources, including government bonds, increased by 16.7% year-on-year, significantly outpacing other funding sources [4] Group 4 - The broad money supply (M2) reached 325.78 trillion yuan, growing by 7.9% year-on-year, while the narrow money supply (M1) was 108.91 trillion yuan, with a growth of 2.3% [5] - The manufacturing PMI improved by 0.5 percentage points in May, indicating a marginal recovery in social confidence and economic activity [5][6] - The consumer price index (CPI) saw a year-on-year decline of 0.1%, while the core CPI rose by 0.6%, suggesting ongoing low inflation levels influenced by supply-demand imbalances [6]
【新华解读】5月社融规模同比多增2247亿元 债券对贷款替代效应持续显现
Xin Hua Cai Jing· 2025-06-13 11:24
Group 1 - The core viewpoint of the article highlights that in May, the new social financing scale in China reached 2.29 trillion yuan, an increase of 224.7 billion yuan year-on-year, indicating a reasonable growth in financial volume supported mainly by government bonds [1][2] - The net financing scale of government bonds in May was 6.31 trillion yuan, up by 3.81 trillion yuan year-on-year, driven by factors such as the accelerated issuance of special refinancing bonds and local government special bonds [2] - The average interest rate for newly issued corporate loans in May was 3.2%, which is approximately 50 basis points lower than the same period last year, reflecting a favorable borrowing environment for enterprises [5] Group 2 - The broad money supply (M2) at the end of May was 352.78 trillion yuan, growing by 7.9% year-on-year, while the narrow money supply (M1) was 108.91 trillion yuan, increasing by 2.3% year-on-year [3] - The growth of M1 indicates a significant increase in "liquid money," suggesting that recent financial support measures have effectively boosted market confidence and economic activities [3] - The total social financing scale for the first five months of the year reached 18.63 trillion yuan, which is 3.83 trillion yuan more than the same period last year, indicating a strong financing environment [6] Group 3 - The loan balance at the end of May was 266.32 trillion yuan, with a year-on-year growth of 7.1%, supported by a recent interest rate cut that has stimulated loan demand [4] - The structure of credit has shown positive trends, with inclusive small and micro loans and medium to long-term loans for the manufacturing sector growing by 11.6% and 8.8% year-on-year, respectively [5] - The replacement effect of bonds for loans has been increasingly evident, with nearly 90% of the social financing scale consisting of bonds and loans, indicating a shift in financing preferences [6][7]
央行发布5月金融数据
互联网金融· 2025-06-13 10:52
中国人民银行周五发布的2025年前5月金融统计数据报告显示,财政政策靠前发力下,社会 融资规模增速继续提升。 另外,前五个月人民币存款增加14.73万亿元。其中,住户存款增加8.3万亿元,非金融企 业存款减少73亿元,财政性存款增加2.07万亿元,非银行业金融机构存款增加3.07万亿 元。 央行同日发布的2025年5月社会融资规模存量统计数据报告显示,初步统计,2025年5月末 社会融资规模存量为426.16万亿元,同比增长8.7%。其中,对实体经济发放的人民币贷款 余额为262.86万亿元,同比增长7%;企业债券余额为32.91万亿元,同比增长3.4%;政府 债券余额为87.39万亿元,同比增长20.9%;非金融企业境内股票余额为11.87万亿元,同 比增长2.9%。 数据显示,2025年前五个月社会融资规模增量累计为18.63万亿元,比上年同期多3.83万 亿元。其中,对实体经济发放的人民币贷款增加10.38万亿元,同比多增1123亿元;企业债 券净融资9087亿元,同比少2884亿元;政府债券净融资6.31万亿元,同比多3.81万亿元; 非金融企业境内股票融资1504亿元,同比多444亿元。 来源:界面 ...
【实用】个税年度汇算时提示“住房贷款可能已结清或为非首套房贷款”该如何处理?看过来→操作步骤
蓝色柳林财税室· 2025-06-13 10:46
欢迎扫描下方二维码关注: 申税小微,我在做个税年度汇算时提示"住房贷款可能已结清或为非首套房贷款",这是怎么回事?我应该怎么做呀? 您好,如果您在办理个税年度汇算时系统提示"住房贷款可能已结清或为非首套房贷款",这通常意味着您的住房贷款情况可能不 符合首套住房贷款利息扣除的条件。下面跟着申税小微一起来看看如何处理吧~ 政策规定 首先,我们来学习一下关于首套住房贷款利息扣除的相关政策~ 第一步:确认是否为首套住房贷款 如果您不能确定贷款是否为首套住房贷款利率,则需要联系贷款银行确认贷款信息,包括是否为首套住房贷款利息、贷款期限等信 息。 若不符合首套住房贷款利息, 需登录"个人所得税APP",点击【办&查】→【专项附加扣除】,填报记录选择查询年度为"2024",点 击"住房贷款利息"信息记录,点击【作废】作废已填报的住房贷款利息专项附加扣除。 | 左右滑动,查看更多 | | --- | 第二步:查看贷款信息填写是否正确 如果您确认符合政策条件, 且实际还在继续还款且是首套房贷款利率,建议先跟贷款银行确认贷款信息,再核实住房贷款利息填报 是否正确。 A、注意贷款合同编号等信息是否发生变化。如果有合同编号不一致的问 ...
央行发布最新数据!有哪些变化?
第一财经· 2025-06-13 10:07
Core Viewpoint - The article highlights the stability of broad money supply (M2) growth and the high level of social financing scale growth, driven primarily by government bonds and direct financing measures [1][3]. Group 1: Monetary Supply and Financing - As of the end of May, the social financing scale stood at 426.16 trillion yuan, with a year-on-year growth of 8.7%, which is 0.3 percentage points higher than the same period last year [1]. - In May, the increment of social financing was 2.29 trillion yuan, which is an increase of 224.7 billion yuan compared to the previous year [3]. - M2 grew by 7.9% year-on-year, while narrow money (M1) increased by 2.3%, indicating a stable monetary environment [1][10]. Group 2: Government Bonds and Direct Financing - Government bonds were the primary driver for the rapid growth of social financing, with net financing of 6.31 trillion yuan in May, an increase of 3.81 trillion yuan year-on-year [3]. - The issuance of special refinancing bonds for debt replacement has significantly increased, with over 3.8 trillion yuan net financing in the first quarter, which is 2.5 trillion yuan more than the same period last year [3][4]. - The issuance of local special bonds also accelerated, with 443.2 billion yuan issued in May, marking a new high for the year [3]. Group 3: Loan Growth and Structure - From January to May, the total increase in RMB loans was 10.68 trillion yuan, with a year-on-year growth of 7.1% as of the end of May [7]. - The balance of inclusive small and micro loans reached 34.42 trillion yuan, growing by 11.6% year-on-year, indicating a strong demand for loans in this segment [7]. - The recent interest rate cuts have positively influenced loan demand, as businesses find borrowing more attractive [7][8]. Group 4: Economic Activity and Market Confidence - The article notes that June typically sees increased economic activity, which is expected to drive up financing demand [11]. - Recent financial support measures have effectively boosted market confidence, leading to a recovery in effective demand within the real economy [11].
5月金融数据出炉,最新解读来了
财联社· 2025-06-13 09:57
以下文章来源于财联社FICC ,作者李婷 王宏 财联社FICC . 在5月的金融数据中,M1增速也有明显变化。 5月末,M1同比增长2.3% ,对此,权威专家对财联社记者坦言,目前M1统计口径中包括流通中货 币(M0)、单位和个人活期存款、非银行支付机构客户备付金(如微信钱包、支付宝余额等),与 趴在银行账户上的定期存款相比,属于支付交易较为便利的"活钱"。 5月份这部分"活钱"的增速明 显加快。 在权威专家看来,"活钱"增速明显加快,体现了近期一揽子金融支持措施有效提振了市场信心,投 资、消费等经济活动有回暖提升迹象。 同样证明经济活动热度变化的指标,还有个人贷款方面。数据显示,有银行人士对财联社记者反 映,随着当地房地产市场交易继续回暖,个人按揭贷款投放有所增多。 债券对贷款的替代效应继续显现 对于市场关注的贷款数据,权威专家对财联社记者表示,社会融资规模中近九成都是债券和贷款, 尽管二者适用场景存在差异,但一定程度上能够互为替代补充,共同为经济稳定增长营造良好的金 融总量环境。 财联社FICC团队倾力打造的固定收益投研平台,为广大投资者提供债市电报、独家新闻、精选资讯、 重大事件点评、深度报道、研究报告 ...
央行,最新公布!
证券时报· 2025-06-13 09:37
最新金融数据出炉。 6月13日,中国人民银行(简称"央行")发布的最新金融数据显示,5月当月,社融增量2.29万亿元,同比多增2247亿元;新增人民币贷款6200亿元。5月末,广义货 币(M2)同比增7.9%,比上月微降0.1个百分点,比上年同期高0.9个百分点。 权威专家指出,看金融总量数据不能只看绝对量和绝对增速,还要看相对量和相对增速。前些年我国名义经济增速接近10%,社会融资规模、贷款增速也保持略高 于10%的水平,两者基本匹配;近年来宏观经济进入中高速增长阶段,金融总量继续保持8%以上的增速,高出名义经济增速4个百分点左右,金融总量指标超过名 义经济增速的幅度处于历史高位,而且持续的时间比较长。 今年5月7日,央行发布了一揽子金融支持措施,包括降准降息、优化并创设结构性货币政策工具等。上述权威专家表示,上述举措力度非常大,货币政策从出台到 效果显现需要一个过程,各项政策已逐步有效落地。央行也将综合运用多种货币政策工具,保持流动性合理充裕。 政府债与企业债拉动社融增长 在政府债券和企业债券等直接融资的拉动下,5月社会融资规模新增2.29万亿元,同比多增2247亿元。5月末社会融资规模存量同比增长8.7 ...
泛亚微透: 泛亚微透第四届董事会第五次独立董事专门会议决议
Zheng Quan Zhi Xing· 2025-06-13 09:19
《上海证券交易所科创板股票上市规则》 《上海证 券交易所科创板上市公司自律监管指引第 1 号—规范运作(2023 年 12 月修订)》 《公司章程》及《公司独立董事工作制度》的规定。 全体独立董事本着认真、负责的态度,在认真阅读公司提供的资料,听取有 关人员的汇报并详细了解有关情况后,经出席会议的独立董事审议和表决,形成 以下决议: 一、审议通过《关于对参股公司增资暨关联交易的议案》 经审阅,我们认为:公司拟以货币加 TRT 电缆膜业务相关的固定资产及无形 资产对凌天达增资,增资金额为 8,600 万元人民币,本次增资完成后,公司持股 比例由 27.07%变更为 51.00%。凌天达成为公司控股子公司,将纳入公司合并报 表范围。通过此次关联交易,公司可以进一步加强双方的协同性,扩展公司的产 品线及产品应用领域,提升公司的综合实力以及市场竞争力,并减少关联交易。 因此,我们一致同意《关于对参股公司增资暨关联交易的议案》。 江苏泛亚微透科技股份有限公司 第四届董事会第五次独立董事专门会议决议 的方式召开。会议通知已于 2025 年 6 月 10 日通过微信、电话及电子邮件等方式 送达给独立董事,会议应出席独立董事 ...
刚刚!央行,最新发布!
券商中国· 2025-06-13 09:05
6月13日,人民银行发布的最新金融数据显示,5月当月,社融增量2.29万亿元,同比多增2247亿元;新增 人民币贷款6200亿元。5月末,广义货币(M2)同比增长7.9%,比上月微降0.1个百分点,比上年同期高0.9 个百分点。 今年5月7日,央行发布了一揽子金融支持措施,包括降准降息、优化并创设结构性货币政策工具等。上述权威 专家表示,上述举措力度非常大,货币政策从出台到效果显现需要一个过程,各项政策已逐步有效落地。央行 也还将综合运用多种货币政策工具,保持流动性合理充裕。 中央财经大学财政税务学院副教授孙鲲鹏对记者表示,置换债券放缓将为新增专项债券腾出发行空间,且房地 产等关键领域对专项债券的需求较大,可以推测下半年专项债发行节奏将会加快,继续拉动需求。 从单月看,5月企业债券净融资超1400亿元。二季度以来,企业发债成本总体呈低位下行态势,企业债券净融 资自4月起出现改善。5月5年期AAA级企业债到期收益率平均为1.97%,较4月进一步下降。低利率背景下,部 分企业抓住有利条件,加大债券融资力度,降低整体融资成本。 降息落地有助于支撑贷款需求 尽管5月新增人民币贷款规模低于去年同期,但5月末,人民币贷款 ...
央行:5月个人住房新发放贷款加权平均利率约3.1%
news flash· 2025-06-13 08:48
记者6月13日从中国人民银行获悉,5月份企业新发放贷款(本外币)加权平均利率约3.2%,比上年同期低 约50个基点;个人住房新发放贷款(本外币)加权平均利率约3.1%,比上年同期低约55个基点。(中证金 牛座) ...