自今年4月以来，新增地方政府专项债券（下称"新增专项债"）的发行速度逐月加快，发行规模 在7月创下年内新高。 责编：李丹 校对： 王锦程 版权声明 考虑到近年各地的新增专项债发行工作基本在四季度前完成，且7月30日召开的中央政治局会议要求"加快 政府债券发行使用"，市场机构普遍预计新增专项债将在三季度加快发行节奏，7月新增专项债发行提速则 进一步印证市场预期。 新增专项债作为基建投资的重要资金来源，其加速发行将为重大项目提供更多资金支持。根据今年新增专 项债限额测算，8月至12月各地尚有超1.6万亿元额度可用。上海财经大学中国公共财政研究院副教授汪峰 向记者指出，随着新增专项债发行进度的加快，下半年基建投资增速有望提升至8%至9%。 "今年财政政策定调更加积极，随着存量政策组合效应显现，投资资金保障和项目支撑将会继续改善。"浙 商证券宏观联席首席分析师廖博向记者表示，下半年基建增速的持续性还需关注超长期特别国债和中央预 算内投资的支持力度和方向。 较大力度的政府债券供给，还将对社会融资规模形成明显支撑。据中邮证券固收首席分析师梁伟超预计， 7月至8月将是下半年政府债净融资高点，单月净融资金额分别可达1.29万 ...

Group 1 - The issuance of new local government special bonds has accelerated since April, with a record high of 616.936 billion yuan in July, an increase of 89.842 billion yuan from the previous month [1] - The cumulative issuance of new special bonds reached 2.16 trillion yuan in the first half of the year, a significant year-on-year increase of 45%, supporting major project construction and maintaining resilience in infrastructure investment growth [1] - The market expects an accelerated issuance of new special bonds in the third quarter, with over 1.6 trillion yuan of quota available for use from August to December [1] Group 2 - The fiscal policy this year has been more proactive, with the combination of existing policies expected to continue improving investment funding and project support [2] - The significant supply of government bonds is anticipated to provide substantial support to the social financing scale, with net financing amounts projected to reach 1.29 trillion yuan and 1.41 trillion yuan in July and August, respectively [2]

Group 1 - The overall financial growth remains reasonable, supporting the real economy, with expectations for an increase in new social financing in July compared to the previous year [1][2] - Predictions for new RMB loans in July vary among experts, with estimates ranging from 2000 billion to 3500 billion RMB, indicating a potential increase in credit supply due to supportive monetary policies [1][2] - The central bank continues to inject liquidity to enhance banks' lending capabilities, while regulatory efforts are focused on accelerating the disbursement of loans for real estate projects [1][3] Group 2 - New social financing (社融) is expected to show significant year-on-year growth, with estimates around 1.46 trillion to 1.7 trillion RMB for July, driven primarily by government bond financing [2] - The net financing scale of government bonds is projected to be approximately 1.27 trillion RMB, reflecting a substantial year-on-year increase [2] - The central bank plans to maintain a moderately loose monetary policy, potentially implementing interest rate cuts and reserve requirement ratio reductions to further stimulate credit growth and support economic recovery [3]

Group 1: Report Industry Investment Rating - The investment rating for the zinc industry is "Oscillating Downward" [1] Group 2: Core View of the Report - The report presents the latest data on zinc's fundamentals, including prices, trading volumes, open interests, premiums, and inventories, and indicates a downward trend for zinc [1] Group 3: Summary Based on Related Content 1. Zinc Market Data - **Prices**: The closing price of SHFE zinc main contract was 22,320 yuan/ton, down 0.11%; the closing price of LME zinc 3M electronic trading was 2,729.5 dollars/ton, down 1.18% [1] - **Trading Volumes**: The trading volume of SHFE zinc main contract was 105,121 lots, a decrease of 77,539 lots; the trading volume of LME zinc was 14,107 lots, an increase of 2,308 lots [1] - **Open Interests**: The open interest of SHFE zinc main contract was 108,084 lots, a decrease of 2,397 lots; the open interest of LME zinc was 189,343 lots, a decrease of 568 lots [1] - **Premiums and Discounts**: Shanghai 0 zinc premium was 0 yuan/ton, unchanged; LME CASH - 3M premium was -6 dollars/ton, a decrease of 4.2 dollars/ton [1] - **Inventories**: SHFE zinc futures inventory was 14,982 tons, a decrease of 76 tons; LME zinc inventory was 100,825 tons, a decrease of 3,975 tons [1] 2. News - People's Bank of China Deputy Governor Zou Lan stated that from the first - half financial data, the effect of monetary policy in supporting the real economy was relatively obvious. At the end of June, the year - on - year growth rate of the stock of social financing scale was 8.9%, M2 increased by 8.3% year - on - year, and RMB loans increased by 7.1% year - on - year [2] 3. Trend Intensity - The trend intensity of zinc is -1, indicating a relatively bearish outlook [2][3]

Core Viewpoint - The People's Bank of China, Shaanxi Branch, has implemented a moderately loose monetary policy since 2025, focusing on key areas and increasing credit support to the real economy, resulting in a steady growth of financing and a favorable monetary environment for economic recovery [1] Group 1: Loan Growth - As of the end of June, the total balance of RMB loans in Shaanxi reached 61,173.27 billion yuan, with a year-on-year growth of 7.93%, surpassing the national average by 0.83 percentage points [2] - In the first half of the year, new loans amounted to 3,169.07 billion yuan, an increase of 210.51 billion yuan compared to the previous year, achieving 74% of last year's total [2] - Corporate loans were the main driver of credit growth, with new loans to enterprises totaling 2,547.44 billion yuan, accounting for 80.38% of the total loan increase [2] Group 2: Sectoral Loan Distribution - The manufacturing sector saw a significant increase in medium and long-term loans, with a balance of 4,690.34 billion yuan, growing by 17.73% year-on-year [3] - Loans to the leasing and business services, manufacturing, and construction industries increased by 1,042.76 billion yuan, 362.87 billion yuan, and 350.01 billion yuan respectively, together accounting for 68% of the sectoral loan increase [2][3] Group 3: Deposit Growth - The total balance of RMB deposits in Shaanxi reached 74,896.67 billion yuan, with a year-on-year growth of 8.29%, slightly above the national level [4] - Household deposits maintained a double-digit growth, reaching 46,424.36 billion yuan, with an increase of 2,810.01 billion yuan in the first half of the year [4] - Government bond issuance accelerated, contributing to a significant increase in fiscal deposits, which grew by 18.43% year-on-year, reaching a balance of 1,201.98 billion yuan [4]

Group 1 - The total social financing scale in Liaoning Province increased by 279.3 billion RMB in the first half of the year, marking the highest increase for the same period in nearly a decade [1] - Loans to the real economy amounted to 182.8 billion RMB, providing strong financial support for the comprehensive revitalization of Liaoning [1] - By the end of June, the balance of RMB loans in Liaoning's financial institutions reached 5.36 trillion RMB, an increase of 167.3 billion RMB from the beginning of the year, with a year-on-year increase of 130.1 billion RMB [1] Group 2 - The balance of technology loans in the province reached 821.78 billion RMB, with an increase of 65.27 billion RMB [2] - Green loans amounted to 666.98 billion RMB, accounting for 12.4% of total loans [2] - The balance of inclusive micro loans reached 473.1 billion RMB, a year-on-year increase of 21.5%, with new inclusive micro loans of 56.8 billion RMB in the first half of the year [2]

上半年，天津社会融资规模累计增加3058亿元，同比多708亿元，社会融资规模结构呈现三个"多增"。 一是企业债券融资多增。上半年全市企业债券净融资165亿元，同比多增402亿元。二是政府债券融资多 增。上半年全市地方政府债券净融资1080亿元，同比多增453亿元。三是信托贷款多增。上半年全市信 托贷款增加420亿元，同比多增156亿元。 （文章来源：新华财经） 其中，主要产业贷款快速增长。6月末，全市工业中长期贷款同比增长6.3%，电力、热力、燃气及水生 产和供应业贷款同比增长13.1%，建筑业贷款同比增长13.0%，住宿和餐饮业贷款同比增长66.9%，信息 传输、软件和信息技术服务业贷款同比增长40.8%，均高于各项贷款平均增速。 另外，重点领域贷款保持较快增长。6月末，全市科技贷款余额同比增长10.5%，绿色贷款比年初增长 15.9%，普惠小微企业贷款同比增长15.7%，农林牧渔业贷款同比增长10.5%，均显著高于各项贷款增 速。 新华财经天津7月30日电（记者李亭）记者从人民银行天津市分行获悉，2025年上半年，天津市存款、 贷款增速加快，社会融资规模同比多增，有力支持实体经济回升向好和高质量发展。 存 ...

Core Insights - The social financing scale in Liaoning Province increased by 279.3 billion yuan in the first half of 2025, marking the highest level for the same period in the past decade [1] - The total RMB loan balance of financial institutions in Liaoning reached 5.36 trillion yuan by the end of June 2025, with an increase of 167.3 billion yuan since the beginning of the year, and a year-on-year increase of 130.1 billion yuan [1] Loan Structure - State-owned banks maintained a high growth rate in lending [1] - Inclusive small and micro loans grew by over 20%, with a balance of 473.1 billion yuan at the end of June, reflecting a year-on-year growth of 21.5%, which is 7.1 percentage points higher than the previous quarter [1] - Loans for scientific research and technical services increased significantly, with a balance of 32.4 billion yuan, showing a year-on-year growth of 65.01% [1] - Manufacturing loans also saw a year-on-year increase, with a balance of 698.8 billion yuan at the end of June, an increase of 43.5 billion yuan since the beginning of the year, and a year-on-year increase of 40.8 billion yuan [1] Deposits Overview - The total RMB deposit balance of financial institutions in Liaoning reached 8.54 trillion yuan, reflecting a year-on-year growth of 4% [1] - Household deposits and non-financial enterprise deposits stood at 6.48 trillion yuan and 1.01 trillion yuan, respectively [1]

Core Insights - The People's Bank of Shanghai reported a stable growth in credit and financing costs, contributing to the high-quality economic development of Shanghai in the first half of 2025 [1][3] Group 1: Credit and Financing - As of June, the total balance of loans in Shanghai reached 12.85 trillion yuan, with a year-on-year growth of 8.4%, which is 1.6 percentage points higher than the national average [1] - Household loans increased by 13.7% year-on-year, with a notable recovery in personal housing loan demand since October of the previous year [1] - Non-financial enterprise loans grew by 5.5% year-on-year, with these loans accounting for 55.2% of all new loans in the first half of the year [1] Group 2: Loan Structure and Costs - The loan structure has been optimized, with significant increases in loans to the technology and inclusive finance sectors, showing year-on-year growth of 28.9% for information technology, 19.7% for research services, and 14.9% for inclusive small and micro loans [2] - The weighted average interest rate for newly issued corporate loans in June was 2.74%, down 49 basis points from the previous year, marking a historical low [2] - The weighted average interest rate for small and micro enterprise loans was 3%, a decrease of 56 basis points year-on-year [2] Group 3: Social Financing and Direct Financing - The social financing scale in Shanghai increased by 841.8 billion yuan in the first half of the year, which is 324 billion yuan more than the previous year, effectively meeting the financing needs of the real economy [3] - RMB loans to the real economy increased by 510.8 billion yuan, accounting for 60% of the total social financing increment [3] - Direct financing saw significant growth, with net financing from corporate bonds at 102.6 billion yuan, net financing from non-financial enterprise stocks at 14.2 billion yuan, and net financing from government bonds at 144.4 billion yuan, with the latter showing a year-on-year increase of 2.036 billion yuan [3]

Core Insights - The People's Bank of China Shanghai Headquarters reported a rebound in personal housing loan demand in Shanghai, with financing costs stabilizing and showing a slight decline [1] Financial Overview - As of the end of June, the total loan balance in Shanghai reached 12.85 trillion yuan, reflecting a year-on-year growth of 8.4%, which is 1.6 percentage points higher than the national average [1] - The social financing scale in Shanghai increased year-on-year, with stable growth in total credit and a continuous optimization of the credit structure [1] Loan Growth - Household loan balances grew by 13.7% year-on-year, which is an increase of 8.1 percentage points compared to the same period last year [1] - The demand for personal housing loans has been on the rise since turning positive in October of the previous year [1] - Non-financial enterprise loan balances increased by 5.5% year-on-year [1]