Group 1: Monetary Data Overview - As of the end of July, the broad money supply (M2) reached 329.94 trillion yuan, growing by 8.8% year-on-year, while the narrow money supply (M1) was 111.06 trillion yuan, up by 5.6% year-on-year, and the currency in circulation (M0) was 13.28 trillion yuan, increasing by 11.8% year-on-year [1] - In the first seven months of 2025, RMB loans increased by 12.87 trillion yuan, and the total social financing scale increased by 23.99 trillion yuan, which is 5.12 trillion yuan more than the same period last year [1] - RMB deposits rose by 18.44 trillion yuan in the first seven months of 2025, indicating strong financial support for the real economy [1] Group 2: Government Bond Issuance and Fiscal Policy - The issuance of government bonds has accelerated, with a total of 13.3 trillion yuan issued in the first half of the year, including 7.89 trillion yuan in national bonds, a 36% increase year-on-year [2] - The proactive fiscal policy, combined with the accommodative monetary policy, has led to a reasonable growth in social financing scale and monetary credit [2] - The increase in government leverage is seen as a way to optimize the macro leverage structure while stabilizing corporate and household leverage [3] Group 3: Credit Data Analysis - Recent credit data fluctuations are influenced by seasonal factors, with July typically being a low month for credit growth [4] - It is important to analyze loan data from multiple dimensions, including cumulative growth and balance growth rates, rather than just monthly increments [5] - As of the end of July, the total RMB loan balance was 268.51 trillion yuan, with a year-on-year growth of 6.9%, indicating stable support for the real economy [6] Group 4: Credit Structure Optimization - The structure of credit is continuously improving, with inclusive small and micro loans growing by 11.8% year-on-year and medium to long-term loans for the manufacturing sector increasing by 8.5% [6] - The financial policies are increasingly aligned with the economic structure transformation, emphasizing the quality of credit allocation [6] - The focus on key areas such as technology innovation, consumption, green finance, and inclusive finance is expected to continue driving reasonable credit growth throughout the year [7]

智通财经APP获悉，8月13日，央行公布数据显示，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。 本文编选自"中国人民银行官网"；智通财经编辑：黄晓冬。 ...

Group 1: Social Financing Data - In the first five months of 2025, the cumulative increase in social financing was 18.63 trillion yuan, which is 3.83 trillion yuan more than the same period last year [1] - The increase in RMB loans to the real economy was 10.38 trillion yuan, an increase of 112.3 billion yuan year-on-year [1] - The net financing of corporate bonds was 908.7 billion yuan, a decrease of 288.4 billion yuan year-on-year [1] Group 2: Stock Data - As of the end of May 2025, the total social financing stock was 426.16 trillion yuan, a year-on-year increase of 8.7% [2] - The balance of RMB loans to the real economy was 262.86 trillion yuan, a year-on-year increase of 7% [2] - The balance of government bonds was 87.39 trillion yuan, a year-on-year increase of 20.9% [2] Group 3: Loan and Deposit Data - The balance of RMB loans increased by 10.68 trillion yuan in the first five months of 2025, with household loans increasing by 572.4 billion yuan [6] - The balance of RMB deposits increased by 14.73 trillion yuan in the first five months, with household deposits increasing by 8.3 trillion yuan [8] - The balance of foreign currency loans was 539.4 billion USD, a year-on-year decrease of 16.3% [7] Group 4: Monetary Statistics - The balance of broad money (M2) was 325.78 trillion yuan, a year-on-year increase of 7.9% [4] - The balance of narrow money (M1) was 108.91 trillion yuan, a year-on-year increase of 2.3% [5] - The cash in circulation (M0) was 13.13 trillion yuan, a year-on-year increase of 12.1% [5] Group 5: Interbank Market Activity - In May 2025, the average weighted interest rate for interbank RMB market lending was 1.55%, lower than the previous month and the same period last year [10] - The total transaction volume in the interbank RMB market was 167.2 trillion yuan, with an average daily transaction of 8.8 trillion yuan, a year-on-year increase of 14.9% [10] - The average weighted interest rate for pledged bond repurchase was 1.56%, also lower than the previous month and the same period last year [10]

流总费用与国内生产总值（GDP）的比率降至14%，较一季度和上年同期分别下降0.1个和0.2个百分 点，实现了自有统计以来的最低水平，节约全社会物流费用超过1300亿元。（下转A02版） （上接A01版）"展望下半年，随着政策持续发力，绿色发展、民生消费等领域物流有望延续良好态 势，全年社会物流总额增速有望保持在5.5%左右。"中国物流信息中心主任刘宇航说。 资金流支持实体经济 资金流数据显示，金融支持实体经济有力度。人民银行日前发布数据显示，上半年，社会融资规模增量 累计为22.83万亿元，比上年同期多4.74万亿元。对实体经济发放的人民币贷款增加12.74万亿元，同比 多增2796亿元。6月末，广义货币（M2）余额330.29万亿元，同比增长8.3%。 ● 本报记者 连润 铁路暑运过半，累计发送旅客4.56亿人次，同比增长3.6%，旅游专列的开行为消费市场注入新动能；7 月物流业景气指数达50.5%，业务总量保持扩张；上半年社会融资规模增量达22.83万亿元，金融精准发 力支持实体经济……近期多维度数据彰显中国经济蓬勃活力，勾勒出经济运行平稳态势。 人畅其行 物畅其流 暑期火热的客流彰显"流动中国"的蓬勃 ...

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: 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]

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]