Group 1: Monetary Supply - As of the end of June, the broad money supply (M2) reached 330.29 trillion yuan, with a year-on-year growth of 8.3% [5] - The narrow money supply (M1) stood at 113.95 trillion yuan, growing by 4.6% year-on-year [5] - The currency in circulation (M0) was 13.18 trillion yuan, reflecting a year-on-year increase of 12% [5] - A net cash injection of 363.3 billion yuan occurred in the first half of the year [5] Group 2: Loan Growth - In the first half of the year, RMB loans increased by 12.92 trillion yuan [6] - Household loans rose by 1.17 trillion yuan, with short-term loans decreasing by 300 million yuan and medium to long-term loans increasing by 1.17 trillion yuan [6] - Corporate loans increased by 11.57 trillion yuan, with short-term loans up by 4.3 trillion yuan and medium to long-term loans up by 7.17 trillion yuan [6] - Non-bank financial institutions saw an increase in loans of 33.1 billion yuan [6] Group 3: Deposit Growth - RMB deposits increased by 17.94 trillion yuan in the first half of the year [8] - By the end of June, the total balance of RMB deposits was 320.17 trillion yuan, with a year-on-year growth of 8.3% [8] - Household deposits rose by 10.77 trillion yuan, while non-financial corporate deposits increased by 1.77 trillion yuan [8] Group 4: Interbank Market Rates - The weighted average interest rate for interbank RMB lending in June was 1.46%, down 0.09 percentage points from the previous month and 0.41 percentage points from the same period last year [10] - The average interest rate for pledged bond repurchase agreements was 1.5%, also lower than the previous month and year [10] Group 5: Social Financing - The cumulative increase in social financing scale for the first half of 2025 was 22.83 trillion yuan, which is 4.74 trillion yuan more than the same period last year [3] - By the end of June, the total social financing scale was 430.22 trillion yuan, reflecting a year-on-year growth of 8.9% [3] Group 6: Foreign Exchange Reserves - The foreign exchange reserves stood at 3.32 trillion USD by the end of June [11] - The exchange rate for RMB against USD was 7.1586 yuan per dollar at the end of June [11] Group 7: Cross-Border RMB Settlement - The amount of cross-border RMB settlement under the current account reached 8.3 trillion yuan in the first half of the year [12] - Direct investment cross-border RMB settlement amounted to 4.11 trillion yuan, with outbound direct investment at 1.46 trillion yuan and foreign direct investment at 2.65 trillion yuan [12]

央行：6月末，广义货币(M2)余额330.29万亿元，同比增长8.3%。狭义货币(M1)余额113.95万亿元，同 比增长4.6%。流通中货币(M0)余额13.18万亿元，同比增长12%。上半年净投放现金3633亿元。 ...

Domestic Market Overview - The domestic market experienced a decline, with the Shanghai Composite Index closing at 3377 points, down 0.75%, and the Shenzhen Component Index at 10122.11 points, down 1.1% [1][4] - The total trading volume of the A-share market reached 15040 billion, showing an increase compared to the previous day [1][4] - Among the 30 sectors, only 4 sectors saw gains, with notable increases in oil and petrochemicals, national defense and military, and electric power and utilities, while comprehensive finance, media, and textile and apparel sectors faced significant declines [1][4] Overseas Market Overview - The three major U.S. stock indices all closed lower, with the Dow Jones down 1.79%, the S&P 500 down 1.13%, and the Nasdaq down 1.3% [2][4] - Major technology stocks also fell, with Nvidia dropping over 2% and Facebook down more than 1% [2][4] Financial Data - The People's Bank of China reported that the social financing scale increased by 18.63 trillion yuan in the first five months, which is 3.83 trillion more than the same period last year [9][16] - As of the end of May, the broad money (M2) balance was 325.78 trillion yuan, reflecting a year-on-year growth of 7.9% [9][16] Key News - The State Council held a meeting to deploy pilot measures for the China (Shanghai) Free Trade Zone, aiming to replicate and promote these measures to enhance high-level opening-up and deep reforms [14] - The fourth China-Africa Economic and Trade Expo concluded with 176 signed projects amounting to 11.39 billion USD, marking a 45.8% increase in project numbers and a 10.6% increase in project value compared to the previous expo [18]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The report indicates that the iron ore market has repeated expectations and is in a range - bound oscillation [1]. Group 3: Summary of Related Catalogs 1. Fundamental Tracking - **Futures Data**: The closing price of iron ore futures was 703.0 yuan/ton, down 1.0 yuan/ton or - 0.14%. The position was 695,640 hands, with a decrease of 21,059 hands [1]. - **Spot Price**: Imported ores such as Carajás fines (65%) dropped 1.0 yuan/ton to 816.0 yuan/ton, PB fines (61.5%) dropped 3.0 yuan/ton to 719.0 yuan/ton, etc. Some domestic ores remained unchanged [1]. - **Spread**: The basis and inter - contract spreads changed. For example, the basis (12505 vs. Super Special) decreased by 6.3 yuan/ton to 164.1 yuan/ton, and the 12509 - 12601 spread decreased by 2.5 yuan/ton to 30.5 yuan/ton [1]. 2. Trend Intensity - The trend intensity of iron ore is 0, indicating a neutral trend. The range of trend intensity is [-2, 2], where - 2 is the most bearish and 2 is the most bullish [2]. 3. Macro and Industry News - As of the end of May, the balance of broad - money (M2) was 325.78 trillion yuan, up 7.9% year - on - year; narrow - money (M1) balance was 108.91 trillion yuan, up 2.3% year - on - year; and the balance of currency in circulation (M0) was 13.13 trillion yuan, up 12.1% year - on - year. A net cash injection of 306.4 billion yuan was made in the first five months [3]. - Guangzhou released a draft plan to boost consumption, including optimizing real - estate policies such as canceling purchase, resale, and price restrictions, and reducing down - payment ratios and loan interest rates [3].

Group 1 - The central bank's report indicates a significant rebound in M2 growth and a high level of social financing, suggesting that market liquidity is reasonably ample and funds are actively flowing into the real economy [1][2] - As of the end of April, M2 balance reached approximately 325 trillion yuan, with a year-on-year growth of 8.0%, while the social financing scale stood at about 424 trillion yuan, growing by 8.7% year-on-year [2] - The increase in M2 is primarily attributed to non-bank deposits, which are linked to a recovering stock market, supported by policies aimed at stabilizing the market [2] Group 2 - The growth rate of credit remains robust, with a total increase of 1.006 trillion yuan in RMB loans in the first four months of 2025, and a year-on-year growth of 7.2% as of the end of April [3] - In April, new loans amounted to 280 billion yuan, which is a decrease of 450 billion yuan compared to the same period last year, largely due to the high volume of loans in March [5] - The decline in corporate loans is noted, with a 250 billion yuan year-on-year decrease, while the residential loans saw a slight reduction of 50 billion yuan [5][6] Group 3 - The social financing scale added 1.16 trillion yuan in April, which is approximately 1.22 trillion yuan more than the same month last year, with an increase in growth rate compared to the previous month [7] - The strong fiscal support and rapid bond issuance this year have significantly bolstered social financing, contributing to a favorable economic outlook [7] - Analysts predict that the central bank will continue to implement interest rate cuts and reserve requirement ratio reductions in the second half of the year, which may lead to a recovery in new credit and social financing [8]

央行：4月末，广义货币(M2)余额325.17万亿元，同比增长8%。狭义货币(M1)余额109.14万亿元，同比 增长1.5%。流通中货币(M0)余额13.14万亿元，同比增长12%。前四个月净投放现金3193亿元。 相关链接 ...

智通财经5月14日电，央行数据显示，4月末，广义货币(M2)余额325.17万亿元，同比增长8%。狭义货 币(M1)余额109.14万亿元，同比增长1.5%。流通中货币(M0)余额13.14万亿元，同比增长12%。前四个 月净投放现金3193亿元。 中国4月货币供应量M2同比增长8% 高于市场预期 ...

Group 1 - The central bank reported that as of the end of March, the broad money supply (M2) stood at 326.06 trillion yuan, reflecting a year-on-year growth of 7% [1] - The narrow money supply (M1) reached 113.49 trillion yuan, with a year-on-year increase of 1.6% [1] - The amount of currency in circulation (M0) was 13.07 trillion yuan, showing a year-on-year growth of 11.5% [1] - In the first quarter, a net cash injection of 249.8 billion yuan was recorded [1]