Core Viewpoint - The article highlights the stable growth of social financing supported by fiscal efforts and the global popularity of the LABUBU cultural IP, indicating potential investment opportunities in the banking sector and the cultural industry [4][10]. Group 1: Social Financing and Banking Sector - As of May 2023, the narrow money (M1) balance reached 108.91 trillion yuan, with a year-on-year growth of 2.3%, an increase of 0.8 percentage points from the previous month [4]. - In the first five months of 2023, the increase in RMB deposits was 14.73 trillion yuan, while RMB loans increased by 10.68 trillion yuan, and the cumulative increase in social financing was 18.63 trillion yuan [4]. - East Asia Securities reports that while fiscal efforts support social financing growth, credit demand still needs to be further stimulated. Currently, bank credit growth is slightly slowing, but deposit growth is recovering [4][5]. - The report suggests a favorable outlook for the banking sector due to the downward trend in interest rates, which may improve net interest income margins and attract long-term capital into the market [5][6]. Group 2: LABUBU Cultural IP - The LABUBU IP from Pop Mart has gained significant global traction, with Morgan Stanley projecting sales from the THE MONSTERS series to grow from 3 billion yuan in 2024 to 14 billion yuan by 2027, with overseas sales expected to increase by 152% in 2025 [10]. - The growth of LABUBU is seen as a reflection of the global recognition of Chinese creativity and innovation, with long-term optimism for the development of China's IP industry and cultural exports [12]. - The new retail sector is expected to continue performing beyond expectations, driven by consumers' willingness to pay for emotional value [11].