Group 1: Financial Data Overview - In April, new social financing (社融) amounted to 1.16 trillion yuan, an increase of 1.22 trillion yuan year-on-year, but a decrease of 4.73 trillion yuan compared to March, slightly below the consensus expectation of 1.26 trillion yuan[2] - The stock of social financing grew by 8.70% year-on-year, up 0.37 percentage points from March, but slightly below the expected 8.80%[2] - New RMB loans in April were 884 billion yuan, a decrease of 2.465 trillion yuan year-on-year and a decrease of 3.74 trillion yuan from March[2] Group 2: Impact of U.S. Tariffs - The weak demand for RMB loans in April was primarily influenced by the impact of U.S. tariff policies, affecting corporate operating expectations[2] - Government bond financing increased by 1.07 trillion yuan year-on-year, indicating a rapid implementation of proactive fiscal policies[2] - The April data reflects a recovery trend in residential housing demand, despite the overall financing environment being impacted by external factors[1] Group 3: Monetary Supply and Deposits - M2 growth in April was 8.0%, up 1.0 percentage points from March, while M1 growth was 1.5%, down 0.1 percentage points from March[2] - Total deposits decreased by 440 billion yuan in April, with household deposits down by 1.39 trillion yuan and corporate deposits down by 1.33 trillion yuan[2] - The decline in demand for short-term loans and residential loans indicates a weak financing demand in the real economy, influenced by external trade conditions[2]