Group 1 - The People's Bank of China reported that as of the end of July, the broad money supply (M2) reached 329.94 trillion yuan, with a year-on-year growth of 8.8% [1] - The narrow money supply (M1) stood at 111.06 trillion yuan, reflecting a year-on-year increase of 5.6% [1] - The currency in circulation (M0) amounted to 13.28 trillion yuan, showing a year-on-year growth of 11.8% [1] - In the first seven months, a net cash injection of 465.1 billion yuan was recorded [1] Group 2 - As of the end of July, the total loan balance in both domestic and foreign currencies was 272.48 trillion yuan, with a year-on-year increase of 6.7% [1] - The balance of RMB loans reached 268.51 trillion yuan, marking a year-on-year growth of 6.9% [1] - In the first seven months, RMB loans increased by 12.87 trillion yuan, with household loans rising by 680.7 billion yuan [1] Group 3 - The social financing scale increment for the first seven months of 2025 was 23.99 trillion yuan, which is 5.12 trillion yuan more than the same period last year [2] - The increase in RMB loans to the real economy was 12.31 trillion yuan, which is a decrease of 694 billion yuan compared to the previous year [2] - The net financing of government bonds reached 8.9 trillion yuan, which is an increase of 4.88 trillion yuan year-on-year [2] Group 4 - As of the end of July 2025, the total social financing scale stood at 431.26 trillion yuan, reflecting a year-on-year growth of 9% [3] - The balance of RMB loans to the real economy was 264.79 trillion yuan, with a year-on-year increase of 6.8% [3] - The balance of government bonds grew by 21.9% year-on-year, reaching 89.99 trillion yuan [3]

Core Viewpoint - The People's Bank of China (PBOC) reported significant increases in social financing, loans, and deposits for the first seven months of 2023, indicating a robust financial environment and potential for economic growth [2][4][6]. Group 1: Social Financing - The cumulative increase in social financing for the first seven months reached 23.99 trillion yuan, which is 5.12 trillion yuan more than the same period last year [4]. - The stock of social financing at the end of July was 431.26 trillion yuan, reflecting a year-on-year growth of 9% [4]. Group 2: Renminbi Loans - Total Renminbi loans increased by 12.87 trillion yuan in the first seven months, with household loans rising by 680.7 billion yuan and corporate loans increasing by 11.63 trillion yuan [6][11]. - The balance of Renminbi loans at the end of July was 268.51 trillion yuan, showing a year-on-year growth of 6.9% [6][11]. Group 3: Renminbi Deposits - Renminbi deposits increased by 18.44 trillion yuan in the first seven months, with household deposits contributing 9.66 trillion yuan [6][13]. - The balance of Renminbi deposits at the end of July was 320.67 trillion yuan, reflecting an 8.7% year-on-year increase [6][13]. Group 4: Monetary Supply - The broad money supply (M2) at the end of July was 329.94 trillion yuan, with a year-on-year growth of 8.8% [9][10]. - The narrow money supply (M1) was 111.06 trillion yuan, growing by 5.6% year-on-year [9][10].

7月末，广义货币(M2)余额329.94万亿元，同比增长8.8%。狭义货币(M1)余额111.06万亿元，同比增长 5.6%。流通中货币(M0)余额13.28万亿元，同比增长11.8%。前七个月净投放现金4651亿元。 二、前七个月人民币贷款增加12.87万亿元 7月末，本外币贷款余额272.48万亿元，同比增长6.7%。月末人民币贷款余额268.51万亿元，同比增长 6.9%。 前七个月人民币贷款增加12.87万亿元。分部门看，住户贷款增加6807亿元，其中，短期贷款减少3830 亿元，中长期贷款增加1.06万亿元；企（事）业单位贷款增加11.63万亿元，其中，短期贷款增加3.75万 亿元，中长期贷款增加6.91万亿元，票据融资增加8247亿元；非银行业金融机构贷款增加2357亿元。 智通财经APP获悉，8月13日，央行发布2025年7月金融统计数据报告。数据显示，7月末，广义货币 (M2)余额329.94万亿元，同比增长8.8%。狭义货币(M1)余额111.06万亿元，同比增长5.6%。流通中货币 (M0)余额13.28万亿元，同比增长11.8%。前七个月净投放现金4651亿元。 原文如下： 2025年7 ...

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]

Domestic News - The Central Committee of the Communist Party of China emphasizes strict legal punishment for market manipulation, insider trading, illegal fundraising, loan fraud, and money laundering in the financial sector [2] - As of the second quarter of this year, China's private enterprises have experienced 21 consecutive quarters of year-on-year growth in imports and exports, with a sustained leading growth rate [2] - Preliminary statistics from the People's Bank of China indicate that the cumulative increase in social financing scale for the first half of 2025 is 22.83 trillion yuan, which is 4.74 trillion yuan more than the same period last year [2] - The People's Bank of China will conduct a 1.4 trillion yuan reverse repurchase operation on July 15, 2025, using a fixed quantity, interest rate bidding, and multiple price bidding method [2] - Recent trade talks in Geneva and London have shown positive progress, with a rebound in China-US trade; the import and export value in June increased from less than 300 billion yuan in May to over 350 billion yuan, with a significant narrowing of the year-on-year decline [2] - As of the end of June, the broad money (M2) balance is 330.29 trillion yuan, a year-on-year increase of 8.3%; the narrow money (M1) balance is 113.95 trillion yuan, a year-on-year increase of 4.6%; and the currency in circulation (M0) balance is 13.18 trillion yuan, a year-on-year increase of 12% [2] International News - The Indian Trade Minister reports that trade negotiations between India and the US are progressing rapidly [3] - Brazil plans to request the US to reduce tariffs to 30% and postpone the tariff deadline by 90 days, while also announcing reciprocal measures regarding US tariffs [4] - The General Administration of Customs of China will implement zero tariffs for 53 African countries that have established diplomatic relations [5] - The National Healthcare Security Administration of China reports that the basic medical insurance coverage rate remains stable at over 95% [5] - The Deputy Governor of the People's Bank of China states that China does not seek to gain international competitive advantages through currency devaluation [5] - The Federal Reserve's Harker indicates that there is currently no urgent need for interest rate cuts [6] - The EU trade chief plans to meet with US counterparts to discuss the current situation [6]

Core Viewpoint - The People's Bank of China (PBOC) conducted a 7-day reverse repurchase operation of 226.2 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 119.7 billion yuan into the market after accounting for 106.5 billion yuan of reverse repos maturing on the same day [1]. Group 1: Market Rates - The Shanghai Interbank Offered Rate (Shibor) showed a slight increase, with overnight Shibor rising by 8.20 basis points to 1.4150%, 7-day Shibor up by 4.00 basis points to 1.5150%, and 14-day Shibor increasing by 2.10 basis points to 1.5350% [2][3]. - In the interbank pledged repo market, overnight rates rose slightly above 1.4%, with DR001 and R001 weighted average rates increasing by 8.1 basis points and 8.0 basis points, respectively, to 1.424% and 1.4837% [4]. Group 2: Funding Conditions - The funding environment on July 14 was characterized as balanced but slightly tight, with increased borrowing demand from banking institutions compared to the previous week. Overnight rates for collateralized deposits were around 1.50%, while 7-day rates were near 1.53% [10]. - By the end of the day, the overnight collateralized deposit rates stabilized around 1.55%, with 7-day rates climbing to between 1.55% and 1.58% [10]. Group 3: Interbank Certificates of Deposit - On July 14, there were 96 interbank certificates of deposit issued, with a total issuance amount of 177.94 billion yuan. The trading sentiment was less active than expected due to tax periods and market expectations [11]. - The secondary market for certificates of deposit maintained an upward trend, with the 1-year large bank deposit rate stabilizing around 1.6375% by the end of the day [11]. Group 4: Monetary Supply and Financing - As of the end of June, the broad money supply (M2) stood at 330.29 trillion yuan, reflecting a year-on-year growth of 8.3%. The narrow money supply (M1) was 113.95 trillion yuan, up 4.6% year-on-year [13]. - The total social financing scale for the first half of 2025 reached 22.83 trillion yuan, an increase of 4.74 trillion yuan compared to the same period last year [13].

Core Viewpoint - The People's Bank of China (PBOC) has released financial statistics for the first half of 2025, indicating a moderate monetary policy aimed at maintaining liquidity and supporting the real economy. Group 1: Monetary Supply - Broad money (M2) increased by 8.3% year-on-year, reaching 330.29 trillion yuan by the end of June [2] - Narrow money (M1) grew by 4.6% year-on-year, totaling 113.95 trillion yuan [2] - Cash in circulation (M0) rose by 12% year-on-year, amounting to 13.18 trillion yuan, with a net cash injection of 363.3 billion yuan in the first half [2] Group 2: Loans and Deposits - Total RMB loans increased by 12.92 trillion yuan in the first half, with a year-on-year growth of 7.1% [3] - Household loans rose by 1.17 trillion yuan, while corporate loans increased by 11.57 trillion yuan [3] - Total RMB deposits grew by 17.94 trillion yuan in the first half, with a year-on-year growth of 8.3% [5] Group 3: Foreign Currency Loans and Deposits - Foreign currency loans decreased by 10.6% year-on-year, with a total balance of 560.9 billion USD [4] - Foreign currency deposits increased by 21.7% year-on-year, reaching 1.02 trillion USD [6] Group 4: Interbank Market and Interest Rates - The average weighted interest rate for interbank RMB lending was 1.46%, lower than the previous month and the same period last year [8] - The total transaction volume in the interbank RMB market was 974.04 trillion yuan, with a daily average transaction of 8.12 trillion yuan, reflecting a year-on-year decline of 4.4% [7] Group 5: Foreign Exchange Reserves and Cross-Border Settlements - The national foreign exchange reserves stood at 3.32 trillion USD by the end of June [9] - Cross-border RMB settlement for current accounts reached 8.3 trillion yuan, with direct investment settlements totaling 4.11 trillion yuan [10] Group 6: Monetary Policy Outlook - The PBOC aims to implement a moderately loose monetary policy, ensuring ample liquidity and aligning monetary supply growth with economic growth and price expectations [11] - The focus will be on enhancing financial services for the real economy, particularly in technology innovation, consumption expansion, and support for small and micro enterprises [11]

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]

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].