Core Viewpoint - The financial statistics for July 2025 indicate a continued strong support from the financial sector to the real economy, with significant year-on-year growth in social financing scale, broad money (M2), and RMB loans, all exceeding economic growth rates [1][4]. Group 1: Financial Statistics - As of the end of July 2025, the social financing scale reached 431.26 trillion yuan, growing by 9% year-on-year, which is 0.1 percentage points higher than the previous month and 0.8 percentage points higher than the same period last year [4]. - The broad money (M2) balance was 329.94 trillion yuan, with a year-on-year increase of 8.8%, while the narrow money (M1) balance was 111.06 trillion yuan, growing by 5.6% [3]. - RMB loan balance stood at 268.51 trillion yuan, reflecting a year-on-year growth of 6.9% [7]. Group 2: Economic Context - The GDP growth rate for the first half of the year was 5.3%, which is an increase of 0.3 percentage points compared to the same period last year, supporting the reasonable growth of financial totals [1]. - The government has adopted a more proactive fiscal policy, with a significant increase in the issuance of government bonds, which has positively influenced the social financing scale and monetary credit [4]. Group 3: Market Dynamics - The M1-M2 growth rate difference has narrowed to 3.2 percentage points, indicating improved fund circulation efficiency and market confidence due to effective policies [3]. - The financing cost for loans has decreased, with new corporate loan rates around 3.2% and new personal housing loan rates around 3.1%, reflecting a more favorable lending environment [9]. Group 4: Sectoral Insights - The balance of inclusive small and micro loans reached 35.05 trillion yuan, growing by 11.8%, while medium to long-term loans for the manufacturing sector increased by 8.5% to 14.79 trillion yuan, both outpacing overall loan growth [9]. - Financial institutions are shifting focus from scale and growth to service quality and precision, enhancing the effectiveness of financial support to the real economy [8].

Core Viewpoint - The financial statistics for July 2025 indicate a robust support from the financial sector to the real economy, with significant year-on-year growth in social financing, broad money (M2), and RMB loans, reflecting a stable economic development trend in China [1][4][5]. Group 1: Financial Indicators - As of the end of July 2025, the social financing scale reached 431.26 trillion yuan, growing by 9% year-on-year, which is 0.1 percentage points higher than the previous month and 0.8 percentage points higher than the same period last year [4][5]. - The broad money (M2) balance was 329.94 trillion yuan, with a year-on-year increase of 8.8%, while the narrow money (M1) balance was 111.06 trillion yuan, growing by 5.6% [4][5]. - The M1-M2 growth rate difference narrowed to 3.2 percentage points, indicating improved liquidity and efficiency in fund circulation [4][6]. Group 2: Loan Growth and Characteristics - The RMB loan balance stood at 268.51 trillion yuan, with a year-on-year growth of 6.9%, reflecting a stable support for the real economy despite seasonal fluctuations in loan demand [7][9]. - The growth in loans is influenced by structural economic transformations, increased direct financing, and the efficiency of special bonds, with estimates suggesting that debt replacement and risk management measures have significantly impacted loan growth [7][8]. - The balance of inclusive small and micro loans reached 35.05 trillion yuan, growing by 11.8%, while medium to long-term loans for the manufacturing sector increased by 8.5% [8]. Group 3: Financial Environment and Policy - The current monetary policy remains moderately accommodative, providing a suitable financial environment for the real economy, with a focus on social financing scale and M2 growth aligning with economic growth targets [5][6]. - The comprehensive financing cost has decreased, with new corporate loan rates around 3.2% and personal housing loan rates at approximately 3.1%, reflecting a more favorable lending environment [9].

Group 1 - The Beijing financial regulatory authority has issued a draft notice prohibiting internet lending services to university students [1] - The draft notice emphasizes that financial institutions must clearly define the comprehensive financing cost range with platform operators and guarantee that the cost of a single loan complies with the Supreme People's Court regulations [1] - The new regulations aim to prevent disguised increases in financing costs through methods such as "membership rights" and "value-added rights" [1] Group 2 - The draft also proposes to regulate cooperation with offline lending institutions, requiring banks to strengthen management of partnerships with lending agencies [2] - It prohibits banks from paying fees outside of agreed terms to lending agencies and forbids these agencies from charging consumers under the guise of providing financial services [2] - The draft bans cooperation with offline information intermediary lending agencies that do not have actual business operations [2]

Core Viewpoint - The "24+" credit business faces significant challenges following the recent "assistance loan regulations," which may limit its operational space, yet there remains skepticism about the complete disappearance of this market [1][5]. Group 1: Market Existence and Demand - The existence of the market is not synonymous with demand; customers seek credit rather than specifically "24+" credit, indicating that the subprime credit market may persist under certain risk-cost considerations [2]. - The new regulations set a clear interest rate cap of 24% for credit business conducted by banks and assistance platforms, but there may still be loopholes in product design that allow for additional fees to be charged [2][3]. Group 2: Potential Product Structures - One potential structure involves charging "24% + platform service fees" or "24% + platform rights," where these additional charges are designed to appear separate from the loan product, potentially avoiding inclusion in the "comprehensive financing cost" [2][3]. - Another approach could involve using alternative funding sources, such as small loans combined with credit guarantee insurance, which may allow for continued operation in the "24+" market despite the new regulations [3][4]. Group 3: Industry Sentiment and Future Outlook - Many platforms are currently in a state of observation, uncertain about the sustainability of "24+" operations post-regulation, but they acknowledge that those focused on this market will face significant performance and operational pressures in the near term [5][6]. - The long-term outlook for the "24+" market appears bleak, with leading platforms and institutions gradually exiting, and smaller banks facing increasing challenges as their net interest margins shrink [6].

根据《金融时报》记者从央行获悉数据，4月企业新发放贷款加权平均利率和个人住房新发放贷款的加 权平均利率分别为约3.2%和3.1%，比上年同期低约50个基点和55个基点。 实体企业的"感受"也是有力证明。根据近期世界银行发布调查报告，我国金融服务效率在全球50个经济 体中已达到最优水平，仅有7.7%的调查企业认为贷款利率高或贷款程序复杂，比例接近表现最好的新 西兰(该国有5.5%的调查企业认为存在上述情况)。 值得一提的是，为了解决银行和企业对融资成本"观感"不一的问题，去年央行启动了明示企业贷款综合 融资成本工作，一张"贷款明白纸"让企业全部的融资成本一目了然，有利于更好地"公开"对账，效果很 好。 "目前我国贷款利息成本已经很低，未来降低综合融资成本关键是要降低抵押担保费、中介服务费等非 利息成本。"有机构人士如是表示。调研发现，一些企业贷款的非利息收费名目繁多，占整体融资成本 的比重甚至高于利息成本。一方面，金融机构需要转变经营理念，为客户提供更加优质的服务，地方政 府、财政等各部门也要发挥合力减轻企业非利息负担；另一方面，企业也要加强自身信用建设，完善内 部管理和财务制度，维护并提升企业信誉。 从价格来 ...