7月22日，中国人民银行发布了2025年二季度金融机构贷款投向统计报告。报告显示，2025年二季 度末，金融机构人民币各项贷款余额268.56万亿元，同比增长7.1%，上半年人民币贷款增加12.92万亿 元。 企事业单位贷款增长较为平稳。2025年二季度末，本外币企事业单位贷款余额182.47万亿元，同比 增长8.6%，上半年增加11.5万亿元。分期限看，短期贷款及票据融资余额62.04万亿元，同比增长 9.4%，上半年增加4.25万亿元。中长期贷款余额116.79万亿元，同比增长8.3%，上半年增加7.08万亿 元。分用途看，固定资产贷款余额76.82万亿元，同比增长7.8%，上半年增加4.33万亿元。经营性贷款 余额75.12万亿元，同比增长8%，上半年增加5.84万亿元。 房地产贷款增速回升。2025年二季度末，人民币房地产贷款余额53.33万亿元，同比增长0.4%，增 速比上年末高0.6个百分点，上半年增加4166亿元。2025年二季度末，房地产开发贷款余额13.81万亿 元，同比增长0.3%，上半年增加2926亿元。个人住房贷款余额37.74万亿元，同比下降0.1%，增速比上 年末高1.2个百分点， ...

企事业单位贷款增长较为平稳。2025年二季度末，本外币企事业单位贷款余额182.47万亿元，同比增长 8.6%，上半年增加11.5万亿元。 分期限看，短期贷款及票据融资余额62.04万亿元，同比增长9.4%，上半年增加4.25万亿元；中长期贷 款余额116.79万亿元，同比增长8.3%，上半年增加7.08万亿元。 本报记者 刘 琪 7月22日，中国人民银行发布2025年二季度金融机构贷款投向统计报告。据统计，2025年二季度末，金 融机构人民币各项贷款余额268.56万亿元，同比增长7.1%，上半年人民币贷款增加12.92万亿元。 涉农贷款持续增长。2025年二季度末，本外币涉农贷款余额53.19万亿元，同比增长7.4%，增速比各项 贷款高0.6个百分点，上半年增加3.07万亿元。 2025年二季度末，农村贷款余额38.95万亿元，同比增长7.4%，上半年增加2.15万亿元；农户贷款余额 18.59万亿元，同比增长3.7%，上半年增加3934亿元；农业贷款余额6.9万亿元，同比增长8.1%，上半年 增加5451亿元。 房地产贷款增速回升。2025年二季度末，人民币房地产贷款余额53.33万亿元，同比增长0.4 ...

Group 1 - The People's Bank of China reported that by the end of Q2 2025, 274,000 technology-based SMEs received loan support, with a loan approval rate of 50%, an increase of 3.2 percentage points year-on-year [1] - The loan balance for technology-based SMEs reached 3.46 trillion yuan, representing a year-on-year growth of 22.9%, which is 16.1 percentage points higher than the growth rate of all loans [1] - The report indicated significant support for innovative enterprises, with 266,800 high-tech enterprises receiving loans by the end of Q2, achieving a loan approval rate of 57.6%, up by 1 percentage point from the previous year [1] Group 2 - The loan balance for high-tech enterprises was 18.78 trillion yuan, showing a year-on-year increase of 8.2%, which is 1.4 percentage points higher than the overall loan growth rate [1] - In terms of green loans, the balance of domestic and foreign currency green loans reached 42.39 trillion yuan, growing by 14.4% since the beginning of the year, with an increase of 535 billion yuan in the first half of the year [1] - Specific categories of green loans included 18.75 trillion yuan for infrastructure green upgrades, 8.25 trillion yuan for energy green low-carbon transitions, and 4.95 trillion yuan for ecological protection and restoration [1] Group 3 - By the end of Q2, the balance of real estate loans was 53.33 trillion yuan, reflecting a year-on-year growth of 0.4%, which is 0.6 percentage points higher than the growth rate at the end of the previous year [1] - In the first half of the year, real estate loans increased by 416.6 billion yuan [1]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [8]. Core Insights - The growth rate of financial institution loans has slightly declined, with retail loans experiencing low growth. The total balance of RMB loans reached 268.56 trillion yuan, reflecting a year-on-year growth of 7.1% as of the end of Q2 2025, with an increase of 3.14 trillion yuan in the second quarter [2][4]. - The decline in loan growth is primarily attributed to the accelerated issuance of government bonds, which has negatively impacted corporate loans. The growth rate of corporate loans remains the main focus, with industrial medium and long-term loans growing by 10.7% year-on-year [4]. - The growth of inclusive small and micro loans remains stable, with a year-on-year increase of 12.3%, which is 5.2 percentage points higher than the overall loan growth rate [4]. - The mortgage loan growth rate has stabilized, with a slight year-on-year decline of 0.1%. The report anticipates that continued reductions in loan interest rates may enhance home-buying enthusiasm [4]. Summary by Sections Loan Growth Trends - As of the end of Q2 2025, the growth rate of financial institution loans has decreased by 0.3 percentage points compared to Q1, with corporate loans being the primary focus of resource allocation [4]. - The growth of real estate loans has shown a slight recovery, with a year-on-year increase of 4.9% [4]. Policy Impact and Market Dynamics - The report emphasizes the importance of policy implementation effects, particularly in the mortgage sector, where the decline in growth has slowed down [4]. - The changing structure of funding is highlighted as a significant factor in driving sector valuation recovery, with stable inflows from passive indices and a preference for high-dividend bank stocks among long-term funds [4]. Investment Recommendations - The report suggests a strategic shift towards reallocation rather than trading, focusing on the dividend configuration value of the banking sector. It expresses optimism for A-share listed banks and certain regional banks with strong dividend advantages [4].

Core Viewpoint - The People's Bank of China reported a steady growth in various loan categories as of the second quarter of 2025, indicating a stable financial environment and targeted support for key sectors such as small and micro enterprises, green projects, and technology innovation [2][3][5][6][9]. Group 1: Overall Loan Growth - As of the end of Q2 2025, the total balance of RMB loans reached 268.56 trillion yuan, with a year-on-year growth of 7.1%, and an increase of 12.92 trillion yuan in the first half of the year [2]. - The balance of domestic and foreign currency loans for enterprises and institutions was 182.47 trillion yuan, growing by 8.6% year-on-year, with an increase of 11.5 trillion yuan in the first half [3]. Group 2: Sector-Specific Loan Growth - Industrial and infrastructure-related medium to long-term loans showed robust growth, with a balance of 26.27 trillion yuan, a year-on-year increase of 10.7%, outpacing overall loan growth by 3.9 percentage points [4]. - The balance of medium to long-term loans in the service sector was 71.62 trillion yuan, growing by 6.8% year-on-year, while loans in the infrastructure sector reached 43.11 trillion yuan, with a growth of 7.4% [4]. Group 3: Support for Small and Micro Enterprises - The balance of inclusive small and micro loans reached 35.57 trillion yuan, with a year-on-year growth of 12.3%, significantly higher than the overall loan growth [5]. - The balance of operating loans for individual farmers was 9.92 trillion yuan, with an increase of 3.516 billion yuan in the first half of the year [5]. Group 4: Green Loans - The balance of green loans was 42.39 trillion yuan, reflecting a growth of 14.4% since the beginning of the year, with significant increases in loans for infrastructure upgrades and energy transition [6]. - Specific balances included 18.75 trillion yuan for infrastructure green upgrades and 8.25 trillion yuan for energy low-carbon transition loans [6]. Group 5: Agricultural Loans - The balance of agricultural loans was 53.19 trillion yuan, with a year-on-year growth of 7.4%, indicating a steady increase in support for the agricultural sector [7]. - Rural loans reached 38.95 trillion yuan, growing by 7.4% year-on-year, while agricultural loans specifically increased by 8.1% [7]. Group 6: Real Estate Loans - The balance of real estate loans was 53.33 trillion yuan, with a slight year-on-year growth of 0.4%, showing a recovery in the sector [8]. - Personal housing loans totaled 37.74 trillion yuan, with a minor decline of 0.1% year-on-year, but an increase of 510 billion yuan in the first half [8]. Group 7: Support for Technology Enterprises - A total of 27.4 million technology-based small and medium enterprises received loan support, with a loan balance of 3.46 trillion yuan, reflecting a year-on-year growth of 22.9% [9]. - High-tech enterprises also saw a loan balance of 18.78 trillion yuan, growing by 8.2% year-on-year [9]. Group 8: Household Consumption Loans - The balance of household loans was 84.01 trillion yuan, with a year-on-year growth of 3%, indicating continued consumer borrowing [10]. - Consumption loans excluding personal housing loans reached 21.18 trillion yuan, growing by 6% year-on-year [10].

Core Viewpoint - The report indicates a steady growth in various loan categories, with a notable increase in loans to small and micro enterprises, green loans, and loans supporting technological innovation, while real estate loans show signs of recovery [1][2][9]. Group 1: Overall Loan Statistics - As of the end of Q2 2025, the total balance of RMB loans from financial institutions reached 268.56 trillion yuan, reflecting a year-on-year growth of 7.1%, with an increase of 12.92 trillion yuan in the first half of the year [2]. Group 2: Corporate Loans - The balance of corporate loans in both domestic and foreign currencies stood at 182.47 trillion yuan at the end of Q2 2025, growing by 8.6% year-on-year, with an increase of 11.5 trillion yuan in the first half [3]. - Short-term loans and bill financing reached 62.04 trillion yuan, up 9.4% year-on-year, while medium to long-term loans totaled 116.79 trillion yuan, growing by 8.3% [3]. Group 3: Industrial and Infrastructure Loans - Medium to long-term loans for the industrial sector reached 26.27 trillion yuan, with a year-on-year growth of 10.7%, surpassing the overall loan growth rate by 3.9 percentage points [4]. - Infrastructure-related loans also showed a healthy increase, with a balance of 43.11 trillion yuan, growing by 7.4% year-on-year [4]. Group 4: Small and Micro Loans - The balance of inclusive small and micro loans reached 35.57 trillion yuan, with a year-on-year growth of 12.3%, significantly higher than the overall loan growth rate [6]. Group 5: Green Loans - Green loans increased to 42.39 trillion yuan, marking a growth of 14.4% since the beginning of the year, with significant contributions from infrastructure and energy sectors [7]. Group 6: Agricultural Loans - Agricultural loans reached 53.19 trillion yuan, growing by 7.4% year-on-year, with rural loans at 38.95 trillion yuan, also reflecting a 7.4% increase [8]. Group 7: Real Estate Loans - Real estate loans totaled 53.33 trillion yuan, with a year-on-year growth of 0.4%, indicating a recovery trend compared to previous periods [9]. Group 8: Loans Supporting Technological Innovation - Loans to technology-based small and medium enterprises reached 3.46 trillion yuan, with a year-on-year growth of 22.9%, significantly higher than the overall loan growth [10]. - High-tech enterprises also saw a loan balance of 18.78 trillion yuan, growing by 8.2% year-on-year [11]. Group 9: Household Consumption Loans - Household loans reached 84.01 trillion yuan, with a year-on-year growth of 3%, indicating a steady increase in consumer borrowing [12].