行业点评报告 ·银行业 政府债支撑减弱，存款搬家延续 —— 2025 年 8 月金融数据点评 2025 年 9 月 14 日 银行 推荐 维持 分析师 张一纬 ：010-8092-7617 ：zhangyiwei_yj@chinastock.com.cn 分析师登记编码：S0130519010001 研究助理 袁世麟 ：yuanshilin_yj@chinastock.com.cn 相对沪深 300 表现图 2025-09-12 -20% 0% 20% 40% 60% 银行 沪深300 资料来源：ifind，中国银河证券研究院 相关研究 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 1 资料来源：中国银河证券研究院 ⚫ 社融转为同比少增：8 月新增社融 2.57 万亿元，同比少增 4630 亿元；截至 8 月末，社融存量同比+8.81%，增速环比-0.17pct。受发行减少与高基数影响， 政府债对社融的支撑减弱。人民币信贷仍少增，居民和企业部门有效信贷需求 仍待修复。M1 继续改善、M2 保持平稳，存款搬家现象延续。 ⚫ 人民币贷款与政府债发行 ...

Group 1: Financial Data Overview - In June 2025, new RMB loans amounted to 2.24 trillion, an increase of 110 billion year-on-year[4] - The total social financing scale in June was 4.20 trillion, up 900.8 billion year-on-year[10] - The broad money supply (M2) grew by 8.3% year-on-year, an increase of 0.4 percentage points from the previous month[4] Group 2: Credit and Financing Trends - June saw a significant recovery in new loans, primarily due to a low base from the previous year and the effects of recent financial support measures[6] - Cumulatively, new loans in the first half of the year totaled 12.92 trillion, a decrease of 350 billion year-on-year, largely influenced by local government debt replacement[9] - The structure of credit improved, with short-term loans for enterprises increasing by 490 billion in June, indicating rising short-term financing needs[8] Group 3: Government and Policy Impact - Government bond financing was a major driver of social financing growth, with an increase of 503.2 billion year-on-year in June[12] - The financial support measures implemented in May are gradually showing positive effects, contributing to the increase in both new loans and social financing[5] - The central bank is expected to continue implementing a moderately loose monetary policy, with potential further interest rate cuts and reserve requirement ratio reductions in the second half of the year[16]

Core Viewpoint - The article discusses the financial statistics released by the central bank for June 2025, highlighting the growth in M2, M1, new RMB loans, and social financing, indicating a marginal improvement in the economic environment and credit conditions [2][3][6]. Group 1: Loan and Financing Data - In June, new RMB loans amounted to 2.24 trillion, an increase of 1.1 trillion year-on-year, with a growth rate of 7.1%, remaining stable compared to the end of May [3]. - The total social financing in June reached 4.2 trillion, with a year-on-year increase of 900.8 billion, and a growth rate of 8.9%, up 0.2 percentage points from the end of May [6]. - For the first half of the year, new RMB loans totaled 12.9 trillion, a decrease of 350 billion year-on-year, indicating a challenging environment for effective demand [3]. Group 2: Corporate and Retail Lending - Corporate loans in June increased by 1.77 trillion, accounting for 79% of new loans, demonstrating the role of corporate lending as a stabilizing force [4]. - Retail loans in June amounted to 597.6 billion, with a year-on-year increase of 26.7 billion, but the growth in consumer demand for housing remains limited [5]. - The first half of the year saw a total of 1.17 trillion in new residential loans, a decrease of 290 billion year-on-year, reflecting weak growth in short-term loans [5]. Group 3: Monetary Supply and Market Performance - M2 grew by 8.3% year-on-year in June, while M1 increased by 4.6%, with the gap between M2 and M1 narrowing by 1.9 percentage points compared to May [7]. - The banking sector index has risen by 21.3% since the beginning of the year, outperforming the CSI 300 index by 19.2 percentage points, indicating strong relative performance in the market [8].