Group 1: Financial Data Overview - In April 2025, new social financing (社融) amounted to 1.16 trillion yuan, below the expected 1.26 trillion yuan[3] - New RMB loans totaled 280 billion yuan, significantly lower than the expected 764.4 billion yuan[3] - M1 growth year-on-year was 1.5%, slightly down from the previous value of 1.6% and well below the expected 3.0%[3] Group 2: Unusual Signals - The acceleration of existing fiscal policies is expected to support the economy in Q2 2025, reducing the need for new policies in the short term[3] - Government bond financing accounted for 83.9% of new social financing in April, marking the fourth highest ratio on record[5] - The stock market's rise has led to an increase in non-bank deposits, which in turn has boosted M2 growth significantly[5] Group 3: Fiscal Policy and Spending - In April, government bond financing increased by 976.2 billion yuan, while fiscal deposits rose by only 371 billion yuan, indicating a strong push in fiscal spending[4] - The issuance of special government bonds began at the end of April, ahead of last year's schedule, contributing to a higher overall bond issuance this year[4] Group 4: Risks and Future Outlook - Potential risks include policies falling short of expectations, unexpected changes in the domestic economic situation, and fluctuations in exports[6]