New TSF and loan growth in September 2025 recorded Rmb 3.5/1.3tn, compared to Rmb 3.8/1.6tn in September 2024. Outstanding balances expanded by 8.7%/6.6% yoy, vs. 8.0%/8.1% in September 2024. Key takeaways include: 1. New TSF in September was Rmb 3.5tn, a year-on-year decrease of Rmb -0.2tn due to weaker yoy growth in both loan and government bond issuance, continuing the trend observed in August. Net new government bond issuance was Rmb 1.2tn, a year-on-year decrease of Rmb -0.35tn, and its contribution to ...

中新社北京6月13日电 (记者 夏宾)中国央行13日公布的5月金融数据显示出金融总量合理增长，有力支 持实体经济。 具体看，5月末，社会融资规模同比增长8.7%，比上年同期高0.3个百分点；广义货币(M2)同比增长 7.9%，比上年同期高0.9个百分点；人民币贷款余额同比增长7.1%......这组最新金融数据传递出三大关键 信号。 其一，政府债成拉动社融增长"主引擎"。 5月，社会融资规模增量2.29万亿元(人民币，下同)，同比多增2247亿元，主要是受到政府债券和企业债 券等直接融资的拉动。 降息落地有助于支撑贷款需求增长。有银行客户经理反映，现在银行客户普遍都对利率调整比较关注， 5月份央行降低政策利率，作为贷款市场定价基准的贷款市场报价利率也随之下行，很多企业感到利率 更划算，提款意愿明显增加。 外部环境变化也对信贷形势产生边际影响。市场人士表示，4月以来，很多外贸企业积极应对关税冲 击，加快实现多元化发展，相关信贷需求有所增加。5月中旬，中美日内瓦经贸会谈达成了90天内互相 大幅降低关税的协议，一些外贸企业紧抓豁免期抢出口，信贷需求加快落地，也对贷款增长有所支撑。 值得注意的是，个人贷款增长反映了经 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - In February, the new social financing scale was 2.23 trillion yuan, an increase of 737.4 billion yuan year-on-year, with a year-on-year growth rate of 8.2%, up from 8.0% in the previous month [1][7] - The new RMB loans in February amounted to 1.01 trillion yuan, an increase of 201.6 billion yuan year-on-year [1][8] - M1 growth slowed to 0.1% year-on-year from 0.4% in the previous month, while M2 maintained a year-on-year growth rate of 7.0% [1][2] - Government bond financing was strong, with net financing of government bonds reaching 1.6967 trillion yuan in February, an increase of 1.0956 trillion yuan year-on-year [8][9] Summary by Sections Deposit Side - M1 decreased year-on-year, while M2 remained stable compared to the previous month, leading to a slight recovery in the M2/M1 ratio [2][7] - The M2 growth rate was maintained at 7%, while the (M2-M1)/M1 ratio increased from 1.83 in January to 1.93, indicating a continued loose monetary policy [2][7] Financing Side - Government bond financing was robust, with a projected broad deficit scale potentially reaching 12.5 trillion yuan this year, an increase from 11.3 trillion yuan in 2024 [8][9] - Corporate loan demand was weak, with new corporate loans in February at 1.04 trillion yuan, a decrease of 3.74 trillion yuan year-on-year, marking the lowest level for the same period in six years [8][9] - The balance of inclusive small and micro loans reached 33.43 trillion yuan, growing by 12.4% year-on-year, while medium to long-term loans in the manufacturing sector reached 14.48 trillion yuan, up 10.3% year-on-year [8][9] Resident Loans - In February, both medium to long-term and short-term resident loans decreased, with medium to long-term loans at their lowest level in nearly five years [9] - The decline in medium to long-term loans coincided with a recovery in the housing market, suggesting that early repayments or increased down payment ratios may have influenced this trend [9] Overall Economic Outlook - The financing data for February was primarily driven by government financing, with weak financing willingness from both residents and enterprises [9] - The current low interest rates may support a continued recovery in the real estate market, with a gradual improvement in consumer demand expected [9]