Group 1 - The total balance of domestic and foreign currency loans reached 274.54 trillion yuan at the end of October, with a year-on-year growth of 6.3% [1] - The balance of RMB loans was 270.61 trillion yuan, showing a year-on-year increase of 6.5% [1] - In the first ten months, RMB loans increased by 1.497 trillion yuan [1] Group 2 - Household loans increased by 739.6 billion yuan, with short-term loans decreasing by 517 billion yuan and medium to long-term loans increasing by 1.26 trillion yuan [1] - Corporate loans increased by 1.379 trillion yuan, with short-term loans rising by 434 billion yuan and medium to long-term loans increasing by 832 billion yuan, along with a rise in bill financing by 975.8 billion yuan [1] - Loans from non-bank financial institutions decreased by 18.5 billion yuan [1] Group 3 - The balance of foreign currency loans was 554.6 billion USD, a year-on-year decrease of 3% [1] - In the first ten months, foreign currency loans increased by 12.5 billion USD [1] Group 4 - The total transaction volume in the interbank RMB market in October was 164.86 trillion yuan, with an average daily transaction of 9.16 trillion yuan, reflecting a year-on-year growth of 0.9% [1] - The average daily transaction volume of interbank lending decreased by 14.5% year-on-year, while the average daily transaction volume of cash bonds increased by 10.2% and the average daily transaction volume of pledged repos grew by 0.2% [1] Group 5 - The weighted average interest rate for interbank lending in October was 1.39%, down 0.06 percentage points from the previous month and 0.2 percentage points from the same period last year [2] - The weighted average interest rate for pledged repos was 1.4%, also down 0.06 percentage points from the previous month and 0.25 percentage points from the same period last year [2] Group 6 - The amount of cross-border RMB settlements under the current account in October was 1.41 trillion yuan, with goods trade, services trade, and other current items accounting for 1.09 trillion yuan and 0.32 trillion yuan respectively [2] - The amount of cross-border RMB settlements for direct investment was 0.65 trillion yuan, with outbound direct investment and foreign direct investment accounting for 0.27 trillion yuan and 0.38 trillion yuan respectively [2]

Group 1: Loan Data - As of the end of July, the total balance of loans in Shanghai reached 12.79 trillion yuan, with a year-on-year growth of 7.8%, a decrease of 0.6 percentage points from the previous month [1] - The balance of RMB loans was 12.21 trillion yuan, growing by 8.1% year-on-year, also down by 0.6 percentage points from the previous month [1] - Foreign currency loans amounted to 80.1 billion USD, with a year-on-year increase of 1.6%, a decline of 0.5 percentage points from the previous month [1] - In July, RMB loans decreased by 44.8 billion yuan, with a year-on-year reduction of 69 billion yuan [1] - Corporate loans decreased by 748 billion yuan, with short-term loans down by 34 billion yuan and medium to long-term loans down by 40.6 billion yuan [1] Group 2: Deposit Data - By the end of July, the total balance of deposits in Shanghai was 23.07 trillion yuan, with a year-on-year growth of 7.4%, a decrease of 0.1 percentage points from the previous month [2] - The balance of RMB deposits was 21.81 trillion yuan, growing by 7.3% year-on-year, an increase of 0.1 percentage points from the previous month [2] - Foreign currency deposits totaled 176.5 billion USD, with a year-on-year increase of 8.3%, a decline of 4.6 percentage points from the previous month [2] - In July, RMB deposits increased by 216.7 billion yuan, with a year-on-year increase of 42.8 billion yuan [2] - Household deposits decreased by 70.9 billion yuan, with a year-on-year reduction of 50.1 billion yuan [2] Group 3: Non-Financial Enterprises' Deposits - Large-denomination certificates of deposit, margin deposits, and structured deposits for non-financial enterprises increased by 38.2 billion yuan, 26.2 billion yuan, and 6.5 billion yuan respectively, with year-on-year increases of 22.5 billion yuan, 29.5 billion yuan, and 0.7 billion yuan [3] - Time deposits increased by 20.6 billion yuan, with a year-on-year decrease of 53.3 billion yuan [3] - Demand deposits and agreement deposits decreased by 105.1 billion yuan and 51.4 billion yuan respectively, with year-on-year decreases of 4.3 billion yuan and 32.5 billion yuan [3]

Core Insights - The People's Bank of China reported a total loan balance of 272.48 trillion yuan by the end of July 2025, reflecting a year-on-year growth of 6.7% [1] - The yuan loan balance reached 268.51 trillion yuan, with a year-on-year increase of 6.9% [1] - In the first seven months of the year, new yuan loans increased by 12.87 trillion yuan [1] Loan Breakdown - Household loans increased by 680.7 billion yuan, with short-term loans decreasing by 383 billion yuan and medium to long-term loans increasing by 1.06 trillion yuan [1] - Corporate loans rose by 1.163 trillion yuan, with short-term loans increasing by 375 billion yuan, medium to long-term loans increasing by 691 billion yuan, and bill financing increasing by 824.7 billion yuan [1] - Non-bank financial institution loans increased by 235.7 billion yuan [1] Foreign Currency Loans - By the end of July, the foreign currency loan balance was 555.8 billion USD, showing a year-on-year decline of 8.1% [2] - In the first seven months, foreign currency loans increased by 13.7 billion USD [2]

Core Points - The People's Bank of China (PBOC) Hainan Branch reported that as of the end of June, the total balance of various loans in Hainan reached 1,407.02 billion yuan, reflecting a year-on-year growth of 13.7%, indicating a significant increase in credit support for economic development [1] - Following the announcement of a comprehensive monetary policy package on May 7, the PBOC Hainan Branch took swift action to implement total, price, and structural policies to inject financial momentum into the high-quality development of Hainan's free trade port [1] Total Policy - The PBOC Hainan Branch enhanced counter-cyclical and cross-cyclical adjustments, improving the credit regulation mechanism and guiding local banks to increase credit issuance [1] - As of the end of June, the total balance of various loans in Hainan reached 1,407.02 billion yuan, with a year-on-year increase of 13.7% [1] Price Policy - The PBOC Hainan Branch strengthened guidance on the self-discipline mechanism for market interest rate pricing, leading banks to reasonably determine deposit and loan rates [2] - In June, the weighted average interest rate for newly issued corporate RMB loans dropped to 2.96%, a year-on-year decrease of 0.66 percentage points, significantly alleviating the financing burden on enterprises [2] Structural Policy - The PBOC Hainan Branch guided local banks to utilize structural monetary policy tools to increase credit support for key areas and weak links [2] - In the first half of the year, Hainan issued 3.27 billion yuan in re-loans for agriculture and small enterprises, and 2.16 billion yuan in rediscounting [2] - By the end of June, local banks issued 3.25 billion yuan in loans for technological innovation and transformation, 4.1 billion yuan for key service consumption areas and the elderly care industry, and 240 million yuan for stock repurchase loans for listed companies [2]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In June, the total volume of the financial industry grew. The logistics and transportation in the service industry showed steady growth, with positive year - on - year growth in imports, exports, and exports in June, and the growth rates were rising. The upstream energy prices were volatile, and the prices of some agricultural products rebounded. The开工 rates of some chemical products in the mid - stream recovered, and the real - estate sales in first - and second - tier cities stopped falling but were at a near - three - year low, while the number of domestic flights increased during the summer vacation [1][2][4]. Summary by Related Catalogs 1. Production Industry - **Coal Industry**: The China National Coal Transportation and Marketing Association emphasized maintaining safety, scientific production, improving supply quality, and promoting market balance. It will act as a bridge between the government and enterprises to deal with risks [1]. - **Trade Tariffs**: The EU may impose additional counter - tariff measures on US$84 billion worth of US imported goods if the US - EU trade negotiation fails [1]. 2. Service Industry - **Monetary and Credit Data**: At the end of June, the balance of broad money (M2) was 330.29 trillion yuan, a year - on - year increase of 8.3%. The balance of local and foreign currency loans was 272.57 trillion yuan, a year - on - year increase of 6.8%. The balance of RMB loans was 268.56 trillion yuan, a year - on - year increase of 7.1%. In the first half of the year, RMB loans increased by 12.92 trillion yuan [2]. - **Foreign Trade Data**: In the first half of this year, China's total goods trade imports and exports were 21.79 trillion yuan, a year - on - year increase of 2.9%. Exports were 13 trillion yuan, an increase of 7.2%, and imports were 8.79 trillion yuan, a decrease of 2.7%. In June, imports, exports, and exports all achieved positive year - on - year growth [2]. 3. Industry Overview Upstream - **Energy**: International oil prices fluctuated [2]. - **Agriculture**: Palm oil prices rebounded [2]. Mid - stream - **Chemical Industry**: The operating rates of urea and PTA recovered, while the operating rates of PX and polyester remained stable [3]. Downstream - **Real Estate**: The sales of commercial housing in first - and second - tier cities stopped falling but were at a near - three - year low [4]. - **Service**: The number of domestic flights increased during the summer vacation [4]. 4. Industry Credit Spread Tracking - As of July 13, the credit spreads of various industries showed different trends. For example, the credit spread of the agriculture, forestry, animal husbandry, and fishery industry decreased from 54.16 last week to 49.63 this week, and the credit spread of the mining industry decreased from 33.69 last week to 30.03 this week [51]. 5. Key Industry Price Index Tracking - As of July 11, the prices of various industries showed different trends. For example, the spot price of corn was 2351.4 yuan/ton, a year - on - year decrease of 0.66%, and the spot price of palm oil was 8944.0 yuan/ton, a year - on - year increase of 2.69% [52].