20250616-万联证券-银行行业月报_关注财政投放节奏_6页_595kb

China's May 2025 financial data reveals improved social financing growth, driven mainly by government bond issuance. The social financing (FSR) total increased by 229 trillion yuan with a 8.7% year-on-year growth rate, aligning with the previous month. Government bonds contributed significantly to this increase, with net financing reaching 146 trillion yuan.

Corporate demand remains largely underwhelming, though short-term loans and bond activities showed some improvement due to low base effects and policy support. Consumer demand is also weak, with limited consumption loan uptake.

Looking forward, trade tensions easing and fiscal policy enhancements could signal a rebound in demand. In terms of investments, banks may see opportunities in fiscal fund releases and M1 improvements, supported by ample credit supply. However, key risks include economic slowdown, corporate repayment issues, loose monetary policy affecting net interest margins, and stricter regulations. Overall, the bank sector offers attractive dividends, making it defensive in the short term.