金吾财讯 | 交银国际发布研报指，5月社融保持同比多增，M1增速在低基数上显著回升，显示金融对实体经济的支持力度不弱。
5月新增人民币贷款6200亿元，同比少增3300亿元，主要由于企业中长期贷款减少。居民短期贷款减少208亿元，同比少增451亿元；居民中长期贷款新增746亿元，同比多增232亿元，连续三个月同比多增。企业短期贷款新增1100亿元，同比多增2300亿元；企业中长期贷款新增3300亿元，同比少增1700亿元；企业票据融资新增746亿元，同比少增2826亿元。非银机构贷款净新增589亿元，同比多增226亿元。
5月新增社融2.29万亿元，同比多增2271亿元，主要来自政府债券和企业债券。政府债券发行达到1.46万亿元，同比多增2367亿元；企业债券融资同比多增1211亿元。M1增速为2.3%，环比显著回升0.8个百分点；M2增速为7.9%，环比略降0.1个百分点；社融余额增速为8.7%，环比持平。
存款方面，5月新增人民币存款2.18万亿元，同比多增5000亿元，主要来自企业存款和财政存款。居民存款同比多增500亿元，企业存款和财政存款同比分别多增3824和1167亿元，非银机构存款新增1.19万亿元，为近年来的新高，同比多增300亿元。
交银国际认为，尽管5月新增人民币贷款同比少增，但社融同比多增反映出金融对实体经济的支持力度不弱。预计受益于低基数，3季度货币、社融增速有望保持企稳回升势头。
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