金吾财讯 | 交银国际表示，人民银行发布的6月金融数据显示，中国内地新增社融同比少增8,600亿元，其中新增人民币贷款、政府债券及新增未贴现银行承兑汇票同比少增，企业债券融资及境内股票融资占比进一步提高。M1、M2环比分别下降1.5个、0.6个百分点，两者之间的“剪刀差”扩大至4.0个百分点，资金活化程度有提升空间。该机构指，6月社融数据环比有所回暖，但同比少增幅度扩大。其中，受银行半年考核因素影响，6月新增人民币贷款投放出现环比改善，与往年相比则偏软，中长期融资需求回升期待政策发力；票据融资继续成为新增人民币信贷的主要支撑，同时债券、股票等直接融资比重进一步提升，显示金融支持实体经济方式正在加快多渠道转变，或为银行带来更多新型业务机会。伴随稳增长预期强化，下半年信贷数据有望改善，建议继续关注息差压力可控、资产质量稳健的国有大行及头部股份制银行配置机会。
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