金吾财讯 | 交银国际表示，人民银行发布的7月金融数据显示，中国内地新增社融1.41万亿元，同比多增2,800亿元，其中企业债券融资、非金融企业境内股票融资分别同比多增1,833亿元和623亿元，显示社融结构持续优化、直接融资占比进一步提升。M2与M1之间的“剪刀差”由上月的4.0个百分点收窄至3.7个百分点，显示资金活化程度局部改善。7月社融整体平稳，企业债券和股票融资占比持续快速提升，显示社融增长降速提质趋势延续、资金配置效率进一步提高。伴随下半年财政政策发力、特别是政府债券发行提速，资金供给强劲、信贷需求有望出现较大改善，带动市场存量资金进一步激活。当前银行净息差已经呈现明显拐点，整体盈利能力企稳向好，建议继续关注客群基础坚实、业务需求活跃、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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