Securities Daily: Financial data in April is expected to continue the characteristics of "stable overall volume, optimal structure, and reduced costs".

In April, credit lending is expected to be lower than the previous month, with an increase of around 400 billion yuan, but it will be higher compared to the same period last year, with an increase of about 120 billion yuan. Wang Qing, Chief Macro Analyst of Orient Securities, stated that in April, corporate loans will form an important support for overall credit lending, with the characteristic of "strong for enterprises, weak for residents" continuing to be highlighted. It is worth noting that, due to seasonal factors and lower bill rates, bill financing in April will have a strong substitute effect on short-term corporate loans. Ming Ming, Chief Economist of CITIC Securities, expects new RMB loans to be around 300 billion yuan in April. Regarding new social financing, Wang Qing predicts it will reach around 1.6 trillion yuan in April, with an increase of around 400 billion yuan compared to the previous year. Wang Qing also predicts that the M2 growth rate at the end of April will be around 7.9%, down 0.6 percentage points from the end of March. Ming Ming believes that considering social financing data, monetary derivatives, and base effects, the M2 and M1 growth rates in April will be 8.4% and 4.5% respectively.