CITIC Securities: It is expected that the growth rate of social financing in the second quarter will remain stable.

According to a report by CITIC Securities, in terms of social financing, the growth rate of social financing continued to rise in April, mainly due to the low base from last year's government bond issuance and credit demand. On one hand, the suspension of hand-stitched subsidies in April last year resulted in a low credit base, and on the other hand, the net financing of government bonds in April last year was the lowest value since it was included in social financing statistics. However, considering that April itself is a small month for social financing and credit, further observation is needed to determine the financing demand situation. Looking ahead, the negative impact of tariffs on the economy objectively exists, but in the context of loose monetary conditions and accelerated fiscal efforts, we expect that the growth rate of social financing in the second quarter will remain stable.