总量向“上”成本向“下” 金融支持实体既稳又实
<p style="box-sizing: border-box; border: 0px; margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: none; list-style: none; color: rgb(51, 51, 51); font-family: Microsoft YaHei, 微软雅黑, Arial, Helvetica, sans-serif; font-size: 15px; text-wrap-mode: wrap; background-color: rgb(255, 255, 255); text-align: center;"> </p><p style="box-sizing: border-box; border: 0px; margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: none; list-style: none; color: rgb(51, 51, 51); font-family: Microsoft YaHei, 微软雅黑, Arial, Helvetica, sans-serif; font-size: 15px; text-wrap-mode: wrap; background-color: rgb(255, 255, 255);"><br/></p><p style="box-sizing: border-box; border: 0px; margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: none; list-style: none; color: rgb(51, 51, 51); font-family: Microsoft YaHei, 微软雅黑, Arial, Helvetica, sans-serif; font-size: 15px; text-wrap-mode: wrap; background-color: rgb(255, 255, 255);"> 4月末，社会融资规模存量同比增长8.7%，广义货币（M2）余额同比增长8%，增速均较3月末时明显加快；人民币贷款余额同比增长7.2%，还原地方债务置换影响后增速超过8%；4月企业新发放贷款加权平均利率约为3.2%……央行5月14日发布最新数据显示，4月金融总量“有上行”，融资成本“往下走”，金融对实体经济支持的力度仍然较大，央行多轮货币政策的实施效果明显。</p><p style="box-sizing: border-box; border: 0px; margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: none; list-style: none; color: rgb(51, 51, 51); font-family: Microsoft YaHei, 微软雅黑, Arial, Helvetica, sans-serif; font-size: 15px; text-wrap-mode: wrap; background-color: rgb(255, 255, 255);"><br/></p><p style="box-sizing: border-box; border: 0px; margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: none; list-style: none; color: rgb(51, 51, 51); font-family: Microsoft YaHei, 微软雅黑, Arial, Helvetica, sans-serif; font-size: 15px; text-wrap-mode: wrap; background-color: rgb(255, 255, 255);"> 4月是传统的信贷“小月”，从前4个月的整体情况看，金融总量数据增长既“稳”又“实”，体现了适度宽松的货币政策取向，呵护宏观经济稳定运行。展望未来，业内专家称，近期一揽子金融政策措施的推出，有效提振了市场信心，将对实体经济有效需求的恢复起到积极作用。金融总量仍有望保持平稳增长，稳固经济持续回升向好基础。</p><p style="box-sizing: border-box; border: 0px; margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: none; list-style: none; color: rgb(51, 51, 51); font-family: Microsoft YaHei, 微软雅黑, Arial, Helvetica, sans-serif; font-size: 15px; text-wrap-mode: wrap; background-color: rgb(255, 255, 255);"><br/></p><p style="box-sizing: border-box; border: 0px; margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: none; list-style: none; color: rgb(51, 51, 51); font-family: Microsoft YaHei, 微软雅黑, Arial, Helvetica, sans-serif; font-size: 15px; text-wrap-mode: wrap; background-color: rgb(255, 255, 255);"> 具体来看，4月末，人民币贷款余额265.7万亿元，同比增长7.2%；前4个月人民币贷款增加10.06万亿元，与上年同期大致持平。社融方面，2025年前4个月社会融资规模增量累计为16.34万亿元，比上年同期多3.61万亿元；4月末，社会融资规模存量为424万亿元，同比增长8.7%。</p><p style="box-sizing: border-box; border: 0px; margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: none; list-style: none; color: rgb(51, 51, 51); font-family: Microsoft YaHei, 微软雅黑, Arial, Helvetica, sans-serif; font-size: 15px; text-wrap-mode: wrap; background-color: rgb(255, 255, 255);"><br/></p><p style="box-sizing: border-box; border: 0px; margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: none; list-style: none; color: rgb(51, 51, 51); font-family: Microsoft YaHei, 微软雅黑, Arial, Helvetica, sans-serif; font-size: 15px; text-wrap-mode: wrap; background-color: rgb(255, 255, 255);"> “4月末，人民币贷款增速仍明显高于名义经济增速。”业内专家表示，还原地方债务置换影响后，信贷增速保持较高水平，贷款的实际支持力度，比统计数据显示的更高。</p><p style="box-sizing: border-box; border: 0px; margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: none; list-style: none; color: rgb(51, 51, 51); font-family: Microsoft YaHei, 微软雅黑, Arial, Helvetica, sans-serif; font-size: 15px; text-wrap-mode: wrap; background-color: rgb(255, 255, 255);"><br/></p><p style="box-sizing: border-box; border: 0px; margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: none; list-style: none; color: rgb(51, 51, 51); font-family: Microsoft YaHei, 微软雅黑, Arial, Helvetica, sans-serif; font-size: 15px; text-wrap-mode: wrap; background-color: rgb(255, 255, 255);"> 从结构看，4月信贷呈现多个亮点。4月末，普惠小微贷款余额为34.31万亿元，同比增长11.9%；制造业中长期贷款余额为14.71万亿元，同比增长8.5%，以上贷款增速均高于同期各项贷款增速。</p><p style="box-sizing: border-box; border: 0px; margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: none; list-style: none; color: rgb(51, 51, 51); font-family: Microsoft YaHei, 微软雅黑, Arial, Helvetica, sans-serif; font-size: 15px; text-wrap-mode: wrap; background-color: rgb(255, 255, 255);"><br/></p><p style="box-sizing: border-box; border: 0px; margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: none; list-style: none; color: rgb(51, 51, 51); font-family: Microsoft YaHei, 微软雅黑, Arial, Helvetica, sans-serif; font-size: 15px; text-wrap-mode: wrap; background-color: rgb(255, 255, 255);"> “信贷结构持续改善，更好地支持经济结构转型。”上述专家认为，信贷结构演变是经济结构变迁的映射，同时也发挥着促进经济转型的作用。近年来，新增信贷投向有了明显改变，带动信贷存量结构趋于优化。</p><p style="box-sizing: border-box; border: 0px; margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: none; list-style: none; color: rgb(51, 51, 51); font-family: Microsoft YaHei, 微软雅黑, Arial, Helvetica, sans-serif; font-size: 15px; text-wrap-mode: wrap; background-color: rgb(255, 255, 255);"><br/></p><p style="box-sizing: border-box; border: 0px; margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: none; list-style: none; color: rgb(51, 51, 51); font-family: Microsoft YaHei, 微软雅黑, Arial, Helvetica, sans-serif; font-size: 15px; text-wrap-mode: wrap; background-color: rgb(255, 255, 255);"> 伴随结构优化，融资成本也在“往下走”。人民银行数据显示，4月企业新发放贷款加权平均利率约为3.2%，比上月低约4个基点，比上年同期低约50个基点；个人住房新发放贷款加权平均利率约为3.1%，比上年同期低约55个基点。</p><p style="box-sizing: border-box; border: 0px; margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: none; list-style: none; color: rgb(51, 51, 51); font-family: Microsoft YaHei, 微软雅黑, Arial, Helvetica, sans-serif; font-size: 15px; text-wrap-mode: wrap; background-color: rgb(255, 255, 255);"><br/></p><p style="box-sizing: border-box; border: 0px; margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: none; list-style: none; color: rgb(51, 51, 51); font-family: Microsoft YaHei, 微软雅黑, Arial, Helvetica, sans-serif; font-size: 15px; text-wrap-mode: wrap; background-color: rgb(255, 255, 255);"> 招联首席研究员董希淼预计，随着货币政策利率调控框架进一步完善，通过强化利率政策执行，利率传导机制更加畅通，近期政策利率再度下调，有助于实体经济综合融资成本继续下降。</p><p style="box-sizing: border-box; border: 0px; margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: none; list-style: none; color: rgb(51, 51, 51); font-family: Microsoft YaHei, 微软雅黑, Arial, Helvetica, sans-serif; font-size: 15px; text-wrap-mode: wrap; background-color: rgb(255, 255, 255);"><br/></p><p style="box-sizing: border-box; border: 0px; margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: none; list-style: none; color: rgb(51, 51, 51); font-family: Microsoft YaHei, 微软雅黑, Arial, Helvetica, sans-serif; font-size: 15px; text-wrap-mode: wrap; background-color: rgb(255, 255, 255);"> M2方面，在上年低基数效应作用下，4月末M2增速比上月末高1个百分点。记者了解到，去年4月以来，央行通过规范手工补息、优化金融业增加值核算等，主动为金融业“挤水分”，去年4月末M2增速因此回落。随着低基数效应的递减，未来M2增速将恢复到正常增长水平。</p><p style="box-sizing: border-box; border: 0px; margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: none; list-style: none; color: rgb(51, 51, 51); font-family: Microsoft YaHei, 微软雅黑, Arial, Helvetica, sans-serif; font-size: 15px; text-wrap-mode: wrap; background-color: rgb(255, 255, 255);"><br/></p><p style="box-sizing: border-box; border: 0px; margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: none; list-style: none; color: rgb(51, 51, 51); font-family: Microsoft YaHei, 微软雅黑, Arial, Helvetica, sans-serif; font-size: 15px; text-wrap-mode: wrap; background-color: rgb(255, 255, 255);"> 当前地方债务置换工作持续推进，加上5月是传统的信贷“小月”，预计有效信贷需求仍受影响。但市场也普遍认为，5月人民银行、国家金融监管总局、证监会联合推出的一揽子金融政策措施，有效提振了市场信心，对实体经济有效需求恢复起到积极作用。综合来看，未来一段时期，金融总量仍有望保持平稳增长。</p><p style="box-sizing: border-box; border: 0px; margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: none; list-style: none; color: rgb(51, 51, 51); font-family: Microsoft YaHei, 微软雅黑, Arial, Helvetica, sans-serif; font-size: 15px; text-wrap-mode: wrap; background-color: rgb(255, 255, 255);"><br/></p><p style="box-sizing: border-box; border: 0px; margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: none; list-style: none; color: rgb(51, 51, 51); font-family: Microsoft YaHei, 微软雅黑, Arial, Helvetica, sans-serif; font-size: 15px; text-wrap-mode: wrap; background-color: rgb(255, 255, 255);"><br/></p><section style="max-width: 100%; color: rgb(67, 74, 84); font-family: -apple-system-font, Helvetica, PingFang SC, Hiragino Sans GB, Arial, Microsoft YaHei; text-wrap: wrap; font-size: 17px; letter-spacing: 1px; text-align: justify; background-color: rgb(255, 255, 255); margin-top: 0px; margin-bottom: 0px; padding: 0px; outline: 0px; box-sizing: border-box; overflow-wrap: break-word !important;"><section style="overflow-wrap: break-word !important; 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