[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-JP2025060617383373500":3,"related-JP2025060617383373500":29},{"pageSize":4,"id":5,"productLine":6,"status":7,"articleCode":8,"articleType":9,"showStyle":7,"mediaType":10,"articleTitle":11,"coverImage":12,"listImage":13,"introduction":14,"description":15,"nonVipDescription":16,"postTime":17,"viewTime":17,"sortNumber":18,"isFree":19,"isShowList":7,"isRecommend":19,"linkType":7,"isOriginal":6,"hasMiniUrl":19,"hasAdvertising":19,"createBy":20,"updateBy":20,"createTime":21,"visitCount":19,"isLiked":19,"realSearch":22,"isRead":19,"productId":23,"isCollected":19,"collectCount":19,"vipExclusive":19,"allowComment":7,"style":24,"likeCount":19,"seoKeywords":16,"articleModuleVoList":25,"extendContentList":26,"noteCount":19,"categoryList":27,"dailyKeywordList":28},10,7247,"1",1,"JP2025060617383373500","1041018",3,"都不想借钱了，问题大吗？","https:\u002F\u002Fimage.jane7.com\u002F3375725c-d389-414b-8026-187a459f2892.png","https:\u002F\u002Fjane7-prod.oss-cn-hangzhou.aliyuncs.com\u002Fmanager\u002Farticle_default_img.png","社融罕见负增长，咋回事？","\u003Cdiv>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;orphans: 2;text-align: justify;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">大家好，我是简七编辑部的犀利君。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;orphans: 2;text-align: justify;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;orphans: 2;text-align: justify;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">今年4月份，有2个金融数据出现「滑坡」：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;orphans: 2;text-align: justify;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;orphans: 2;text-align: justify;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">一个是社融数据，4月份新增社融-1987亿元，是自2005年以来的首次为负，同比少增1.4万亿元；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;orphans: 2;text-align: justify;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;orphans: 2;text-align: justify;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">另一个是M1数据，4月份M1同比增长-1.4%，是继2022年1月后的第二次负增长。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;orphans: 2;text-align: justify;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;orphans: 2;text-align: justify;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">很多朋友经常会看到这些宏观指标，但不知道该怎么解读这些指标的变化，以及对股市会有哪些影响。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;orphans: 2;text-align: justify;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;orphans: 2;text-align: justify;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">今天就来和你聊一聊这两个指标，看完本文，你也能学会运用宏观指标，分析国内经济未来的走势。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;orphans: 2;text-align: justify;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cstrong style=\"font-size: var(--articleFontsize);color: rgba(0, 0, 0, 0.9);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.034em;text-align: center;\">\u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F67dfb160-46e9-4244-a873-f1c689c91994.jpg\">\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Ch3 style=\"margin: 0px 16px 8px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: center;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cstrong>\u003Cspan style=\"margin: 0px;padding: 0px;font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);\">01\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fh3>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">首先，我们来简单介绍一下，社融是什么。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">社融的全称是「社会融资规模」，指\u003C\u002Fspan>\u003Cspan style=\"color: rgb(214, 168, 65);\">\u003Cstrong>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">一定时期内\u003C\u002Fspan>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;font-size: 14px;\">（每月、每季或每年）\u003C\u002Fspan>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">实体经济从金融体系获得的钱\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">其中，借钱的一方可以是个人、企业或政府，金融体系包括金融机构\u003C\u002Fspan>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(136, 136, 136);font-size: 14px;\">（银行、证券、保险公司）\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">、金融市场\u003C\u002Fspan>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(136, 136, 136);font-size: 14px;\">（股票市场、债券市场）\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">等。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: center;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002Fd111c4f6-7790-4178-9a9e-8076bd452192.jpg\">\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">比如说，一家企业想要扩大生产，但是缺少资金，它可以去找银行借钱，也可以通过发行股票、债券等方式来筹钱；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">再比如我们个人买房，找银行办理的房贷，也会算在「社会融资规模」里头。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">要提醒一点，社融只统计实体经济通过金融体系获得的钱，像金融机构之间互相借钱，或者企业和企业、个人和个人互相借钱的行为，就不会被统计在内。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">截止今年4月末，我国的社会融资规模存量是389.93万亿元。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">可以理解为实体经济\u003C\u002Fspan>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(136, 136, 136);font-size: 14px;\">（通过银行贷款、债券融资、股票融资等）\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">累计从金融体系获得的资金总额是389.93万亿元。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">新闻中提到的，4月社融新增-1987亿元，指的是增量，不是存量。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"background-color: rgb(255, 218, 169);\">\u003Cstrong>\u003Cspan style=\"background-color: rgb(255, 218, 169);color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">当月社融的增量为正，整个社会从金融体系中获得了新的资金，表明企业和居民对未来有信心，愿意借钱投资或消费。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">如企业拿到钱后会进行生产扩张\u003C\u002Fspan>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(136, 136, 136);font-size: 14px;\">（购置新设备、新增就业岗位等）\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">，工人的收入增加了，消费也会跟着增加，最终就能拉动实体经济增长。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">反之，\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;background-color: rgb(255, 218, 169);\">\u003Cstrong>当月的社融增量为负，意味着实体经济从金融体系获得的资金在减少\u003C\u002Fstrong>，\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">可能表明企业和个人对经济前景持谨慎态度，减少了新增借款或积极偿还旧借款。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">社融增量为负，到底是出了什么问题呢？接着往下看。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">今年4月社融增量\u003C\u002Fspan>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(136, 136, 136);font-size: 14px;\">（-1987亿元）\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">比去年4月社融增量\u003C\u002Fspan>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(136, 136, 136);font-size: 14px;\">（12249亿元）\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">，减少了14236万亿元：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: center;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002Fa2d99cde-4c1b-4da7-adfd-79633a432997.jpg\">\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">从分项来看，政府和企业债券融资同比减少近8000亿元，反映政府和企业4月份发行债券的节奏偏慢，主要是5月份发行的超长期特别国债未落地，地方政府发债也处于观望状态。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">另外，比较重要的「人民币贷款」\u003C\u002Fspan>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(136, 136, 136);font-size: 14px;\">（反映企业和居民部门向银行借钱的项目）\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">同比减少了1125亿元。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">进一步看新增人民币贷款\u003C\u002Fspan>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(136, 136, 136);font-size: 14px;\">（央行专门公布的数据，与社融的统计口径有些不同）\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">的构成，主要分为居民贷款和企业贷款：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: center;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F2a411a77-e1a6-4477-b7fe-0ac5bc16d844.jpg\">\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">4月份，居民贷款同比减少了2700多亿左右，企业贷款同比增加了1700多亿左右。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">其中，企业的短期和中长期贷款，同比都是负增长，但\u003Cstrong>票据融资同比增加7100多亿，有力地支撑起企业融资需求\u003C\u002Fstrong>\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">票据融资，是指银行通过购买企业持有的未到期票据等方式，为企业提供短期融资，因为有着票据作背书，相比贷款更安全。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"background-color: rgb(255, 218, 169);\">\u003Cstrong>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">当银行大量增加票据融资的时候，一般是经济比较低迷，实体经济融资需求不高\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">，银行采用低风险的信贷手段开展业务，导致票据融资高增长，最终拉高了企业新增贷款相关数据。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(136, 136, 136);font-size: 14px;\">*关于社融分项的完整构成，可以参考晚报《经济好不好，这个指标告诉你｜社融规模》\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: center;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F8d5bc5c7-02c3-4ee0-9901-4aad466537b0.jpg\">\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cstrong style=\"font-size: var(--articleFontsize);color: rgba(0, 0, 0, 0.9);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.034em;text-align: center;\">\u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F76a185f0-f2ac-4c00-aa34-fe964f98d48a.jpg\">\u003C\u002Fstrong>\u003Cbr>\u003C\u002Fp>\n \u003Ch3 style=\"margin-right: 16px;margin-left: 16px;font-size: 17px;text-wrap: wrap;clear: both;min-height: 1em;color: rgb(51, 51, 51);text-align: center;outline: 0px;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;margin-bottom: 8px;\">\u003Cstrong>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);\">02\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fh3>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">其次，再来说说M1。\u003C\u002Fspan>\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">央行公布的货币供应量，有3个常见指标：\u003C\u002Fspan>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(214, 168, 65);\">\u003Cstrong>M0、M1、M2\u003C\u002Fstrong>\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(136, 136, 136);font-size: 14px;\">M0指「流通中的现金」，包括企业、居民手中的现金和商业银行的库存现金。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(136, 136, 136);font-size: 14px;\">M1指「M0+企事业单位活期存款」，反映整个社会当前现实的购买力，也叫狭义货币。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(136, 136, 136);font-size: 14px;\">M2指「M1+企事业单位定期存款+居民储蓄存款+其他存款」，反映整个社会潜在的购买力，也叫广义货币。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">社会融资规模与货币供应量\u003C\u002Fspan>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(136, 136, 136);font-size: 14px;\">（M2）\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">，其实是一个硬币的两面：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">社融是从资金\u003Cstrong>供给侧\u003C\u002Fstrong>，反映金融体系对实体经济的支持；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">M2则是从\u003Cstrong>需求侧\u003C\u002Fstrong>，反映了全社会对资金的总需求，两者相互补充，长期走势大体上很接近。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(214, 168, 65);\">\u003Cstrong>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">那么M1和M2又是啥关系呢？\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\"> \u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cstrong>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">举个例子，当企业从银行那里借到钱，如果它对未来经济看好，会先转化为活期存款\u003C\u002Fspan>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(136, 136, 136);font-size: 14px;\">（M1）\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">，用于扩大生产、支付员工的工资，剩下的存成定期\u003C\u002Fspan>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(136, 136, 136);font-size: 14px;\">（M2）\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">，这会导致M1的增速高于M2；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">反之，如果企业不看好经济前景，就不愿意借钱扩大生产规模，或把活期存款存成定期，就会导致M1的增速低于M2。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">今年以来，M1的增速一直低于M2，4月M1同比增长为-1.4%：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: center;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F0b57b216-e565-43d8-850e-5436c7b90a02.jpg\">\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">过低的M1增速，一方面是与实体经济不够活跃有关，另一方面，则是因为4月份叫停了\u003C\u002Fspan>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(214, 168, 65);\">「\u003Cstrong>手工补息\u003C\u002Fstrong>」\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">在此之前，商业银行为了完成监管的放贷任务，会给优质企业提供贷款优惠，企业可以用较低的利率\u003C\u002Fspan>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(136, 136, 136);font-size: 14px;\">（如2%）\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">借到钱，然后转头再去买利率较高\u003C\u002Fspan>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(136, 136, 136);font-size: 14px;\">（如3%）\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">的大额存款产品，无风险地套取1%的利息，相当于银行补给企业这部分利息。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">表面上，企业的贷款增加了，活期存款\u003C\u002Fspan>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(136, 136, 136);font-size: 14px;\">（M1）\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">也在增加，实际上银行这么做，是通过牺牲自身利润制造出虚假的「贷款繁荣」，所以央行发布政策，禁止了「手工补息」。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">受此影响下，许多存款资金转移到性价比更高的银行理财等产品，导致M1增速有较大下降。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cstrong style=\"font-size: var(--articleFontsize);color: rgba(0, 0, 0, 0.9);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.034em;text-align: center;\">\u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F595e1b93-f7f2-4a2a-9b95-b2d186fcf8f4.jpg\">\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Ch3 style=\"margin-right: 16px;margin-left: 16px;font-size: 17px;text-wrap: wrap;clear: both;min-height: 1em;color: rgb(51, 51, 51);text-align: center;outline: 0px;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;margin-bottom: 8px;\">\u003Cstrong>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);\">03\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fh3>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">看到这里，我们简单总结一下：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">4月社融增量转负，主要是当月政府债发行节奏偏慢，企业和居民部门贷款需求不足，只能依靠企业票据融资支撑；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">4月M1增速转负，主要是监管部门禁止「手工补息」，叠加实体经济不够活跃，导致M1增速显著下降。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">展望未来，大家也不必太过悲观——\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">一方面随着5月份\u003C\u002Fspan>\u003Ca data-linktype=\"2\" href=\"https:\u002F\u002Fmp.weixin.qq.com\u002Fs?__biz=MjM5MzA3MjI2NQ==&mid=2650672906&idx=1&sn=84ab2bb46692b7e99b2580c83f176ddd&scene=21#wechat_redirect\" style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(0, 82, 255);;color:#409eff\">\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(0, 82, 255);\">超长期特别国债\u003C\u002Fspan>\u003C\u002Fa>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">的发行，政府专项债的配套也会逐步跟上，未来有助于拉动基建投资；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">此外，近期各地\u003C\u002Fspan>\u003Ca data-linktype=\"2\" href=\"https:\u002F\u002Fmp.weixin.qq.com\u002Fs?__biz=MjM5MzA3MjI2NQ==&mid=2650672955&idx=1&sn=4253d3c4be502d4019374a3c5448fac7&scene=21#wechat_redirect\" style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(0, 82, 255);;color:#409eff\">\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(0, 82, 255);\">房地产利好政策\u003C\u002Fspan>\u003C\u002Fa>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(0, 0, 0);\">频出\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">，对居民部门贷款需求也会有所刺激，具体效果值得后续期待一下。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">另一方面，股市今后能不能持续向上，也有赖于经济基本面的支撑，金融数据往往是判断经济形势的风向标。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">M1和社融，就是两个重要的「领先指标」：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">M1同比增速，一旦从低位持续攀升\u003C\u002Fspan>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;color: rgb(136, 136, 136);font-size: 14px;\">（接近于M2增速）\u003C\u002Fspan>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">，同时，社融分项里「企业中长期新增贷款」同比大幅增长，两个数据同步改善。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">说明企业对未来有信心，愿意借中长期的钱扩张生产，经济大概率会越来越好，这个时候股市也会迎来较持续的一段上涨行情。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">最后放一张总结图：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);margin: 0px;padding: 0px;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: center;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F86bbfec1-3956-494c-a1b1-030f91ce6acd.jpg\">\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;display: block;clear: both;min-height: 1em;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">晚安🌹\u003C\u002Fspan>\u003Cbr>\u003C\u002Fp>\n\u003C\u002Fdiv>","","2024-05-21 21:31:00",100,0,"renqiang@jane7.com","2025-06-06 17:38:33",false,17309,"1038002",[],[],[],[],[]]