CITIC Construction Investment: It is expected that the increment of credit this year will be lower than last year's level.

Jinshi data news on August 14th, CITIC Securities’ review of financial data in July stated that the demand for credit in July did not improve, but due to the gradual return of the government bond issuance pace to normal, the year-on-year increase in social financing was achieved under the low base effect. The phenomenon of bill discounting on the enterprise side is obvious, and retail loans have negative growth. On the one hand, this is because the finance continues to “squeeze water”, but the main contradiction at present is the insufficient effective demand for credit, and the rebound in credit demand still needs to wait for further policy efforts. It is expected that the total amount of credit this year will be lower than last year, and credit issuance will enter a new normal of “low overall quantity, optimal structure”.