May's financial data were released, and the topic of "deposit migration" once again sparked market attention. Data recently released by the central bank shows that after a decline of 1.94 trillion yuan in April, household deposits continued to shrink by 110 billion yuan in May, with a total reduction of 2.05 trillion yuan over the two months. This marks a rare occurrence in nearly a decade of household deposits posting negative growth for two consecutive months. Over the same period, deposits at non-bank financial institutions increased by a combined 3.61 trillion yuan, with the "seesaw" effect persisting. Another phenomenon that has drawn significant attention is the continued deleveraging in the household sector: in May, household loans decreased by 141.2 billion yuan, with a YoY decline that widened by 195.2 billion yuan (compared to an increase of 54 billion yuan in the same period last year). Industry experts have repeatedly noted that the flow of household deposits to non-bank institutions merely changes the structure of bank deposits, and this trend precisely reflects the deepening of China's financial market. A more noteworthy positive signal is that as the growth rate of household deposits continues to pull back, the "scissors gap" between it and the growth of M2 (broad money) continues to narrow and has remained negative for five consecutive months, indicating a trend of marginal fund mobilization. Some institutional sources believe that the capital cycle from households to enterprises and non-bank institutions is restarting, building momentum for the improvement of the domestic economic cycle.

[SMM Precious Metal Express] China's May 2026 financial data: M2 unchanged, M1 up; Jan-May social financing increment reached 17.48 trillion yuan.

According to preliminary central bank statistics, the cumulative increase in total social financing (TSF) in the first five months of 2026 was 17.48 trillion yuan, a decrease of 1.16 trillion yuan from the same period last year. Of which, new renminbi loans to the real economy increased by 9 trillion yuan, a YoY decrease of 1.38 trillion yuan; foreign-currency loans to the real economy converted into renminbi increased by 115.3 billion yuan, a YoY increase of 211.6 billion yuan; entrusted loans decreased by 103.1 billion yuan, a further YoY decrease of 91.8 billion yuan; trust loans increased by 5.7 billion yuan, a YoY decrease of 57 billion yuan; undiscounted bankers' acceptances decreased by 17.2 billion yuan, a further YoY decrease of 151.4 billion yuan; net financing of corporate bonds was 1.67 trillion yuan, a YoY increase of 757.7 billion yuan; net financing of government bonds was 5.67 trillion yuan, a YoY decrease of 634 billion yuan; and domestic equity financing of non-financial enterprises amounted to 230.5 billion yuan, a YoY increase of 79.9 billion yuan. In the first five months, renminbi loans increased by 9.11 trillion yuan. By sector, household loans decreased by 631.4 billion yuan, of which short-term loans decreased by 694.2 billion yuan, and medium and long-term loans increased by 62.8 billion yuan; enterprise sector loans increased by 9.63 trillion yuan, of which short-term loans increased by 3.77 trillion yuan, medium and long-term loans increased by 4.99 trillion yuan, and bill financing increased by 699.9 billion yuan; loans to non-bank financial institutions decreased by 279.7 billion yuan. Central bank data show that at end-May, the broad money (M2) balance was 353.67 trillion yuan, up 8.6% YoY. The narrow money (M1) balance was 114.89 trillion yuan, up 5.5% YoY. Currency in circulation (M0) balance was 14.69 trillion yuan, up 11.9% YoY. In the first five months, net cash injection was 590.7 billion yuan. Financial Statistics Report for May 2026 I. Outstanding Total Social Financing (TSF) Stock Increased by 7.7% YoY Preliminary statistics show that at end-May 2026, outstanding TSF stood at 458.81 trillion yuan, up 7.7% YoY. Of which, outstanding renminbi loans to the real economy were 277.4 trillion yuan, up 5.5% YoY; outstanding foreign-currency loans to the real economy converted into renminbi were 1.14 trillion yuan, down 4.3% YoY; outstanding entrusted loans were 11.22 trillion yuan, unchanged YoY; outstanding trust loans were 4.67 trillion yuan, up 7.1% YoY; outstanding undiscounted bankers' acceptances were 2.13 trillion yuan, down 6.2% YoY; outstanding corporate bonds were 35.69 trillion yuan, up 8.4% YoY; outstanding government bonds were 100.6 trillion yuan, up 15.1% YoY; outstanding domestic equity of non-financial enterprises stood at 12.43 trillion yuan, up 4.7% YoY. In terms of structure, at end-May, outstanding renminbi loans to the real economy accounted for 60.5% of outstanding TSF, down 1.2 percentage points YoY; foreign-currency loans to the real economy converted into renminbi accounted for 0.2%, down 0.1 percentage points YoY; entrusted loans accounted for 2.4%, down 0.2 percentage points YoY; trust loans accounted for 1%, unchanged YoY; undiscounted bankers' acceptances accounted for 0.5%, unchanged YoY; corporate bonds accounted for 7.8%, up 0.1 percentage points YoY; government bonds accounted for 21.9%, up 1.4 percentage points YoY; domestic equity of non-financial enterprises accounted for 2.7%, down 0.1 percentage points YoY. II. In the first five months, the cumulative increase in aggregate social financing was 17.48 trillion yuan Preliminary statistics show that in the first five months of 2026, the cumulative increase in aggregate social financing was 17.48 trillion yuan, representing a decrease of 1.16 trillion yuan compared with the same period last year. Specifically, RMB loans extended to the real economy increased by 9 trillion yuan, a decrease of 1.38 trillion yuan YoY; foreign currency loans to the real economy converted into RMB increased by 115.3 billion yuan, an increase of 211.6 billion yuan YoY; entrusted loans decreased by 103.1 billion yuan, with the decline widening by 91.8 billion yuan YoY; trust loans increased by 5.7 billion yuan, a decrease of 57 billion yuan YoY; undiscounted bankers' acceptances decreased by 17.2 billion yuan, with the decline widening by 151.4 billion yuan YoY; net financing of corporate bonds was 1.67 trillion yuan, an increase of 757.7 billion yuan YoY; net financing of government bonds was 5.67 trillion yuan, a decrease of 634 billion yuan YoY; domestic equity financing by non-financial enterprises amounted to 230.5 billion yuan, an increase of 79.9 billion yuan YoY. III. Broad money (M2) increased by 8.6% At the end of May, broad money (M2) outstanding was 353.67 trillion yuan, up 8.6% YoY. Narrow money (M1) outstanding was 114.89 trillion yuan, up 5.5% YoY. Currency in circulation (M0) outstanding was 14.69 trillion yuan, up 11.9% YoY. In the first five months, net cash injection amounted to 590.7 billion yuan. IV. RMB deposits increased by 15.77 trillion yuan in the first five months At the end of May, outstanding deposits in domestic and foreign currencies reached 352.38 trillion yuan, up 8.7% YoY. At month-end, RMB deposit outstanding was 344.45 trillion yuan, up 8.7% YoY. RMB deposits increased by 15.77 trillion yuan in the first five months. Specifically, household deposits rose by 5.63 trillion yuan, deposits of non-financial enterprises by 1.26 trillion yuan, fiscal deposits by 1.91 trillion yuan, and deposits of non-bank financial institutions by 5.64 trillion yuan. At the end of May, foreign currency deposit outstanding was $1.16 trillion, up 17.5% YoY. In the first five months, foreign currency deposits rose by $103.2 billion. V. RMB loans increased by 9.11 trillion yuan in the first five months At the end of May, outstanding loans in domestic and foreign currencies stood at 284.79 trillion yuan, up 5.4% YoY. At month-end, RMB loan outstanding was 281.02 trillion yuan, up 5.5% YoY. RMB loans increased by 9.11 trillion yuan in the first five months. By sector, household loans decreased by 631.4 billion yuan, of which short-term loans fell by 694.2 billion yuan while medium and long-term loans rose by 62.8 billion yuan; loans to enterprises and public institutions increased by 9.63 trillion yuan, including a 3.77 trillion yuan rise in short-term loans, a 4.99 trillion yuan increase in medium and long-term loans, and a 699.9 billion yuan expansion in bill financing; loans to non-bank financial institutions declined by 279.7 billion yuan. At the end of May, the outstanding foreign currency loan balance stood at $553.2 billion, up 2.6% YoY. Foreign currency loans increased by $8.2 billion in the first five months. VI. In May, the monthly weighted average interest rate for interbank lending in the interbank RMB market was 1.31%, and the monthly weighted average rate for pledged repo was 1.33%. In May, total trading volume in the interbank RMB market, comprising lending, cash bonds, and repos, reached 180.45 trillion yuan, with a daily average of 9.5 trillion yuan, up 7.9% YoY. Specifically, the daily average interbank lending volume grew 18.5% YoY, cash bond trading rose 4.7% YoY, and pledged repo trading increased 8% YoY. In May, the weighted average interbank lending rate was 1.31%, up 0.02 percentage points MoM but down 0.24 percentage points YoY; the weighted average pledged repo rate was 1.33%, up 0.02 percentage points MoM but down 0.23 percentage points YoY. VII. In May, cross-border RMB settlement under the current account amounted to 1.67 trillion yuan, and under direct investment, it was 0.58 trillion yuan. In May, cross-border RMB settlement under the current account totaled 1.67 trillion yuan, of which goods trade, services trade, and other current account items were 1.28 trillion yuan and 0.39 trillion yuan, respectively; cross-border RMB settlement under direct investment totaled 0.58 trillion yuan, consisting of 0.22 trillion yuan in outward direct investment and 0.36 trillion yuan in foreign direct investment. Recommended Reading: ] Latest financial data released: M2 and outstanding aggregate financing at end-February grew 8.7% and 9.0% YoY respectively. See how authoritative experts interpret this! ] Aggregate financing and new RMB loans hit second-highest level for the same period in history in the first two months; February M2 up 8.7% YoY ] In January 2024, new aggregate financing was 6.5 trillion yuan, new loans were 4.92 trillion yuan, and M2 grew 8.7% YoY ] PBOC: December aggregate financing increment was 1.94 trillion yuan, new RMB loans were 1.17 trillion yuan, M2 up 9.7% YoY ] PBOC: November aggregate financing increment was 2.45 trillion yuan, new RMB loans were 1.09 trillion yuan, M2 up 10% YoY ] November financial data released: The volume of aggregate financing continued to grow more YoY, and credit support for the real economy remained solid ] Will trillion-yuan government bonds "prop up" October money and credit data? Market expects overall strong aggregate financing but weak credit; RRR cut expectations still building ] PBOC: October aggregate financing increment was 1.85 trillion yuan, new RMB loans were 738.4 billion yuan, M2 up 10.3% YoY ] PBOC: September aggregate financing increment was 4.12 trillion yuan, new RMB loans were 2.31 trillion yuan, M2 up 10.3% YoY ] PBOC makes heavy-hitting remarks! Talking about China-US interest rate differentials, September financial data, mortgage rates on existing home loans... ] General Administration of Customs: China's imports and exports showed positive trends in the first three quarters; September hit a new single-month high for the year ] PPI and CPI data improved for three consecutive months; experts say price improvement further confirmed, expect the YoY improvement in PPI to continue ] NBS explains: September CPI was stable, PPI YoY decline narrowed for three consecutive months, both rose MoM ] September mobile phone export value doubled MoM; automobile export YoY growth continued to lead ] PBOC: August aggregate financing increment was 3.12 trillion yuan, new RMB loans were 1.36 trillion yuan, M2 up 10.6% YoY ] PBOC: Act when it's time to act, resolutely guard against the risk of exchange rate overshooting! USD/CNH plunged ] PBOC: August aggregate financing scale was 528.2 billion yuan, new RMB loans were 345.9 billion yuan, M2 up 10.7% YoY ] PBOC: June aggregate financing and new RMB loans far exceeded expectations, M2 up 11.3% YoY ] PBOC: May aggregate financing increment was 1.56 trillion yuan, 331.2 billion yuan more than the previous month ] PBOC: May RMB loans increased by 1.36 trillion yuan, with the previous figure at 718.8 billion yuan ] PBOC: May RMB deposits increased by 1.46 trillion yuan, 1.58 trillion yuan less than the same period last year ] PBOC: April aggregate financing increment was 1.22 trillion yuan, new RMB loans were 718.8 billion yuan, M2 up 12.4% YoY ] PBOC: Q1 RMB deposits increased by 15.39 trillion yuan, loans increased by 10.6 trillion yuan

On the evening of April 28, Guangzhou Great Power Energy and Technology Co., Ltd. (hereinafter short as Great Power) released its 2025 annual report and Q1 2026 quarterly report. The company's revenue and profit rose significantly, with its energy storage business delivering outstanding performance. Impressive Results: Revenues sustained high growth, up nearly 200% YoY in 2026 Q1 Its financial report showed that in full-year 2025, the company achieved total revenue of 11.943 billion yuan, up 50.04% YoY; net profit attributable to shareholders of the publicly listed firm reached 206 million yuan, up 181.61% YoY. Entering 2026, Great Power's performance continued its high growth trajectory. According to its Q1 financial data, the company achieved total revenue of 4.768 billion yuan, up 182.14% YoY. The company's energy storage business shipments and revenue both grew QoQ, demonstrating strong growth resilience, with Q1 profit alone already surpassing the full-year figure of last year. Great Power's 2025 performance growth momentum stemmed from the synergistic contribution of three major businesses — energy storage, consumer, and power battery : The energy storage business, leveraging its leading product competitiveness and global expansion advantages, became the core growth engine; The consumer battery business consolidated its fundamental position, maintaining steady operations; The power battery business focused on differentiated niche segments, continuously broadening incremental space, forming a well-balanced development pattern. Meanwhile, based on its three-year capacity plan and R&D progress of downstream popular products, the company expects its capacity utilization rate to stay high over the next three years, with performance expected to maintain strong growth momentum. Impressive Residential ESS Performance: Battery Cell Shipments Ranked Second Globally, Behind-the-meter (BTM) ESS Ranked Top Two in China As one of the earliest industry leaders in China to enter the ESS sector, Great Power has achieved remarkable results in the residential ESS field. In 2025, the company's residential ESS battery cell shipments ranked second globally , and its BTM ESS shipments ranked top two in China and top five worldwide ; in the commercial and industrial segment, ESS shipments ranked top two in China; its full-scenario energy storage deployment yielded significant results. In addition, the company's large-scale overseas energy storage orders achieved breakthrough growth, with full-year 2025 revenue reaching 1.793 billion yuan, up 72.98% YoY, demonstrating clear results from its globalization strategy. ESS Battery Cell QoQ Growth Tops the List, Consolidating Its Position in the Global Tier 1 With undeniable strength, Great Power was shortlisted in the 2026 SMM Global Tier 1 ESS battery cell list, ranking first in terms of QoQ growth in ESS battery cell shipments. The company's ESS battery shipments have remained in the global top eight for multiple consecutive years, with a solid industry position. Production and Sales Boom: Orders Booked Through Q2 2026, Core Energy Storage Lines Operating at Full Capacity As early as the end of 2025, an executive of Great Power stated that the company's overall production and operations were showing positive trend, with all energy storage product lines maintaining full production and sales, and orders booked through Q2 2026. On the core energy storage product manufacturing side, the 314Ah utility-scale ESS battery cell line as well as the 100Ah and 50Ah BTM ESS battery cell lines all operated at full capacity. The company is steadily expanding capacity in line with market demand. Currently, the Phase II plant at the Quzhou base has been completed, with mass production of 587Ah large-capacity battery cells expected in 2026. Orders from domestic clients have already been secured, and ex-China demand is expected to be gradually released in 2027.

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