diff --git a/crates/ty_python_semantic/resources/mdtest/classes.md b/crates/ty_python_semantic/resources/mdtest/classes.md
new file mode 100644
index 0000000000..fde58831c2
--- /dev/null
+++ b/crates/ty_python_semantic/resources/mdtest/classes.md
@@ -0,0 +1,25 @@
+# Class definitions
+
+## Deferred resolution of bases
+
+### Only the stringified name is deferred
+
+If a class base contains a stringified name, only that name is deferred. Other names are resolved
+normally.
+
+```toml
+[environment]
+python-version = "3.12"
+```
+
+```py
+A = int
+
+class G[T]: ...
+class C(A, G["B"]): ...
+
+A = str
+B = bytes
+
+reveal_type(C.__mro__)  # revealed: tuple[<class 'C'>, <class 'int'>, <class 'G[bytes]'>, typing.Generic, <class 'object'>]
+```
diff --git a/crates/ty_python_semantic/src/types/infer.rs b/crates/ty_python_semantic/src/types/infer.rs
index 896d075636..7259f9565d 100644
--- a/crates/ty_python_semantic/src/types/infer.rs
+++ b/crates/ty_python_semantic/src/types/infer.rs
@@ -999,9 +999,10 @@ impl<'db, 'ast> TypeInferenceBuilder<'db, 'ast> {
         self.index.has_future_annotations() || self.in_stub()
     }
 
-    /// Are we currently inferring deferred types?
+    /// Are we currently in a context where name resolution should be deferred
+    /// (`__future__.annotations`, stub file, or stringified annotation)?
     fn is_deferred(&self) -> bool {
-        matches!(self.region, InferenceRegion::Deferred(_)) || self.deferred_state.is_deferred()
+        self.deferred_state.is_deferred()
     }
 
     /// Return the node key of the given AST node, or the key of the outermost enclosing string
@@ -3173,10 +3174,7 @@ impl<'db, 'ast> TypeInferenceBuilder<'db, 'ast> {
                 self.infer_expression(&keyword.value);
             }
 
-            // Inference of bases deferred in stubs
-            // TODO: Only defer the references that are actually string literals, instead of
-            // deferring the entire class definition if a string literal occurs anywhere in the
-            // base class list.
+            // Inference of bases deferred in stubs, or if any are string literals.
             if self.in_stub() || class_node.bases().iter().any(contains_string_literal) {
                 self.deferred.insert(definition);
             } else {
@@ -3207,7 +3205,11 @@ impl<'db, 'ast> TypeInferenceBuilder<'db, 'ast> {
     fn infer_class_deferred(&mut self, definition: Definition<'db>, class: &ast::StmtClassDef) {
         let previous_typevar_binding_context = self.typevar_binding_context.replace(definition);
         for base in class.bases() {
-            self.infer_expression(base);
+            if self.in_stub() {
+                self.infer_expression_with_state(base, DeferredExpressionState::Deferred);
+            } else {
+                self.infer_expression(base);
+            }
         }
         self.typevar_binding_context = previous_typevar_binding_context;
     }
@@ -3561,6 +3563,8 @@ impl<'db, 'ast> TypeInferenceBuilder<'db, 'ast> {
             bound,
             default,
         } = node;
+        let previous_deferred_state =
+            std::mem::replace(&mut self.deferred_state, DeferredExpressionState::Deferred);
         match bound.as_deref() {
             Some(expr @ ast::Expr::Tuple(ast::ExprTuple { elts, .. })) => {
                 // We don't use UnionType::from_elements or UnionBuilder here, because we don't
@@ -3582,6 +3586,7 @@ impl<'db, 'ast> TypeInferenceBuilder<'db, 'ast> {
             None => {}
         }
         self.infer_optional_type_expression(default.as_deref());
+        self.deferred_state = previous_deferred_state;
     }
 
     fn infer_paramspec_definition(
@@ -5600,6 +5605,17 @@ impl<'db, 'ast> TypeInferenceBuilder<'db, 'ast> {
         self.infer_expression_impl(expression)
     }
 
+    fn infer_expression_with_state(
+        &mut self,
+        expression: &ast::Expr,
+        state: DeferredExpressionState,
+    ) -> Type<'db> {
+        let previous_deferred_state = std::mem::replace(&mut self.deferred_state, state);
+        let ty = self.infer_expression(expression);
+        self.deferred_state = previous_deferred_state;
+        ty
+    }
+
     fn infer_maybe_standalone_expression(&mut self, expression: &ast::Expr) -> Type<'db> {
         if let Some(standalone_expression) = self.index.try_expression(expression) {
             self.infer_standalone_expression_impl(expression, standalone_expression)