中信建投：预计2026年信贷增速仍将保持在7%—8%左右

Core Viewpoint - The report indicates that the new social financing (社融) in December 2025 was 2.21 trillion, a year-on-year decrease of 0.65 trillion, reflecting a weakening support due to government debt and high base effects, which aligns with expectations [1] Group 1: Social Financing and Credit - The marginal improvement in corporate credit issuance in December is attributed to banks preemptively advancing projects for the new year [1] - Retail credit issuance remains sluggish, with expectations for recovery in demand driven by macroeconomic recovery and policy coordination [1] Group 2: Future Projections - The positive fiscal policy stance and relatively loose monetary policy are expected to continue into 2026, with government debt remaining a key driver of social financing growth [1] - Credit growth is projected to maintain a rate of 7% to 8% in 2026, with real improvements in bank fundamentals requiring further enhancements in credit demand and economic expectations [1]