超预期！基数效应叠加A股走势积极，1月M2同比增9%

Core Viewpoint - The People's Bank of China released financial data for January, indicating that the broad money supply (M2) reached 347.19 trillion yuan at the end of January 2026, with a year-on-year growth of 9.0%, which is 0.5 percentage points higher than the previous month and 2.0 percentage points higher than the same period last year [1] Group 1 - The year-on-year growth of M2 in January shows an increase compared to the previous month, indicating a positive trend in the capital market at the beginning of the year [1] - The growth in M2 is partly attributed to a base effect, as January 2025 saw an increase of approximately 5 trillion yuan, which is considered a relatively low base compared to recent years [1] - As the base effect diminishes, the M2 growth trend is expected to stabilize [1]