1月金融数据“开门红” M2余额增速达9%创近两年新高

Core Insights - January financial data indicates a strong start to the year, with M2 growth reaching 9%, the highest in nearly two years, and social financing scale increasing significantly [1][2] Group 1: Monetary and Financing Data - As of the end of January, M2 balance was 347.19 trillion yuan, with a year-on-year growth of 9%, marking a 0.5 percentage point increase from the previous month and a 2.0 percentage point increase from the same period last year [2] - Social financing scale reached 449.11 trillion yuan, with an 8.2% year-on-year growth, and a record monthly increase of 7.22 trillion yuan, which is 1,662 billion yuan more than the same month last year [2][4] - Government bond financing accounted for 13.5% of the total social financing increase, the highest level for the same period since 2021, indicating strong government support for financing [2] Group 2: Credit Growth and Demand - The total RMB loan balance reached 276.62 trillion yuan, with a year-on-year growth of 6.1%, and an increase of 4.71 trillion yuan in January [4][5] - Significant project launches and early investments have driven project loans, with corporate loans increasing by 4.45 trillion yuan in January, including 3.18 trillion yuan in medium- and long-term loans [6] - Consumer loan growth was supported by pre-holiday spending, with government policies enhancing consumer loan incentives [6] Group 3: Financing Costs and Structure - The average interest rate for newly issued corporate loans was approximately 3.2%, down about 20 basis points from the previous year, while personal housing loans remained stable at 3.1% [7] - The financing cost remains low, reflecting a relatively abundant credit supply and the effectiveness of financial support to the real economy [7] - The structure of credit is improving, with significant growth in loans to high-quality development sectors, including a 11.6% increase in inclusive small and micro loans [7][8]