银行业1月金融数据点评：贷款规模创新高，企业端表现亮眼

Investment Rating - The industry investment rating is maintained as "In line with the market" [2][23]. Core Insights - The report highlights a record high in loan scale, with a total RMB loan balance of 260.77 trillion, reflecting a year-on-year growth of 7.53%. In January, RMB loans increased by 5.13 trillion, which is 210 billion more than the same period last year [5][6]. - The performance of the corporate sector is notably strong, with corporate loans increasing by 4.78 trillion in January, a year-on-year increase of 920 billion. This includes a rise in short-term loans by 1.74 trillion and medium to long-term loans by 3.46 trillion [5][6][12]. - The report indicates a decline in the growth rate of M1 and M2, with M2 growth at 7.0%, down 0.3 percentage points from the previous month, suggesting a need for improved economic activity [5][19]. Summary by Sections Loan Performance - As of January 2025, the total RMB loan balance reached 260.77 trillion, with short-term loans at 65.31 trillion and medium to long-term loans at 174.86 trillion. The growth rates for short-term and medium to long-term loans are 4.75% and 7.6%, respectively [6][11]. - In January, the increase in loans was driven by corporate demand, with short-term loans reflecting seasonal needs related to the Lunar New Year [5][8]. Deposit Trends - The total RMB deposit balance was 306.55 trillion, with an increase of 4.32 trillion in January, which is a decrease of 1.16 trillion compared to the previous year [16][18]. - The report notes a significant drop in non-bank financial institution deposits, contributing to the decline in M2 growth [19][20]. Investment Recommendations - The report suggests focusing on state-owned banks with stable earnings and high dividends, such as China Construction Bank, while keeping an eye on core assets like China Merchants Bank and Ningbo Bank if economic expectations improve [23].