银行业：如何理解银行同业存单备案额度显著增长

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The issuance of interbank certificates of deposit (CDs) has significantly increased, with a total issuance quota of 30.43 trillion yuan for 2025, up by 5.59 trillion yuan from 2024 [4][5] - The increase in issuance is primarily driven by strong credit growth and a substantial outflow of non-bank deposits, leading to a heightened demand for proactive liability management [11][4] - In January 2025, new RMB loans reached 5.13 trillion yuan, exceeding market expectations and reflecting a strong willingness from banks to increase lending [11][2] Summary by Sections Credit - In January 2025, the total new RMB loans amounted to 5.13 trillion yuan, an increase of 210 billion yuan year-on-year, indicating a robust lending environment [2][11] - The corporate lending sector showed strong performance, particularly in manufacturing and key areas related to national strategies [11][2] Deposits - Following the release of self-regulatory initiatives in November 2024, non-bank demand deposits saw a significant outflow, particularly affecting state-owned banks, which collectively lost 4.35 trillion yuan in non-bank deposits by January 2025 [2][13] - The downward adjustment of deposit rates and regulatory restrictions on "manual interest supplementation" have also constrained deposit absorption [13][2] Asset and Liability Management - The growth rate of loans (7.5%) has outpaced that of deposits (5.8%) as of January 2025, leading to a widening gap between the two [3][17] - The loan-to-deposit ratio for commercial banks stood at 80.3% at the end of 2024, indicating a relatively high level of leverage [17][3] - Banks are increasingly relying on interbank CDs as a tool for proactive liability management, with a notable increase in issuance quotas for major banks [3][4]