银行业“量价质”跟踪（十一）：稳居民信贷诉求上升，贷款定价趋于理性

Investment Rating - The industry investment rating is "Market Weight" [10] Core Viewpoints - The report highlights that the People's Bank of China released financial data for February, indicating a marginal slowdown in credit due to the high volume of lending in January. Government financing has significantly supported social financing, countering the negative impact of the slowdown in corporate and household credit. Notably, household credit in January-February reached a five-year low, raising concerns about the urgency to stabilize household credit [7][8] - Government financing has accelerated, with new government bonds issued amounting to 1.69 trillion yuan in February, an increase of 1.10 trillion yuan compared to the same period last year. This accounted for 75% of the new social financing, which rose to 8.20% [7][8] - The report indicates a marginal slowdown in credit issuance to enterprises and individuals, with new RMB loans in February totaling 650.6 billion yuan, a year-on-year decrease of 326.7 billion yuan. The decline in corporate credit is attributed to the high lending in January and the accelerated pace of government debt management [7][8] - Future credit efforts may focus on optimizing structure, with an increased emphasis on stabilizing household credit. The government aims to support consumption and small businesses, as indicated by recent fiscal policies [7][8] - Monetary supply remains stable, with M2 and M1 growing by 7.0% and 0.1% year-on-year, respectively. The report notes that the tightening of funding rates has led banks to stabilize their interest margins, promoting rational loan pricing [7][8] Summary by Sections Macroeconomic Policy - The report emphasizes the positive impact of macroeconomic policies and the need to focus on stable dividends and recovery potential in the banking sector [3] Credit Market Trends - The report discusses the trends in credit issuance, highlighting the need for a balanced approach to support both corporate and household sectors [7][8] Government Financing - Government financing has played a crucial role in supporting social financing growth, with significant increases in bond issuance [7][8] Interest Rate Environment - The report suggests that the current monetary policy environment is relatively favorable for interest margins, with expectations of a less severe decline in margins compared to previous years [9] Investment Recommendations - The report advises focusing on stable dividends and recovery potential, particularly in state-owned banks and leading small and medium-sized banks [9]