银行业周度追踪2025年第10周：1~2月信贷少增，企业中长贷偏弱

Investment Rating - The investment rating for the banking industry is "Positive" and maintained [9] Core Insights - The Yangtze Bank Index increased by 1.4% this week, underperforming the CSI 300 Index by 0.2% and outperforming the ChiNext Index by 0.4% [2][4] - In February, new RMB loans increased by 1.01 trillion yuan, a year-on-year decrease of 440 billion yuan. Excluding the Spring Festival effect, the total for January and February saw a year-on-year decrease of 230 billion yuan [6][23] - Corporate loans were a significant drag, with February's new corporate loans at 1.04 trillion yuan, down 530 billion yuan year-on-year. General corporate loans decreased by 520 billion yuan year-on-year [6][23] Summary by Sections Credit Growth - In January and February, total new loans amounted to 6.14 trillion yuan, a year-on-year decrease of 230 billion yuan. The balance at the end of February showed a year-on-year growth rate of 7.3%, down 0.2 percentage points from the previous month [6][23] - The increase in corporate loans was primarily supported by bill financing, while general corporate loans saw a significant decline [6][23] Retail Demand - Retail demand remains weak, with new household loans in January and February totaling 547 billion yuan, down 3,479 billion yuan year-on-year. The main drag was from operating loans, which decreased significantly [7][30] - Housing loans showed a slight increase, indicating a potential recovery in demand, while short-term consumer loans decreased by 330 billion yuan, reflecting low consumer leverage [7][30] Bank Performance - Large banks added 3.71 trillion yuan in new loans in January and February, with a year-on-year change being relatively stable. In contrast, small and medium-sized banks saw a decrease of 2.17 trillion yuan in new loans [8][32] - The total new deposits in January and February reached 8.74 trillion yuan, an increase of 2.3 trillion yuan year-on-year, primarily driven by fiscal deposits [38]