2月金融数据分析：金融支持消费将成新重点

Investment Rating - The report does not explicitly state an investment rating for the industry Core Viewpoints - Financial support for consumption is expected to be a key focus in the upcoming monetary and financial data, driven by policies outlined in the "Special Action Plan to Boost Consumption" [2][30] Summary by Sections 1. RMB Credit - In February, the year-on-year growth rate of RMB loans continued to decline, with a total new loan of 1.01 trillion yuan, a decrease of 440 billion yuan year-on-year, resulting in a balance growth rate of 7.3% [8][20] - Resident loans increased by 3.0% year-on-year, while corporate loans increased by 9.1% [8][20] 2. Social Financing - The social financing growth rate rose to 8.2% in February, with an increment of 2.24 trillion yuan, which is 741.6 billion yuan more than the previous year [22] - Government bonds showed a significant acceleration, contributing positively to the social financing growth [22] 3. Money Supply - In February, M1 grew by 0.1% year-on-year, while M2 remained stable at 7.0% [27] - The gap between M1 and M2 growth rates widened to -6.9% [27] 4. Investment Suggestions - Future policies aimed at financial support for consumption are anticipated to drive monetary supply and financial data [30] - Key measures to focus on include expanding income channels for urban and rural residents and addressing overdue payments [30][31]