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-2025-03-16

Investment Rating - The investment rating for the banking industry is "Positive" and maintained [11] 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][15] - 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 [8][25] - 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 [8][25] 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, with a year-on-year growth rate of 7.3% as of the end of February, down 0.2 percentage points from the previous month [8][25] - The increase in corporate loans was primarily supported by bill financing, while general corporate loans saw a significant decline [8][25] Retail Demand - Retail demand remains weak, with new household loans in January and February totaling 547 billion yuan, down 3.479 trillion yuan year-on-year. The main drag was from operating loans, which decreased significantly [9][32] - Housing loans showed a slight increase, indicating a potential recovery in demand, while short-term consumer loans decreased by 330.8 billion yuan, reflecting low consumer leverage [9][32] Bank Performance - Large banks issued 3.71 trillion yuan in new loans in January and February, with a year-on-year increase remaining stable. Smaller banks issued 2.61 trillion yuan, down 217.1 billion yuan year-on-year [10][34] - Total RMB deposits increased by 8.74 trillion yuan in January and February, a year-on-year increase of 2.3 trillion yuan, with a notable rise in fiscal deposits [10][40] Market Dynamics - The average dividend yield for the five major state-owned banks in A-shares is 4.7%, with a spread of 285 basis points over the 10-year government bond yield. The H-share average dividend yield is 5.7%, with a spread of 392 basis points [7][17]