资产配置动态报告：政府债券放量支撑社融增速

Investment Rating - The report indicates a positive outlook for the industry, suggesting that the industry fundamentals are favorable, with the industry index expected to outperform the CSI 300 index [8]. Core Insights - The report highlights that social financing (社融) increased by 1.32 trillion yuan year-on-year in January-February 2025, primarily driven by a 1.49 trillion yuan increase in government bonds [3]. - The report notes a decline in M1 growth rate to 0.1% by the end of February 2025, while M2 growth remained stable at 7.0% [3]. - It emphasizes the need to monitor the pace of policy implementation and signals of marginal improvement in M1 [3]. - The report states that total social financing (社融) increased by 2.23 trillion yuan in February 2025, with a year-on-year growth rate of 8.2% by the end of February [3]. - It mentions that credit data showed a decline, with a 4.4 trillion yuan year-on-year decrease in new RMB loans in February 2025 [3]. - The investment strategy suggests that social financing maintains a stable and positive growth rate, with significant fiscal support evident [3]. Summary by Sections - Social Financing: In January-February 2025, social financing increased by 9.29 trillion yuan, with government bonds being the main contributor, adding 1.49 trillion yuan [3]. - Credit Data: RMB loans increased by 6.14 trillion yuan in January-February 2025, but this was a decrease of 230 billion yuan year-on-year [3]. - Deposits: Total deposits increased by 2.3 trillion yuan year-on-year, with household deposits rising by 6.13 trillion yuan, while corporate deposits decreased by 1.1 trillion yuan [3].