2月金融数据点评：社融增速上升，政府债券仍是支撑

Investment Rating - The report indicates a positive outlook on government bonds as a support for social financing, with a focus on the implementation of more proactive fiscal policies [9]. Core Insights - In February 2025, the social financing scale increased by 22,375 billion yuan, which is 7,416 billion yuan more than the same period last year. The stock growth rate of social financing recorded 8.2%, an increase of 0.2 percentage points from the previous value. Government bond financing remains strong, while demand for loans from residents and enterprises is insufficient [9]. - The government work report emphasizes a total new debt scale of 11.86 trillion yuan for the year, an increase of 2.9 trillion yuan compared to the previous year, suggesting that government bond financing may continue to support social financing [9]. - In February, new RMB loans amounted to 10,100 billion yuan, with the residential sector performing better than the enterprise sector. However, short-term loans for residents recorded a decrease of 2,741 billion yuan, indicating a slow recovery in consumption [11]. Summary by Sections Government Bonds Supporting Social Financing - The report highlights that government bonds increased by 16,939 billion yuan in February, which is 10,928 billion yuan more than the previous year. The proactive fiscal policy is expected to bolster social financing [9]. - The new RMB loans in February were 6,528 billion yuan, a decrease of 3,245 billion yuan year-on-year, while foreign currency loans decreased by 281 billion yuan [9]. M1 Growth Rate - The M1 year-on-year growth rate recorded 0.1% in February, which was below expectations, possibly due to the impact of the Spring Festival. The M2 growth rate remained stable at 7.0%, indicating a high willingness to save among residents [14]. - The M2-M1 gap expanded to 6.9%, reflecting a need for further confidence in the real economy [14].