2025年2月金融数据点评：政府债发力，社融增速提升

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - Government bonds have gained momentum, leading to an increase in social financing growth to 8.2%. In February 2025, social financing increased by 2.23 trillion yuan, a year-on-year increase of 737.4 billion yuan [6][7] - The structure of social financing shows that loans to the real economy increased by 650.6 billion yuan, while non-standard financing decreased by 354.4 billion yuan. Direct financing increased by 177.8 billion yuan, with government bonds contributing significantly [2][8] - The report highlights that the banking sector is actively supporting credit issuance, with a total of 5.87 trillion yuan in new loans issued in January and February 2025, reflecting a year-on-year increase of 526 billion yuan [7] Summary by Sections Social Financing and Loans - In February 2025, social financing increased by 2.23 trillion yuan, with a year-on-year growth rate of 8.2%. The breakdown includes an increase of 650.6 billion yuan in loans to the real economy, while non-standard financing decreased by 354.4 billion yuan [6][7] - Direct financing saw an increase of 177.8 billion yuan, with corporate bonds contributing 170.2 billion yuan and equity financing adding 7.6 billion yuan [2][8] Government Bonds - Government bonds increased by 1.70 trillion yuan in February, a year-on-year increase of 1.10 trillion yuan. The issuance of local government bonds accelerated significantly, supporting the growth of social financing [2][8] Loan Structure - Corporate loans increased by 1.04 trillion yuan, while retail loans decreased by 389.1 billion yuan. The report indicates that corporate loans are acting as a stabilizing force, contributing significantly to credit growth [3][15] - Retail loans have shown weakness, with a notable decline in consumer credit demand. However, policy measures are expected to gradually improve the retail lending environment [4][16] Deposits - New deposits in February amounted to 4.42 trillion yuan, a year-on-year increase of 3.46 trillion yuan. The structure indicates a decrease in corporate deposits, while non-bank deposits increased significantly [21]