12月金融数据点评：政府债支撑减弱下社融增速回落，对公信贷同比多增

Investment Rating - The report maintains a "Positive" investment rating for the banking sector in 2026, indicating a favorable outlook for returns relative to the market benchmark [6][24]. Core Insights - The banking sector is expected to return to a fundamental narrative in 2026, supported by policy financial tools and resilient asset expansion. The sector is currently in a deposit repricing cycle, which is likely to stabilize net interest margins. Structural risks are anticipated to receive policy support [3][24]. - The report highlights two main investment themes: 1. High-quality small and medium-sized banks with confirmed fundamentals, including Nanjing Bank (601009, Buy), Ningbo Bank (002142, Buy), and Chongqing Rural Commercial Bank (601077, Buy) 2. State-owned large banks with stable fundamentals and good defensive value, including Bank of Communications (601328, Not Rated) and Industrial and Commercial Bank of China (601398, Not Rated) [3][25]. Summary by Sections Social Financing and Loan Growth - In December 2025, social financing grew by 8.3% year-on-year, with a month-on-month decrease of 0.2 percentage points. The total social financing increment was 2.21 trillion yuan, which was 646.2 billion yuan less than the previous year. The structure showed that corporate loans increased by 140.2 billion yuan, while government bonds decreased significantly by 1.0733 trillion yuan [9][10]. - The report notes that retail demand remains weak, while corporate loans increased by 580 billion yuan, driven by local government debt limits allocated for project construction [13][14]. Monetary Aggregates - M1 growth continued to decline, with a year-on-year increase of 3.8% in December 2025, while M2 grew by 8.5%. The difference in growth rates between M2 and M1 increased to 4.7 percentage points [21][22]. - New RMB deposits in December amounted to 1.68 trillion yuan, with a year-on-year increase of 3.08 trillion yuan, primarily due to a rise in household deposits [21][23]. Investment Recommendations - The report emphasizes the potential for absolute returns in the banking sector in 2026, with a focus on quality small and medium-sized banks and stable large state-owned banks as key investment targets [24][25].