HTSC·2026-01-16 12:01Investment Rating - The report maintains a "Buy" rating for several banks, including Chengdu Bank, Chongqing Rural Commercial Bank, Nanjing Bank, Industrial and Commercial Bank of China, Shanghai Bank, and China Construction Bank, while recommending "Hold" for Chongqing Rural Commercial Bank [8][35]. Core Insights - The report highlights that corporate lending has become the main driver of credit growth, with December's new loans reaching 910 billion yuan, exceeding expectations, while household loans contracted significantly [2][5]. - The total social financing for 2025 is projected to be 35.6 trillion yuan, an increase of 3.34 trillion yuan year-on-year, supported mainly by government bonds [5][12]. - The report indicates a recovery in corporate bond financing, with December seeing an increase of 1.54 billion yuan, while government bond financing decreased significantly due to a high base effect from the previous year [3][5]. Summary by Sections Credit Growth - December's new loans amounted to 910 billion yuan, with corporate loans increasing by 1.07 trillion yuan, while household loans decreased by 916 billion yuan [2][5]. - The overall loan growth rate for December was 6.4%, remaining stable compared to November [2][12]. Social Financing - The total social financing in December was 2.21 trillion yuan, with a year-on-year decrease of 646.2 billion yuan, primarily due to fluctuations in government bonds [1][5]. - For the entire year of 2025, social financing is expected to grow significantly, driven by government support [5][12]. Monetary Supply - M1 and M2 growth rates for December were 3.8% and 8.5%, respectively, with M1 showing a decline due to limited demand for corporate current funds [4][12]. - New deposits in December reached 1.68 trillion yuan, with a year-on-year increase of 3.08 trillion yuan [4][12]. Investment Recommendations - The report recommends specific stocks for investment, including Chengdu Bank (target price 23.25 yuan), Nanjing Bank (target price 14.78 yuan), and Industrial and Commercial Bank of China (target price 8.31 yuan) [11][35].