——2026年1月份金融数据点评：1月贷款同比少增，稳定需求仍需政策加力

Investment Rating - The report maintains a "Buy" rating for the banking industry, indicating an expected investment return exceeding the market benchmark index by over 15% in the next 6-12 months [1]. Core Insights - In January 2026, new RMB loans amounted to 4.71 trillion, a year-on-year decrease of 420 billion, with a growth rate of 6.1%, down 0.3 percentage points from the end of December 2025. The performance of loan growth at the beginning of the year is relatively mild, necessitating attention to the stability of future loan growth [4][24]. - The total social financing in January 2026 reached 7.22 trillion, with a year-on-year increase of 1,662 billion, and a growth rate of 8.2%, slightly down from the end of December 2025 [24]. - The M2 growth rate rose to 9% in January, with an increase of 6.9 trillion in M2, marking a significant rise compared to previous years [28][29]. Summary by Sections Loan Growth - In January, the new RMB loans were 4.71 trillion, with a year-on-year decrease of 420 billion, indicating a growth rate of 6.1%, which is lower than the same period in the past three years [4][15]. - Corporate loans played a significant role, with new corporate loans amounting to 4.45 trillion, a year-on-year decrease of 3.3 trillion [9]. Social Financing - The new social financing scale was 7.22 trillion, with a growth rate of 8.2%, reflecting resilience in the financing landscape despite a slight decline from the previous month [24][25]. - The government bond issuance in January was 9.764 trillion, contributing to the overall social financing growth [24]. Monetary Supply - M2 increased by 6.9 trillion in January, with a growth rate of 9%, indicating a strong monetary supply environment [28][29]. - M1 also saw a growth rate of 4.9%, with an increase of 2.5 trillion, reflecting improved liquidity in the market [28]. Deposit Growth - In January, new RMB deposits reached 8.09 trillion, a year-on-year increase of 3.77 trillion, marking a historical high [29][36]. - The growth rate of deposits was 9.9%, indicating a stronger deposit growth compared to loan growth, which may alleviate structural liquidity shortages in the banking system [29][31].