社融信贷月报：财政货币政策协同发力，1月社融增长较快

Investment Rating - The report provides a positive outlook for the financial industry, suggesting a "Leading" rating for the sector over the next 12 months, indicating expected performance to be attractive compared to the benchmark index [16]. Core Insights - The financial industry is experiencing a recovery in credit demand from households, with January 2026 seeing new RMB loans of 4.71 trillion yuan, a year-on-year decrease of 420 billion yuan. However, household loans increased by 456.5 billion yuan, showing a marginal recovery in demand [4][5]. - The total social financing (社融) in January 2026 reached 7.22 trillion yuan, an increase of 166.2 billion yuan year-on-year, driven by fiscal efforts and seasonal factors related to the Spring Festival [4]. - M1 and M2 growth rates accelerated in January 2026, with M1 growing at 4.9% and M2 at 9.0%, indicating an increase in liquidity in the market [4]. - The report highlights a shift in deposit structure, with total new RMB deposits of 8.09 trillion yuan in January 2026, an increase of 3.77 trillion yuan year-on-year, although household deposits decreased by 339 billion yuan [4][5]. Summary by Sections Credit Demand - In January 2026, household loans increased by 456.5 billion yuan, with short-term loans rising by 159.4 billion yuan, while corporate loans totaled 4.45 trillion yuan, a decrease of 330 billion yuan year-on-year [4][5]. Social Financing - New social financing in January 2026 was 7.22 trillion yuan, with government bonds increasing by 283.1 billion yuan and bank acceptance bills rising by 163.9 billion yuan [4][5]. Monetary Supply - M1 growth rate was 4.9%, ending a three-month decline, while M2 growth rate was 9.0%, indicating improved liquidity conditions in the financial system [4]. Deposits - New RMB deposits totaled 8.09 trillion yuan in January 2026, with household deposits decreasing by 339 billion yuan year-on-year, while corporate deposits increased by 2.82 trillion yuan [4][5].