——2026年3月13日利率债观察：新增信贷里几乎全是企业中长期

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - The current credit growth situation in February 2026 is better than the same period last year, as the credit increment in February 2026 was basically the same as that in the same period last year despite fewer working days due to the Spring Festival holiday [1][8]. - In February 2026, financial institutions may have been "pressuring" rather than "rushing" for credit volume, as indicated by the rising 3M national - share transfer discount rate in the second half of the month and the negative growth of bill financing in RMB loans [2][8]. - Credit growth should create a suitable monetary and financial environment for stable economic growth and high - quality development. Unreasonable credit growth during the "good start" period in recent years has been curbed [2][10]. - Abandoning the meaningless "involution" of credit scale helps improve credit quality. The proportion of medium - and long - term corporate loans in new RMB loans reached 98.9% in February 2026, which is significantly higher than 53.5% in the same period last year and has shown a trend of improvement since October last year [3][11]. 3. Summary by Relevant Catalogs 3.1 New Credit Consists Almost Entirely of Medium - and Long - Term Corporate Loans - In February 2026, new RMB loans were 90 billion yuan, basically the same as 101 billion yuan in the same period last year, indicating a better credit growth situation [1][8]. - The 90 - billion - yuan credit increment in February 2026 may have been reserved. The rising 3M national - share transfer discount rate in the second half of the month and the negative growth of bill financing in RMB loans suggest that financial institutions may have been "pressuring" credit volume [2][8]. - Credit growth should match economic growth and price level expectations. Unreasonable credit growth during the "good start" period in recent years has been curbed, and it is recommended that financial institutions focus more on serving the real economy [2][10]. - The proportion of medium - and long - term corporate loans in new RMB loans reached 98.9% in February 2026, much higher than 53.5% in the same period last year, reflecting a trend of improvement in credit growth quality [3][11].