2月金融数据点评：财政上量推动企业贷款持续改善，久期资产承压

1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the given content 2. Core Viewpoint of the Report - The February financial data shows stable total volume and improved structure. With the strengthening of credit - easing policies, corporate credit is likely to continue its strong performance. The logic of the bond market's allocation in January and February is challenged. It is recommended to reasonably reduce the duration and focus on medium - and short - duration credit bonds for coupon certainty. The bond market may experience a rapid correction due to factors such as fundamental repair, asset price comparison, and inflation, even without a tightening of policy interest rates. The strategy suggests being cautious about long - duration and ultra - long - duration assets and focusing on medium - and short - duration credit bonds and coupon strategies [3] 3. Summary by Related Catalog 3.1 Financial Data Overview - In February 2026, the new RMB loans were 0.90 trillion yuan (compared to 4.71 trillion yuan in January 2026), new social financing was 2.38 trillion yuan (compared to 7.22 trillion yuan in January 2026), the year - on - year growth rate of social financing was 8.2% (the same as in January 2026), and the year - on - year growth rate of M2 was 9% (the same as in January 2026) [3] 3.2 Social Financing Structure - Corporate credit supported the year - on - year increase in new social financing, while the household sector continued to be weak. Government bonds were still an important support for February's social financing, with a net financing scale of 1.4 trillion yuan, but due to the high base, the net financing of government bonds in February decreased by 29.03 billion yuan year - on - year. In the corporate sector, corporate loans increased by 1.49 trillion yuan in February, with a year - on - year increase of 45 billion yuan, mainly supported by medium - and long - term loans. In the household sector, household loans decreased by 26.16 billion yuan year - on - year [3] 3.3 Deposit Situation - In February, household deposits increased year - on - year, while corporate and non - bank deposits decreased year - on - year. The new household deposit scale reached 3.11 trillion yuan, with a year - on - year increase of 2.50 trillion yuan; new non - bank deposits were 1.39 trillion yuan, with a year - on - year decrease of 1.44 trillion yuan [3] 3.4 Credit and Deposit Growth Gap - While corporate credit improved, the growth gap between loans and deposits significantly increased, and this trend may continue as policy effectiveness is released. Corporate loan improvement may continue in the second quarter, challenging the previous bond market allocation logic [3] 3.5 M1 and M2 Situation - In February, the M1 growth rate increased by 1.0 percentage points to 5.9%, and the M2 growth rate remained at 9.0%, narrowing the M1 - M2 gap to - 3.1%. The increase in M1 growth rate was affected by the low base last year, the strong pull of M0, improved corporate cash flow, and increased foreign exchange settlement demand. Although the loan growth rate declined this month, the M2 growth rate remained high, supported by the increase in corporate foreign exchange settlement willingness and the fast pace of fiscal expenditure [3] 3.6 Bond Market Strategy - It is recommended to be cautious about long - duration and ultra - long - duration assets and focus on medium - and short - duration credit bonds and coupon strategies with higher certainty [3]