超预期！基数效应叠加A股走势积极，1月M2同比增9%

Group 1 - The central bank released January financial data, showing that by the end of January 2026, the broad money supply (M2) reached 347.19 trillion yuan, with a year-on-year growth of 9.0%, which is 0.5 percentage points higher than the previous month and 2.0 percentage points higher than the same period last year [1] - Market experts indicate that the year-on-year growth of M2 in January reflects an increase compared to the previous month, attributed to a base effect where approximately 500 billion yuan was added to M2 in January 2025, resulting in a relatively low base for comparison [1] - The positive performance of the capital market at the beginning of the year also contributed to the increase in M2, although it is expected that as the base effect diminishes, the growth trend of M2 will stabilize [1]