总量不低，信贷平淡——2026年1月金融数据点评

Group 1 - The total financing volume is sufficient, but the quality of the "opening red" is lacking, with social financing showing a year-on-year increase driven mainly by government bonds and discounted bills [2][4] - In January, the net financing scale of government bonds rose to 976.4 billion yuan, benefiting from the timing of the Spring Festival, resulting in a year-on-year increase of 283.1 billion yuan [4] - The demand for loans at the beginning of the year is weak, with banks showing strong demand for bills, leading to a significant increase in discounted bills to 629.3 billion yuan, a year-on-year increase of 163.9 billion yuan [4] Group 2 - M1 and M2 growth rates rebounded in January, with M1 increasing by 1.1 percentage points to 4.9%, driven by the maturity of high-interest deposits and a low base effect from the previous year [3][7] - M2 growth rate rose to 9% in January, with fiscal deposits increasing by 1.55 trillion yuan, a year-on-year increase of 1.2 trillion yuan [7] - The difference between M2 and M1 growth rates narrowed to 4.1%, indicating an increase in the liquidity of funds [7] Group 3 - In January, new RMB loans increased by 4.71 trillion yuan, with a year-on-year decrease of 420 billion yuan, reflecting a shift in the structure of loans [6] - Household loans increased by 456.5 billion yuan, with short-term loans showing a year-on-year increase of 159.4 billion yuan, while medium and long-term loans decreased by 146.6 billion yuan [6] - Corporate loans increased by 4.45 trillion yuan, with short-term loans rising by 2.05 trillion yuan, while medium and long-term loans decreased by 280 billion yuan [6]