【固收】新增信贷里几乎全是企业中长期——2026年3月13日利率债观察（张旭）

Summary of Key Points Core Viewpoint - The current credit growth situation is better than the same period last year, with a focus on long-term corporate loans, indicating improved credit quality [4]. Group 1: Credit Growth Analysis - In February, new RMB loans amounted to 900 billion, roughly the same as 1,010 billion in the same month last year, despite fewer working days due to the Spring Festival [4]. - The 900 billion increase in credit suggests that financial institutions may have retained some lending capacity, which could lead to a more favorable credit environment [4]. - The average 3M national stock transfer discount rate rose from 1.03% in early February to 1.53% by the end of the month, indicating a potential tightening of credit supply by financial institutions [4]. Group 2: Quality of Credit Growth - The growth of credit should align with economic stability and high-quality development rather than merely increasing in volume [4]. - In February, corporate medium- and long-term loans accounted for 98.9% of new RMB loans, significantly higher than 53.5% in the same month last year, reflecting a trend of improving credit quality [4]. - The emphasis on reducing unnecessary competition for credit volume is expected to enhance the quality of loans, particularly in supporting real economic activities [4].