【银行】信用活动“价在量先”——2026年2月份金融数据点评（王一峰/赵晨阳）

Core Viewpoint - The article discusses the financial statistics released by the central bank for February 2026, highlighting the trends in loans, social financing, and monetary aggregates, indicating a mixed outlook for credit growth and economic recovery. Group 1: Loan Growth - In February, new RMB loans amounted to 900 billion, a year-on-year decrease of 110 billion, with a month-end growth rate of 6%, down 0.1 percentage points from the end of January [4] - The total new loans for January and February combined reached 5.6 trillion, a year-on-year decrease of 530 billion, indicating a moderation in credit intensity at the start of the year [4] - The monthly loan issuance rhythm is expected to be smoother throughout the year, with reduced volatility compared to the same period last year [4] Group 2: Corporate Loans - New corporate loans in February totaled 1.49 trillion, a year-on-year increase of 450 billion, continuing to act as a stabilizing force for loan growth [5] - The breakdown of new loans shows a decrease of 350 billion in bills, an increase of 600 billion in short-term loans, and an increase of 890 billion in medium to long-term loans, with medium to long-term loans accounting for 60% of new loans, up from 52% in the previous year [5] Group 3: Household Loans - In February, household loans decreased by 650.7 billion, a year-on-year reduction of 261.6 billion, indicating significant pressure on household credit [6] - The decline in household short-term and medium to long-term loans was 469.3 billion and 181.5 billion respectively, with year-on-year reductions of 1.95 billion and 665 million [6] Group 4: Social Financing - New social financing in February reached 2.4 trillion, with a month-end growth rate of 8.2%, remaining stable compared to the end of January [8] - The growth rate of social financing shows resilience, with the gap between social financing and loan growth remaining high [8] Group 5: Monetary Aggregates - M2 growth in February was 9%, consistent with the end of January, while M1 grew by 5.9%, an increase of 1 percentage point from January [7] - New RMB deposits in February amounted to 1.17 trillion, a year-on-year decrease of 3.25 trillion, with cumulative deposits for January and February growing by 9.26 trillion, a year-on-year increase of 520 billion [9]