Core Viewpoint - The article discusses the high-level decline in the growth rate of household deposits in China by the third quarter of 2025, highlighting a shift in asset allocation towards wealth management and asset management products, which is a response to the declining interest rates and a more diversified financial market [2][3]. Group 1: Asset Management Products Growth - The scale of asset management products has been growing rapidly, with a total asset balance of 120 trillion yuan by the end of 2025, reflecting a year-on-year increase of 13.1% [3][4]. - The growth in asset management products is attributed to the marketization of interest rates, where investors are weighing returns against risks, leading to a shift from bank deposits to these products [3][4]. - By the end of 2025, over 80% of asset management products were allocated to fixed-income assets, with significant investments in interbank deposits and certificates of deposit [4]. Group 2: Changes in Deposit Structure - The report indicates that the rapid growth of asset management products has altered the structure of bank deposits, with a recent decline in the proportion of household and corporate deposits and an increase in interbank deposits [5][6]. - Even though some deposits are shifting towards wealth management and asset management products, a significant portion is still directed towards interbank deposits and certificates of deposit, which ultimately returns to the banking system [5][6]. Group 3: Liquidity Assessment - The overall liquidity in the financial system can be assessed by aggregating bank deposits and asset management products while excluding interbank transactions, showing a stable growth trend in liquidity over recent years [6][7]. - The central bank has effectively met the liquidity needs of the banking system through various tools, with a net injection of 6 trillion yuan in open market operations in 2025 [6][7]. - The current social financing environment remains relatively loose, supporting the real economy while allowing for a more diversified observation of asset and liability structures [7].

记者丨唐婧 编辑丨肖嘉 2025 年三季度，居民存款增速高位有所回落 ，各方关注增多， 出现了一些关于银行存款"流 失"的探讨。 2月10日，中国人民银行发布《2025年第四季度中国货币政策执行报告》（下称《报告》）， 对近期居民储蓄存款分流现象做出回应。 在题为"从资管产品与银行存款的合并视角看流动性总量"的专栏3中， 央行表示， 如果居民将 存款转化为资管产品，这些资管产品投向同业存款和存单，会直接增加非银机构在银行的存 款，若投向其他底层资产，最终也会转化为企业和相关机构的存款，从归宿上看 ，最终会回 流到银行体系。 业内专家告诉21世纪经济报道记者，当前我国直接融资和非银业务加快发展，社会融资渠道更 加多元，金融体系的资产负债结构也发生了很大变化。 类似于观察社会融资总量，不能还像 过去只盯着贷款增速，要更多看涵盖贷款等间接融资与债券等直接融资的社会融资规模。 全 社会的流动性总量也可以从更大范围进行综合衡量。比如加总银行存款与理财资管产品等与直 接融资和非银业务相关部分，并剔除资管与银行之间的关联交易，按此加总后的流动性总量指 标显示，近年来整体上呈现平稳增长态势。 《报告》指出，总的来说，随着我国 ...

央行数据显示，2025 年二季度以来 ，金融机构资管产品规模加快增长。10 月末 ，资管产品规模增速达到资管新规实施以来的最高水平。年末 资管总资产余额合计 120 万亿元 ，同比增长 13. 1%，全年累计增加 13.8 万亿元 ，同比多增 2.2 万亿元。各类资管产品中，资金链上游的银行 理财和公募基金市场份额较大，增长也较快，年末增速分别达到 10.6%和 14.3%。 从住户和企业募集的资管资金增速也在持续上升。截至2025 年末，资管产品来源于住户和企业等实体部门的资金余额为 56.3 万亿元，同比增 长 9.7%，比 2023 年末高 7.9 个百分点，比同期住户和企业存款增速高 2.4 个百分点。2024 年初至 2025 年末，来源于住户和企业的资金累计 增加 9.4 万亿元。 业内专家告诉记者，当前我国直接融资和非银业务加快发展，社会融资渠道更加多元，金融体系的资产负债结构也发生了很大变化。类似于观 察社会融资总量，不能还像过去只盯着贷款增速，要更多看涵盖贷款等间接融资与债券等直接融资的社会融资规模。全社会的流动性总量也可 以从更大范围进行综合衡量。比如加总银行存款与理财资管产品等与直接融资 ...

央行介绍，资管产品新增资产主要投向同业存款和存单。固定收益类资产是资管资产配置的主要部分。 2025 年末，80%以上的资管产品投向固定收益类资产，新增资产主要集中于同业存款和存单。 年末资 管产品配置同业存款和存单共计 28.7 万亿元 ， 同比增长 18.9% ，全年累计增加 4.6 万亿元 ， 占资管 各类新增底层资产的五成左右 ， 比重较上年同期提升超过 20 个百分点。 除存款和存单外 ，债券、 股 票及股权、 非标准化债权也是资管产品的重要投向。 2025 年以来 ，债券和非标债权的增长相对稳定， 股票资产随市场情况会有变动。央行 2025 年三季度，居民存款增速高位有所回落 ，各方关注增多， 出现了一些关于银行存款"流失"的探 讨。 2月10日，中国人民银行发布《2025年第四季度中国货币政策执行报告》（下称《报告》），对近期居 民储蓄存款分流现象做出回应。 在题为"从资管产品与银行存款的合并视角看流动性总量"的专栏3中， 央行表示，如果居民将存款转化 为资管产品，这些资管产品投向同业存款和存单，会直接增加非银机构在银行的存款，若投向其他底层 资产，最终也会转化为企业和相关机构的存款，从归宿上看 ...

Economic Indicators - As of February 8, 2026, the ECI supply index is at 50.08%, down 0.01 percentage points from last week, while the demand index is at 49.88%, up 0.02 percentage points[9] - The ECI investment index is at 49.95%, up 0.04 percentage points from last week, and the export index is at 50.26%, up 0.02 percentage points[10] Production and Consumption - Industrial production shows a seasonal decline before the Spring Festival, with the operating rate for automotive tires at 60.70%, down 1.74 percentage points from last week[20] - Passenger car sales averaged 50,171 units per day in mid-January, a decrease of 23,608 units compared to the same period last year[26] Real Estate and Investment - The sales area of new homes in 30 major cities decreased to 139.50 million square meters, down 2.94% from the previous week[34] - The government net financing in January 2026 reached 1.18 trillion yuan, an increase of 250 billion yuan year-on-year[18] Export Performance - The export growth rate for South Korea in January was 33.90%, a significant increase of 20.50 percentage points from December[40] - The monitored port cargo throughput reached 28,159.70 million tons, a 9.27% increase from the previous week[39] Monetary Policy - The expected new RMB loans for January 2026 are between 4.80 to 5.0 trillion yuan, similar to the levels seen in 2024 and 2023[16] - The social financing scale is projected to increase slightly year-on-year, with an expected addition of around 7.10 trillion yuan in January 2026[18]

Group 1 - In 2025, Dalian's social financing scale increased by 61.8 billion yuan, marking the highest growth in nearly eight years [1][3] - The average interest rate for newly issued corporate loans in Dalian was 2.91%, a year-on-year decrease of 0.49 percentage points [3] - Loans to technology-based small and medium-sized enterprises, green loans, inclusive loans, and loans for the elderly care industry grew by 31.8%, 9.1%, 16.9%, and 25.3% respectively [3] Group 2 - In 2025, Dalian's total foreign-related income and expenditure increased by 3% year-on-year, with a net inflow of funds for eight consecutive quarters [3] - The actual cross-border RMB payments in Dalian amounted to 213.07 billion yuan, accounting for approximately 38.5% of the city's cross-border income and expenditure [3] - Dalian's cross-border RMB settlement scale represented 64% of the total in Liaoning Province, indicating strong vitality and resilience among business entities [3] Group 3 - The People's Bank of China implemented a one-time credit repair policy to support individuals with damaged credit who are actively repaying their debts [4] - In January, Dalian provided over 60,000 credit report inquiries, 1.5 times more than the same period last year, with a peak of nearly 3,000 inquiries in a single day [4] - Citizens eligible for the repair policy reported successful removal of overdue records from their credit reports, leading to the restoration of personal credit [4]

人民银行天津市分行调查统计处副处长钟辉介绍，2025年天津社会融资规模结构呈现"三个多增、一个 优化"。"三个多增"包括：一是表内各项贷款增加2054亿元，同比多增830亿元；二是表外信托贷款增加 819亿元，同比多增435亿元；三是企业直接融资424亿元，同比多902亿元。 "一个优化"体现为融资结构不断优化，社会融资规模增量中直接融资占比近年来持续处于较高水平。全 年企业和政府直接融资占比39.4%，同比上升2.7个百分点。其中，企业债券净融资占比7.7%，高出全国 平均水平1个百分点。 数据显示，"十四五"期间，天津社会融资规模保持在较高水平，累计增量和年均增量分别为2.23万亿元 和4451亿元，比"十三五"时期分别多2546亿元和509亿元。 （文章来源：中国新闻网） 此外，2025年天津存贷款增速稳中有进，信贷结构继续优化。截至2025年末，全市各项存款余额5.06万 亿元，较年初增加3279.58亿元，同比增长6.9%；"十四五"期间年均增速为8.2%。各项贷款余额4.84万 亿元，较年初增加2187.27亿元，同比增长4.7%；在化债置换较多贷款的情况下，"十四五"期间年均增 速仍保持在4.5 ...

Core Viewpoint - By the end of 2025, Hunan Province's financial institutions reported a total deposit balance of 8.91 trillion yuan, reflecting a year-on-year growth of 8.2%, indicating a stable increase in deposits and a robust potential for investment and consumption in the region [1][2]. Group 1: Deposit and Loan Growth - The total deposit balance in Hunan increased by 5.47 trillion yuan, with household deposits contributing an additional 547 billion yuan, marking an increase of 621 billion yuan compared to 2024 [2]. - The total loan balance reached 7.89 trillion yuan, with a year-on-year growth of 6.1%, and a total of 456 billion yuan in new loans issued throughout 2025 [2]. - Loans to small and micro enterprises saw significant growth, with medium-sized enterprise loans increasing by 10.3% and small enterprise loans by 13.7% [2]. Group 2: Financing and Cost Reduction - The social financing scale in Hunan added 808.1 billion yuan in 2025, maintaining a high level of growth, with indirect financing contributing 434.9 billion yuan and government bond financing adding 304 billion yuan [2]. - The overall financing costs in Hunan decreased, with new general loan rates dropping by 0.52 percentage points year-on-year and corporate loan rates decreasing by 0.39 percentage points, resulting in a total benefit of 26.9 billion yuan for market entities [2]. Group 3: Credit Structure and Financial Services - The loan balance in key sectors such as technology, green finance, inclusive finance, elderly care, and digital finance reached 3.1 trillion yuan, growing by 14.2% and accounting for 39.2% of total loans [3]. - Hunan's financial management and services for public welfare have shown effectiveness, with 72.4 billion yuan in credit granted and 51.1 billion yuan in loans issued to small and micro enterprises [3]. - The province has enhanced payment service ecosystems, establishing two comprehensive service centers for foreign guests and 26 demonstration zones for payment services, along with promoting cash services through "small change" exchange programs [3].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The bond market oscillates between stable growth and easing expectations. Influenced by the stock market, the Political Bureau meeting signaled loose monetary policy, the LPR remained unchanged, and the Fed's rate - cut expectations and global trade uncertainties increased the uncertainty of foreign capital inflows. Short - term attention should be paid to policy signals at the end of the month [3]. 3. Summary by Directory I. Interest Rate Pricing Tracking Indicators - **Price Indicators**: China's CPI (monthly) had a 0.20% month - on - month increase and a 0.80% year - on - year increase; China's PPI (monthly) had a 0.20% month - on - month increase and a - 1.90% year - on - year decrease [9]. - **Monthly Economic Indicators**: Social financing scale was 442.12 trillion yuan, with a month - on - month increase of 2.05 trillion yuan (+0.47%); M2 year - on - year growth was 8.50%, with a month - on - month increase of 0.50% (+6.25%); Manufacturing PMI was 49.30%, with a month - on - month decrease of 0.80% (-1.60%) [10]. - **Daily Economic Indicators**: The US dollar index was 97.61, up 0.49 (+0.50%); The offshore US dollar to RMB exchange rate was 6.9411, down 0.011 (-0.16%); SHIBOR 7 - day was 1.49, down 0.10 (-6.01%); DR007 was 1.49, down 0.10 (-6.40%); R007 was 1.68, up 0.17 (+11.44%); The 3 - month inter - bank certificate of deposit (AAA) was 1.58, unchanged (+0.00%); The AA - AAA credit spread (1Y) was 0.09, unchanged (+0.00%) [11]. II. Overview of the Treasury and Treasury Futures Market The report provides multiple charts showing the trends and proportions related to the treasury futures market, including the closing prices, price changes, precipitation of funds, positions, and net positions of various treasury futures varieties [13][14][18]. III. Overview of the Money Market Liquidity The report presents charts on the inter - bank pledged repurchase transaction statistics, local government bond issuance, the spread between China Development Bank bonds and treasury bonds, treasury bond issuance, Shibor interest rate trends, and the yield trends of inter - bank certificates of deposit (AAA) [24][27][29]. IV. Spread Overview The report shows the trends of inter - period spreads of various treasury futures varieties and the spreads between spot bond term spreads and futures cross - variety spreads through multiple charts [34][35][37]. V. Two - Year Treasury Futures The report includes charts on the implied interest rate and the maturity yield of the two - year treasury futures main contract, the IRR of the TS main contract and the funding rate, and the three - year basis and net basis trends of the TS main contract [43][45]. VI. Five - Year Treasury Futures The report provides charts on the implied interest rate and the maturity yield of the five - year treasury futures main contract, the IRR of the TF main contract and the funding rate, and the three - year basis and net basis trends of the TF main contract [47][55]. VII. Ten - Year Treasury Futures The report offers charts on the implied yield and the maturity yield of the ten - year treasury futures main contract, the IRR of the T main contract and the funding rate, and the three - year basis and net basis trends of the T main contract [56][57]. VIII. Thirty - Year Treasury Futures The report contains charts on the implied yield and the maturity yield of the thirty - year treasury futures main contract, the IRR of the TL main contract and the funding rate, and the three - year basis and net basis trends of the TL main contract [62][67]. 4. Strategies - **Unilateral**: As the repurchase rate declines, the prices of treasury futures oscillate [4]. - **Arbitrage**: Pay attention to the decline of the 2603 basis [4]. - **Hedging**: There is medium - term adjustment pressure, and short - sellers can use far - month contracts for moderate hedging [4].

存款方面，存款规模持续扩大。12月末，辽宁省金融机构人民币存款余额8.72万亿元，比年初增加3170亿元。分部门看，住户存款和非金融企业存款余额 分别是6.62万亿元和1万亿元。 记者提问 科技贷款作为金融"五篇大文章"之一备受关注，请介绍下科技贷款增长情况。 人民银行辽宁省分行 调查统计处副处长 洪银玉 1月30日，人民银行辽宁省分行召开2026年一季度新闻发布会，介绍2025年度辽宁省金融运行主要情况。 2025年,人民银行辽宁省分行坚持执行适度宽松的货币政策，灵活高效运用多种货币政策工具，金融支持实体经济工作迈出更加坚实的步伐，全省金融运 行向好发展。 一是金融总量较快增长。2025年，全省社会融资规模增量3482亿元，为近七年同期最高。新增企业债券融资373亿元，为近九年同期最高。人民币各项贷 款余额5.32万亿元，比年初增加1219亿元，为近三年同期最高，有效满足了实体经济融资需求。 二是新增企（事）业单位贷款创近五年同期最高。2025年末，企（事）业单位贷款余额3.87万亿元，全年新增贷款1538亿元，是2021年以来的最高点，为 企业生产经营提供强有力的资金保障。 三是住户经营性贷款实现两位数增 ...