证券研究报告 2025 年 10 月 16 日 湘财证券研究所 行业研究 银行业数据点评 信贷增量弱、结构改善 | 1. | 《2025年中期策略-价值重估仍 | | --- | --- | | 在进行时》 | 2025.07.02 | | 2. | 《业绩底部修复，配置价值提 | | 升》 | 2025.09.05 | 行业评级：增持(维持) 近十二个月行业表现 % 1 个月 3 个月 12 个月 社融增速趋缓，信贷结构改善 2. 《业绩底部修复，配置价值提 社融增速趋缓，信贷增量弱、结构改善。根据 Wind 数据统计，9 月，社融 增速下行 0.1 pct 至 8.7%，增速继续缓慢回落。金融机构贷款增速与中长期 贷款增速均较前值下降，增速分别为 6.6%和 6.3%，信贷转弱主要由于票据 融资规模大幅减少，企业贷款结构持续改善。 | | | 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 相关研究： 核心要点： 注：相对收益与沪深 300 相比 企业贷款结构 ...

Core Viewpoint - The credit structure has been continuously improving this year, supporting the transformation of the economic structure [1] Group 1: Credit Allocation - From 2021 to present, the proportion of corporate loans has increased from 63% to approximately 68%, while the proportion of household loans has decreased from 37% to about 32%, indicating a shift in credit funds towards real enterprises [1] - The decline in household financing demand is attributed to a more rational approach to investments such as home purchases [1] Group 2: Industry Focus - In the total medium and long-term loans from 2021 to present, the proportion allocated to the manufacturing sector has risen from 5.1% to approximately 9.3% [1] - The share of loans directed towards consumer-related industries has increased from 9.6% to about 11.2% [1] - Conversely, the traditional real estate and construction sectors have seen their loan share decrease from 15.9% to approximately 13% [1]

Core Viewpoint - The credit structure has been continuously improving this year, supporting the transformation of the economic structure [1] Group 1: Credit Allocation - From 2021 to present, the proportion of corporate loans has increased from 63% to approximately 68%, while the proportion of household loans has decreased from 37% to about 32%, indicating more credit funds are directed towards real enterprises [1] - The decline in household financing demand is attributed to a more rational approach to investments such as home purchases [1] Group 2: Industry Focus - From 2021 to present, the share of manufacturing in total medium and long-term loans has risen from 5.1% to approximately 9.3% [1] - The share of consumer-related industries in total medium and long-term loans has increased from 9.6% to about 11.2% [1] - In contrast, the traditional real estate and construction sectors have seen their share decrease from 15.9% to approximately 13% [1]