期货交易咨询业务资格：证监许可【2011】1285号 华联期货宏观月报 人民币兑美元汇率创新高 上海公布楼市新政 20260301 作者：石舒宇 0769-22116880 从业资格号：F03117664 交易咨询号：Z0022772 审核：黎照锋，从业资格号：F0210135,交易咨询号：Z0000088 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 月度观点及策略 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 月度观点 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 • 春节假期过后，外汇市场迎来显著波动，美元指数持续承压下行，人民币对美元汇率延续2025年12月以来的偏强走势，呈 现单边拉升态势。2月26日上午，人民币汇率迎来直线上涨，离岸、在岸 ...

2月26日金融一线消息，中国人民银行广东省分行发布2026年1月广东金融统计数据报告，1月末，广东 本外币贷款余额30.3万亿元，同比增长4.9%，比年初增加3504亿元。其中，人民币贷款增加3373亿元， 同比少增1499亿元；外币贷款增加24亿美元，同比多增61亿美元。 2月26日金融一线消息，中国人民银行广东省分行发布2026年1月广东金融统计数据报告，1月末，广东 本外币贷款余额30.3万亿元，同比增长4.9%，比年初增加3504亿元。其中，人民币贷款增加3373亿元， 同比少增1499亿元；外币贷款增加24亿美元，同比多增61亿美元。 分部门看，住户贷款比年初增加184亿元，同比少增365亿元。其中，短期贷款减少72亿元，中长期贷款 增加256亿元。企（事）业单位贷款比年初增加2973亿元，同比少增556亿元。其中，短期贷款增加1680 亿元，中长期贷款增加2019亿元，票据融资减少741亿元。 责任编辑：王馨茹 分部门看，住户贷款比年初增加184亿元，同比少增365亿元。其中，短期贷款减少72亿元，中长期贷款 增加256亿元。企（事）业单位贷款比年初增加2973亿元，同比少增556亿元。其中，短期 ...

2月13日晚，人民银行发布1月金融统计数据。2026年1月新增人民币贷款4.71万亿，同比少增4200亿；1 月新增社会融资规模为7.22万亿，同比多增1662亿。1月末，广义货币(M2)同比增长9.0%，增速较上月 末加快0.5个百分点；狭义货币(M1)同比增长4.9%，增速较上月末加快1.1个百分点。 具体来看，1月人民币贷款虽同比少增4200亿元，但仍保持了平稳增长，需求端显现回暖动能；信贷增 速6.1%，高于名义经济增速；1月新增社融7.22万亿元，在政府债继续前置发行下，比上年同期多1662 亿元；社融增速8.2%，比上年同期高0.2个百分点，维持在高位水平，充分体现了适度宽松的货币政策 状态，有力地支持了年初经济平稳开局。 中国民生银行首席经济学家温彬解读称，1月为传统信贷大月，在"早投放、早收益"的诉求下，前期项 目储备在年初集中释放；"十五五"开局背景下，重大项目密集落地带动项目贷款加大投放，今年一季度 基建领域贷款审批节奏明显加快，投放量同比实现较大幅度增长。此外，春节前企业支付采购款、供应 链和项目进度款结算、员工薪酬奖金发放等用款需求也提前释放，均支撑1月信贷增量处于高位。 往后看，为使 ...

北京商报讯（记者 廖蒙）2月13日，人民银行发布2026年1月金融统计数据报告。数据显示，截至1月 末，本外币存款余额344.46万亿元，同比增长10.1%。月末人民币存款余额336.77万亿元，同比增长 9.9%。 1月末，外币存款余额1.1万亿美元，同比增长23.7%。1月份外币存款增加438亿美元。 1月份人民币存款增加8.09万亿元。其中，住户存款增加2.13万亿元，非金融企业存款增加2.61万亿元， 财政性存款增加1.55万亿元，非银行业金融机构存款增加1.45万亿元。 ...

Group 1 - The People's Bank of China reported a social financing scale increment of 7.22 trillion yuan in January 2026, which is an increase of 166.2 billion yuan compared to the same period last year [1] - The increase in RMB loans to the real economy was 4.9 trillion yuan, which is a decrease of 317.8 billion yuan year-on-year [1] - Foreign currency loans to the real economy, converted to RMB, increased by 46.8 billion yuan, which is an increase of 86 billion yuan year-on-year [1] Group 2 - Entrusted loans decreased by 19.2 billion yuan, which is a year-on-year decrease of 64.1 billion yuan [1] - Trust loans decreased by 0.4 billion yuan, which is a year-on-year decrease of 62.7 billion yuan [1] - The amount of undiscounted bank acceptance bills increased by 629.3 billion yuan, which is an increase of 163.9 billion yuan year-on-year [1] Group 3 - Net financing through corporate bonds was 503.3 billion yuan, which is an increase of 57.9 billion yuan year-on-year [1] - Net financing through government bonds was 976.4 billion yuan, which is an increase of 283.1 billion yuan year-on-year [1] - Domestic stock financing for non-financial enterprises was 29.1 billion yuan, which is a decrease of 18.2 billion yuan year-on-year [1]

北京商报讯（记者 廖蒙）2月13日，人民银行发布2026年1月金融统计数据报告。数据显示，截至1月 末，本外币贷款余额280.59万亿元，同比增长6%。月末人民币贷款余额276.62万亿元，同比增长6.1%。 1月份人民币贷款增加4.71万亿元。分部门看，住户贷款增加4565亿元，其中，短期贷款增加1097亿 元，中长期贷款增加3469亿元；企（事）业单位贷款增加4.45万亿元，其中，短期贷款增加2.05万亿 元，中长期贷款增加3.18万亿元，票据融资减少8739亿元；非银行业金融机构贷款减少1882亿元。 1月末，外币贷款余额5701亿美元，同比增长6.6%。1月份外币贷款增加251亿美元。 ...

(本文来自第一财经) 央行发布2026年1月金融统计数据报告。1月份银行间人民币市场以拆借、现券和回购方式合计成交 211.96万亿元，日均成交10.09万亿元，日均成交同比增长36.1%。其中，同业拆借日均成交同比增长 75.6%，现券日均成交同比增长9.2%，质押式回购日均成交同比增长40.7%。1月份同业拆借加权平均利 率为1.4%，比上月高0.04个百分点，比上年同期低0.46个百分点。质押式回购加权均利率为1.43%，比 上月高0.03个百分点，比上年同期低0.73个百分点。 ...

（文章来源：第一财经） 央行发布2026年1月金融统计数据报告。1月份银行间人民币市场以拆借、现券和回购方式合计成交 211.96万亿元，日均成交10.09万亿元，日均成交同比增长36.1%。其中，同业拆借日均成交同比增长 75.6%，现券日均成交同比增长9.2%，质押式回购日均成交同比增长40.7%。1月份同业拆借加权平均利 率为1.4%，比上月高0.04个百分点，比上年同期低0.46个百分点。质押式回购加权均利率为1.43%，比 上月高0.03个百分点，比上年同期低0.73个百分点。 ...

Core Insights - The central theme of the news is the significant increase in household deposits and the rising proportion of fixed-term deposits in China, as reported by the central bank and various local financial institutions for the year 2025 [1][2][5]. Group 1: Financial Statistics - As of the end of December 2025, the total balance of domestic and foreign currency deposits reached 336.14 trillion yuan, marking a 9% year-on-year increase [2][5]. - The balance of household deposits stood at 167.04 trillion yuan, reflecting a year-on-year growth of 9.71% [2][5]. - The average per capita deposit for the national population, estimated at 1.40489 billion, is approximately 118,900 yuan [2][5]. Group 2: Deposit Structure - The proportion of fixed-term deposits has reached a record high of 73.3%, an increase of 0.8 percentage points from the previous year [2][3]. - In various provinces, fixed-term deposits account for over 70% of total deposits, with Hebei showing the highest at 80.68% [3][5]. - The structure of household deposits indicates a shift towards fixed-term savings, with the "fixed vs. current" ratio entering a "70-30" era [2][3]. Group 3: Regional Insights - Zhejiang province leads with the highest per capita deposit of 177,700 yuan, with a total deposit balance of 24.63 trillion yuan [5][6]. - Jiangsu province reported the largest increase in household deposits, with a year-on-year growth of 11.48%, bringing the total to 13.3 trillion yuan [7]. - Guangdong province has the highest total deposit balance at 38.7 trillion yuan, with a per capita deposit of approximately 118,300 yuan [6][9].

Deposit Situation - As of the end of December, the total balance of deposits in both domestic and foreign currencies reached 30,893 billion yuan, representing a year-on-year growth of 7.75%, an increase of 2.01 percentage points compared to the same period last year, and an increase of 0.64 percentage points from the previous month [1][3] - The total deposits increased by 2,223 billion yuan since the beginning of the year, which is 668 billion yuan more than the same period last year. In December alone, deposits increased by 589 billion yuan, which is 211 billion yuan more than the same month last year [1][3] - Household deposits amounted to 15,683 billion yuan, with a year-on-year growth of 9.49%. For the entire year, household deposits increased by 1,359 billion yuan, with December contributing an increase of 276 billion yuan [1][3] - Non-financial enterprise deposits totaled 10,296 billion yuan, showing a year-on-year growth of 5.33%. For the year, non-financial enterprise deposits increased by 521 billion yuan, with December seeing an increase of 263 billion yuan [1][3] Loan Situation - As of the end of December, the total balance of loans in both domestic and foreign currencies reached 34,020 billion yuan, with a year-on-year growth of 6.63%, an increase of 0.8 percentage points compared to the same period last year, and an increase of 0.91 percentage points from the previous month [2][4] - The total loans increased by 2,115 billion yuan since the beginning of the year, which is 356 billion yuan more than the same period last year. In December, loans increased by 367 billion yuan, which is 295 billion yuan more than the same month last year [2][4] - Household loans amounted to 8,370 billion yuan, showing a year-on-year decline of 1.49%. For the entire year, household loans decreased by 127 billion yuan, with December recording a decrease of 19 billion yuan [2][4] - Loans to enterprises and institutions reached 25,155 billion yuan, with a year-on-year growth of 8.83%. For the year, loans to enterprises and institutions increased by 2,041 billion yuan, with December contributing an increase of 199 billion yuan [2][4] - In terms of loan duration, short-term loans amounted to 9,155 billion yuan, with a year-on-year growth of 11.86%. For the year, short-term loans increased by 971 billion yuan, with December seeing an increase of 99 billion yuan [2][4] - Medium and long-term loans totaled 22,230 billion yuan, with a year-on-year growth of 3.16%. For the year, medium and long-term loans increased by 682 billion yuan, with December recording a decrease of 40 billion yuan [2][4]