数据显示，1月末，广义货币（M2）余额347.19万亿元，同比增速较上月高0.5个百分点，较上年同期高2个百分点，充分体现了适度宽松的 货币政策状态。 新华社北京2月13日电 题：平稳开局！开年首月社会融资规模增量达7.22万亿元 新华社记者吴雨、任军 金融是国民经济的血脉。2月13日中国人民银行发布的数据显示，开年首月，我国社会融资规模增量达7.22万亿元，创历史同期新高，有力 支持了年初经济平稳开局。 2026年首月，金融成绩单亮点突出：1月末，人民币贷款余额同比增长6.1%，社会融资规模存量同比增长8.2%，广义货币（M2）余额同比增 长9%……一条条上扬曲线折射出我国金融供给总量较为充足，积极破解有效需求不足问题，为经济回升向好营造了适宜的货币金融环境。 这背后是适度宽松的货币政策持续发力。一开年，中国人民银行出台了多项支持实体经济的货币金融政策，既有再贷款工具的完善与创新， 也有年内首次结构性"降息"落地，加力支持民营企业、科技创新、绿色低碳等重点领域。 如何进一步激发有效信贷需求？融资成本是企业和居民关注的重点之一。 记者从中国人民银行了解到，1月份企业新发放贷款（本外币）加权平均利率约为3.2% ...

昨天晚上，也就是当地时间2月12日，我熬夜盯完美股和贵金属盘面，关掉电脑的那一刻，心里只有一个念头：这市场，真的太魔幻了。 不管你是炒美股、买黄金，还是哪怕只存了点银行理财，这段时间关注市场的朋友，估计都被这波大跌惊出了一身冷汗。打开财经群，全是哀嚎：有人说自 己抄底黄金，刚买入就跌了3%，一天亏掉大半年工资；有人重仓美股科技股，一夜之间账户缩水20%，连补仓的勇气都没有；还有人一脸懵圈，明明前几 天还听人说"黄金能涨到6000美元""美股会一直涨"，怎么突然就集体翻车了？ 说实话，我从业十几年，见过不少市场波动，但像2月12日这样，美股和贵金属同步"跳水"，而且跌幅这么狠的场景，也不算常见。更关键的是，这波大跌 不是偶然，背后藏着的逻辑，关系到我们每个人的钱袋子——哪怕你不炒股、不买贵金属，也得弄明白：为什么会跌？这波下跌和我们普通人有什么关系？ 接下来该怎么避坑？ 先给大家捋一捋，当地时间2月12日这一天，到底发生了什么。咱们不玩虚的，所有数据都来自央广网、证券时报、智通财经这些权威媒体，交叉验证过， 绝对真实可信，没有任何谣言和猜测。 先说美股，当地时间2月12日开盘后，美股三大指数就开启了"下跌模式" ...

证券研究报告 | 2026年02月13日 1 月金融数据解读 居民信贷"破冰" 经济研究·宏观快评 | 证券分析师： | 李智能 | 0755-22940456 | lizn@guosen.com.cn | 执证编码：S0980516060001 | | --- | --- | --- | --- | --- | | 证券分析师： | 田地 | 0755-81982035 | tiandi2@guosen.com.cn | 执证编码：S0980524090003 | 事项： 1 月我国新增社融 7.22 万亿元（预期 6.51 万亿元），新增人民币贷款 4.71 万亿元（预期 4.50 万亿元）， M2 同比增长 9.0%（预期 8.4%）。 评论： 证券研究报告 值得关注的是，今年 1 月社融结构与去年同期高度相似，均为总量强劲、票据压降、直接融资活跃的组合。 而去年在超预期的"开门红"之后，后续月份持续走弱，反映出 1 月数据易受银行开门红冲量、政策靠前 发力等非内生因素扰动。因此，尽管当前数据释放积极信号，但单月表现尚不足以确认趋势性拐点，后续 仍需观察 2—3 月数据的可持续性。 展望后续，1 月金融 ...

英国央行首席经济学家Huw Pill周五表示，英国消费者价格通胀正在回落，但放缓速度不及央行官员预 期。 英国央行上周维持关键利率不变，但预测从4月起通胀将接近2%的目标。不过Pill指出，通胀回落很大 程度上是政府压低能源价格的举措所致，而非经济基本面驱动。 Pill称："通胀放缓的进程仍在继续，但速度并不如我们原本希望的那样快。" 在英国央行货币政策委员会近期会议上，Pill比多数同僚更倾向于维持较高的关键利率。他是投票支持 按兵不动的五名委员之一，另有四名委员支持再次降息。 责任编辑：何云 英国央行首席经济学家Huw Pill周五表示，英国消费者价格通胀正在回落，但放缓速度不及央行官员预 期。 在英国央行货币政策委员会近期会议上，Pill比多数同僚更倾向于维持较高的关键利率。他是投票支持 按兵不动的五名委员之一，另有四名委员支持再次降息。 责任编辑：何云 英国央行上周维持关键利率不变，但预测从4月起通胀将接近2%的目标。不过Pill指出，通胀回落很大 程度上是政府压低能源价格的举措所致，而非经济基本面驱动。 Pill称："通胀放缓的进程仍在继续，但速度并不如我们原本希望的那样快。" ...

Core Viewpoint - Meili Tianyuan Medical Health (02373) announced the investment of idle funds into principal-protected financial products from Pudong Development Bank, totaling RMB 80 million [1] Group 1: Investment Details - The company’s non-wholly owned subsidiary, Beijing Beilish, subscribed to a principal-protected financial product from Pudong Development Bank for a total amount of RMB 80 million on February 13, 2026 [1] - Additionally, the company, through Beijing Beilish and Shanghai Meili Tianyuan Medical Health, subscribed to several other principal-protected financial products from Pudong Development Bank, including RMB 70 million on November 21, 2025, RMB 10 million on November 28, 2025, and RMB 80 million on December 30, 2025 [1] - All the aforementioned financial products are still outstanding as of the date of the announcement [1]

证券研究报告 | 2026年02月13日 1 月金融数据解读 居民信贷"破冰" 经济研究·宏观快评 | 证券分析师： | 李智能 | 0755-22940456 | lizn@guosen.com.cn | 执证编码：S0980516060001 | | --- | --- | --- | --- | --- | | 证券分析师： | 田地 | 0755-81982035 | tiandi2@guosen.com.cn | 执证编码：S0980524090003 | 事项： 1 月我国新增社融 7.22 万亿元（预期 6.51 万亿元），新增人民币贷款 4.71 万亿元（预期 4.50 万亿元）， M2 同比增长 9.0%（预期 8.4%）。 评论： 图1：金融数据分项一览 资料来源：Wind，国信证券经济研究所整理 结论：1 月金融数据呈现总量强劲、结构分化的特征。新增社融环比多增 5.01 万亿元，高于季节性水平， 绝对金额创历史新高。受去年同期高基数影响，社融同比增速小幅回落至 8.2%。信贷方面，总量同比延 续少增，但结构持续改善。企业端票据融资同比明显多减，短贷与中长贷结构优化；居民端释放积极信号， ...

Group 1: Monetary Supply and Growth Rates - M1 growth rate increased to 4.9% in January 2026, up from 3.8% in December 2025[1] - M2 growth rate rose to 9.0% in January 2026, compared to 8.5% in December 2025[1] - New social financing (社融) reached 7.2 trillion yuan in January 2026, an increase of 165.4 billion yuan year-on-year, with a growth rate of 8.2%[1] Group 2: Household Deposits and Trends - Household deposit growth rate estimated at 7.18% in January 2026, down from 9.68% in December 2025[1] - The difference between household deposit growth and M2 growth turned negative for the first time in 7.5 years, at -1.82 percentage points[1] - Non-bank deposits showed a rapid increase in the rolling 12-month sum[1] Group 3: Loan and Credit Dynamics - New RMB loans totaled 4.71 trillion yuan in January 2026, a decrease of 420 billion yuan year-on-year, with a growth rate of 6.1%[1] - The decline in loans was primarily driven by a decrease in corporate loans, particularly in medium to long-term loans, which fell by 280 billion yuan[19] - Residential credit showed a slight increase of 128 billion yuan, with short-term loans up by 159.4 billion yuan, while medium to long-term loans decreased by 146.6 billion yuan[19] Group 4: Financing Sources and Trends - Government bond financing increased by 2.83 trillion yuan year-on-year, with a net financing of 9.76 trillion yuan in January 2026[26] - Corporate bond financing rose by 579 billion yuan, driven by technology innovation bonds, which net financed approximately 2.52 trillion yuan[25] - The effective social financing growth rate, excluding government financing, was 5.31%, down from 5.62%[5]

证券日报网讯 2月13日，东方创业发布公告称，公司已取得民生上海分行出具的《贷款承诺函》，同意 提供不超9000万元、期限3年的专项贷款，仅用于回购公司股票。本次回购方案已于2025年11月21日获 股东会批准，拟以集中竞价方式使用5000万至1亿元资金回购A股并注销，期限不超过3个月，价格上限 11.59元/股。公司提醒，贷款承诺不构成回购金额承诺，将视市场情况择机实施并持续披露进展。 （文章来源：证券日报） ...

Core Insights - The article highlights the successful financing of Xianggang New Energy Co., Ltd. through the pledge of its data product, marking a significant step in the transition from traditional physical asset collateral to data asset financing in Xiangnan District, Xiangyang City [1][2] Group 1: Company Developments - Xianggang New Energy Co., Ltd. developed the "Xianggang e-Charge Big Data Operation and Decision Support Analysis Report" as part of its efforts to explore the value release of data elements in public charging services [1] - The company successfully obtained a data property registration certificate from Hubei Data Group Co., Ltd. after completing blockchain storage of core data resources on the Hubei provincial data storage platform [1] Group 2: Financing and Economic Impact - The company secured 10 million yuan (approximately 1.4 million USD) in financing from Hubei Bank, which signifies a key advancement in innovative investment and financing models for the region [2] - This financing success is seen as a practical example of how data resources can be effectively transformed into capital elements, contributing to high-quality regional economic development [1]

Market Movements - U.S. stock index futures are all down, with Dow futures down 0.37%, S&P 500 futures down 0.33%, and Nasdaq futures down 0.31% [1] - European indices also show declines, with Germany's DAX down 0.04%, UK's FTSE 100 down 0.01%, France's CAC40 down 0.36%, and the Euro Stoxx 50 down 0.43% [2] Oil Market - WTI crude oil is down 0.78% at $62.35 per barrel, while Brent crude is down 0.55% at $67.15 per barrel [2] - OPEC+ is leaning towards resuming oil production increases starting in April, with negotiations continuing before the March 1 meeting [2] Economic Data - The U.S. January Consumer Price Index (CPI) is expected to show a year-over-year increase slowing to 2.5%, down from 2.7% in December, marking the lowest level since May 2025 [4] - Both overall CPI and core CPI are expected to rise by 0.3% month-over-month, consistent with the previous month's increase [4] Software Sector - The software sector is experiencing significant sell-offs, but this presents a buying opportunity according to Byron Deeter from Bessemer Venture Partners, who notes that software stocks are in a state of severe overselling [5] - There is an anticipated divergence among software companies based on growth prospects and fundamentals, rather than a uniform market rebound [5] Interest Rates and Economic Outlook - JPMorgan suggests shorting two-year U.S. Treasuries, citing strong economic fundamentals that may hinder the Federal Reserve from making significant rate cuts [6] - The upcoming inflation report is expected to provide new insights into the Fed's future actions, with any signs of easing price pressures likely to boost demand for short-term bonds [6] Gold Market - ANZ Bank has raised its second-quarter gold price target to $5,800 per ounce, viewing the recent price pullback as a buying opportunity amid ongoing structural support [7] - Major Wall Street banks are showing a consensus bullish sentiment on precious metals, with Goldman Sachs targeting $5,400 and UBS and JPMorgan setting even higher targets of $6,200 and $6,300 respectively [7] Corporate Earnings - Applied Materials (AMAT) reported Q1 revenue of $7.01 billion, slightly down 2% year-over-year but above market expectations, with a positive outlook for Q2 revenue of approximately $7.65 billion [10][11] - Roku's Q4 revenue grew 16.1% year-over-year to $1.395 billion, exceeding expectations, with a positive outlook for the next quarter [10][11] - Airbnb's Q4 revenue reached $2.78 billion, up 12% year-over-year, also surpassing analyst expectations, with a positive growth forecast for 2026 [12] - Vale's Q4 revenue increased 9% to $11.06 billion, but the company reported a significant net loss due to asset impairments [13] - NatWest's Q4 pre-tax profit rose 30% to £1.94 billion, exceeding expectations, with plans to leverage AI for cost reduction and efficiency [14]