2026.02. 13 本文字数：2611，阅读时长大约4分钟 作者 | 第一财经 杜川 信贷迎开门红。M2和社会融资规模增速均保持在较高水平，持续为经济回升向好创造适宜的货币金 融环境。 2月13日，央行发布2026年首月金融数据，2026年1月末，广义货币(M2)余额347.19万亿元，同 比增长9.0%，比上月高0.5个百分点，比上年同期高2.0个百分点，超出市场预期；社会融资规模存 量449.11万亿元，同比增长8.2%，比上年同期高0.2个百分点；1月，社会融资规模增量为7.22万 亿元，同比多1662亿元。 消费活力释放，支撑个人贷款平稳增长 从1月数据来看，信贷总量平稳增长，需求端显现回暖动能。 1月末，人民币贷款余额为276.62万亿元，同比增长6.1%，仍高于名义经济增速，还原政府债券置 换因素后，增速约6.7%。 业内专家表示，中央经济工作会议强调2026年要继续实施适度宽松的货币政策，开年以来金融体系 加大信贷投放力度，需求端也有多方面有利条件支撑信贷平稳增长。 重大项目密集落地带动项目贷款加大投放。多家银行反映，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。 第 ...

Core Insights - The banking industry in China is focusing on serving the real economy and fulfilling social responsibilities across multiple dimensions [1][2][3] Group 1: Financial Support for Innovation and Green Development - As of the end of Q3 2025, the balance of RMB loans from financial institutions reached 270.39 trillion yuan, with a year-on-year growth of 6.6%, and an increase of 14.75 trillion yuan in the first three quarters [1] - The balance of loans to technology-based small and medium-sized enterprises (SMEs) was 3.56 trillion yuan, growing by 22.3%, which is 15.8 percentage points higher than the overall loan growth rate [1] - The balance of green loans reached 43.51 trillion yuan, increasing by 17.5% since the beginning of the year, with an addition of 6.47 trillion yuan in the first three quarters [1] Group 2: Inclusive Finance and Support for Vulnerable Groups - The balance of inclusive small and micro loans was 36.09 trillion yuan, with a year-on-year growth of 12.2%, outpacing overall loan growth by 5.6 percentage points, and an increase of 3.15 trillion yuan in the first three quarters [2] - The balance of agricultural loans was 53.4 trillion yuan, growing by 6.8%, which is 0.3 percentage points higher than the overall loan growth rate, with an increase of 3.28 trillion yuan in the first three quarters [2] - By the end of 2024, the balance of inclusive small and micro enterprise loans among A-share listed banks exceeded 21.1 trillion yuan, with state-owned banks, joint-stock banks, and rural commercial banks contributing approximately 14.2 trillion yuan, 4.64 trillion yuan, and 2.25 trillion yuan respectively [2] Group 3: Digital Transformation and Social Responsibility - The banking industry is advancing digital transformation to enhance operational efficiency and risk management while bridging the digital divide and improving customer experience [3] - In terms of public welfare and charity, the banking sector invested nearly 2 billion yuan in 2024, with almost 10,000 charity projects and volunteer service hours totaling approximately 1.85 million [3]

Core Viewpoint - The banking industry is focusing on supporting the real economy through strategic transformation and risk management, with several banks reporting improved performance for 2025, indicating a shift towards high-quality development [1][2][3]. Group 1: Performance of Listed Banks - Multiple A-share listed banks, including China Merchants Bank, CITIC Bank, and Industrial Bank, have reported significant increases in both operating income and net profit for 2025, demonstrating a recovery in profitability [2]. - CITIC Bank and Pudong Development Bank have both entered the "10 trillion yuan club," with total assets of 10.13 trillion yuan and 10.08 trillion yuan respectively, marking growth rates of 6.28% and 6.55% year-on-year [2]. - The overall trend for joint-stock banks in 2025 is characterized by stable growth, optimized structure, risk control, and improved efficiency, showcasing strong resilience against economic cycles [2]. Group 2: Strategic Focus on Real Economy - The banking sector is shifting from "scale expansion" to "high-quality development," emphasizing targeted support for key areas and weak links in the economy [3]. - Major state-owned banks have outlined systematic plans to enhance their service to the real economy, aligning their strategies with national priorities and focusing on specific sectors such as agriculture and global expansion [4]. Group 3: Digital Transformation and Innovation - Digital transformation is identified as a key support for enhancing the effectiveness of banks in serving the real economy, with banks like Bank of Communications and Postal Savings Bank implementing AI and other digital strategies [5]. - The banking industry is increasingly focusing on technology finance, with significant growth in loans to technology enterprises, such as a 23.44% increase in technology finance loans at Hangzhou Bank [6][7]. Group 4: Support for Key Sectors - Banks are concentrating their resources on critical areas such as expanding domestic demand, technological innovation, and green development, with a focus on providing tailored financial solutions for small and micro enterprises [6][7]. - The emphasis on regional development and industrial upgrades is evident, with banks enhancing their service layouts to support local economies and specific industries, such as manufacturing [7]. Group 5: Future Outlook - The banking industry is expected to continue optimizing financial resource allocation and enhancing support for key sectors, while also deepening financial innovation and improving service precision [8]. - Collaboration among different types of banks is crucial for effectively serving the real economy, with large state-owned banks leading the way and smaller banks focusing on local needs [8].

中国人民银行近日发布的2025年四季度金融机构贷款投向统计报告显示，我国普惠小微贷款增长较快。 2025年四季度末，人民币普惠小微贷款余额36.57万亿元，同比增长11.1%，增速比各项贷款高4.7个百 分点，全年增加3.63万亿元。 "2025年普惠小微贷款保持较快增长，一方面得益于货币政策实施适度宽松的基调，中国人民银行综合 运用多种货币政策工具，保持流动性充裕，促进信贷合理增长。"国家金融与发展实验室副主任曾刚表 示，市场需求的持续增长和银行业"量增、价降、面扩"的服务策略共同推动了普惠小微贷款规模的稳步 扩张。 小微企业是普惠金融的重要客群，瞄准这类客群提供普惠小微贷款，有利于推进普惠金融高质量发展。 上海金融与法律研究院研究员杨海平表示，支持小微企业发展是保就业和民生的重要举措，是稳增长的 关键环节。因而，金融服务小微企业是金融领域供给侧结构性改革的重要内容。 "十五五"规划建议提出，发展壮大民营经济。近年来，中国人民银行持续加强对民营企业的金融支持， 民营企业融资规模稳步扩大。中国人民银行决定增加支农支小再贷款额度5000亿元，将支农支小再贷款 额度与再贴现额度打通使用。在支农支小再贷款项下设立民 ...

Core Viewpoint - The financial operation in Sichuan province for 2025 is stable, providing a suitable monetary environment for high-quality economic development [1] Financial Overview - As of December 2025, the total balance of deposits in Sichuan reached 146,344 billion yuan, a year-on-year increase of 9.1%, surpassing the national growth rate by 0.1 percentage points; deposits increased by 12,202 billion yuan throughout the year, with an additional 1,040 billion yuan compared to the previous year [2] - The total balance of loans in Sichuan reached 129,983 billion yuan by December 2025, with a year-on-year growth of 10.5%, exceeding the national growth rate by 4.3 percentage points; loans increased by 12,398 billion yuan over the year, with an additional 603 billion yuan compared to the previous year [2] Targeted Financial Support - By November 2025, loans in key areas identified by the financial "five major articles" reached 44,455 billion yuan, growing by 15.0% year-on-year; this accounted for 47.0% of the total loan increase during the same period [3] - Infrastructure sector loans increased by 9.2% year-on-year, with an annual increase of 2,350 billion yuan, representing 23.8% of the total increase in medium and long-term loans [3] - Loans to small and micro enterprises in the inclusive finance sector grew by 11.8%, with loans under 10 million yuan increasing by 20.5% [3] Loan Interest Rates - In December 2025, the weighted average interest rate for newly issued corporate loans and inclusive small micro loans was 3.96% and 3.92%, respectively, down by 22 and 28 basis points year-on-year, remaining at historically low levels [4] - The overall financing cost index for enterprises and the bank loan interest rate index were 44.2% and 43.2%, respectively, both lower than the average for the past five years [4] Loan Structure Characteristics - The current credit allocation in Sichuan shows distinct structural and directional characteristics, summarized as "new, precise, and green" [5] - "New" indicates a focus on credit directed towards technology innovation and advanced manufacturing, with technology loans growing by 13.5% year-on-year [5] - "Precise" refers to targeted financial support for small micro enterprises and agriculture, with inclusive small micro loans growing by 11.8% [5] - "Green" signifies a sustained focus on credit for clean energy and environmental protection, with green loan balances increasing by 22.1% year-on-year [6] Future Financial Strategies - The People's Bank of China Sichuan Branch plans to enhance efforts to utilize the latest optimized policies to support more technology-oriented small and medium enterprises and equipment renewal projects [7] - The recent fiscal policy for equipment renewal loan interest subsidies will be actively coordinated with relevant departments to ensure timely benefits for market participants [7]

Group 1 - The total balance of RMB loans in financial institutions reached 271.91 trillion yuan by the end of Q4 2025, with a year-on-year growth of 6.4%, and an annual increase of 16.27 trillion yuan [1] - Loans to enterprises and institutions showed a rebound in growth, with the balance of RMB and foreign currency loans reaching 186.21 trillion yuan, a year-on-year increase of 8.9%, and an annual increase of 15.24 trillion yuan [1] - The balance of RMB inclusive micro and small loans reached 36.57 trillion yuan, growing by 11.1% year-on-year, which is 4.7 percentage points higher than the overall loan growth rate, with an annual increase of 3.63 trillion yuan [1] Group 2 - Real estate loans experienced a slowdown, with a balance of 51.95 trillion yuan by the end of Q4 2025, reflecting a year-on-year decrease of 1.6%, and an annual reduction of 96.36 billion yuan [2] - The number of technology-based small and medium-sized enterprises receiving loan support reached 275,000, with a loan acquisition rate of 50.2%, which is 2 percentage points higher than the previous year [2] - The balance of household loans in RMB and foreign currency reached 83.28 trillion yuan, showing a year-on-year growth of 0.5%, with an annual increase of 4.41 trillion yuan [2]

Core Insights - The People's Bank of China reported a total RMB loan balance of 271.91 trillion yuan at the end of Q4 2025, reflecting a year-on-year growth of 6.4% and an annual increase of 16.27 trillion yuan [1] Loan Growth by Sector - Inclusive small and micro loans reached a balance of 36.57 trillion yuan, growing by 11.1% year-on-year, which is 4.7 percentage points higher than the overall loan growth rate [2][3] - Corporate loans in both domestic and foreign currencies amounted to 186.21 trillion yuan, with a year-on-year growth of 8.9%, an increase of 15.24 trillion yuan for the year [2] - Industrial medium and long-term loans stood at 26.63 trillion yuan, growing by 8.4% year-on-year, which is 2.2 percentage points above the overall loan growth [2] - Agricultural loans reached 53.57 trillion yuan, with a year-on-year increase of 6.5%, adding 3.44 trillion yuan for the year [2] Real Estate Loan Trends - Real estate loans decreased by 1.6% year-on-year, with a total balance of 51.95 trillion yuan, resulting in a reduction of 96.36 billion yuan for the year [3] - Real estate development loans fell to 13.16 trillion yuan, down 3.0% year-on-year, with a decrease of 35.75 billion yuan for the year [3] - Personal housing loans also saw a decline of 1.8%, totaling 37.01 trillion yuan, with a reduction of 67.68 billion yuan for the year [3] Consumer Loan Dynamics - Household loans in both domestic and foreign currencies reached 83.28 trillion yuan, growing by 0.5% year-on-year, with an annual increase of 441.2 billion yuan [4] - Operating loans amounted to 25.11 trillion yuan, reflecting a year-on-year growth of 4.0%, adding 937.8 billion yuan for the year [4] - Non-housing consumer loans totaled 21.16 trillion yuan, with a year-on-year increase of 0.7%, resulting in an annual increase of 180.2 billion yuan [4] Support for Innovation and Technology - By the end of Q4 2025, 27.5 million technology-based SMEs received loans, with a loan approval rate of 50.2%, up by 2 percentage points from the previous year [3] - Loans to technology-based SMEs in foreign currencies reached 3.63 trillion yuan, growing by 19.8% year-on-year, which is 13.6 percentage points higher than the overall loan growth [3] - High-tech enterprises receiving loans numbered 26.54 million, with a loan approval rate of 57.3%, an increase of 0.4 percentage points from the previous year [3]

Group 1 - The People's Bank of China reported that by the end of Q4 2025, 275,000 technology-based SMEs received loan support, with a loan approval rate of 50.2%, an increase of 2 percentage points from the previous year [1] - The balance of loans to technology-based SMEs in both domestic and foreign currencies reached 3.63 trillion yuan, representing a year-on-year growth of 19.8%, which is 13.6 percentage points higher than the growth rate of all loans [1] - Loans to enterprises and institutions were the main driver of credit growth, with an increase of 15.24 trillion yuan in 2025, accounting for over 90% of all new loans [1] Group 2 - By the end of Q4 2025, 265,400 high-tech enterprises received loan support, with a loan approval rate of 57.3%, up 0.4 percentage points from the previous year [1] - The balance of loans to high-tech enterprises in both domestic and foreign currencies was 18.61 trillion yuan, with a year-on-year growth of 7.5%, which is 1.3 percentage points higher than the overall loan growth [1] - The balance of inclusive micro and small loans reached 36.57 trillion yuan by the end of Q4 2025, with a year-on-year growth of 11.1%, adding 363 billion yuan over the year [1] Group 3 - Green loans saw rapid growth in 2025, with an increase of 772 billion yuan in both domestic and foreign currencies throughout the year [2] - The balance of agricultural loans in both domestic and foreign currencies reached 53.57 trillion yuan by the end of Q4 2025, reflecting a year-on-year increase of 6.5% [2] Group 4 - The balance of real estate loans in yuan was 51.95 trillion yuan by the end of Q4 2025, showing a year-on-year decline of 1.6%, with a total reduction of 963.6 billion yuan over the year [3]

Core Insights - The People's Bank of China reported a total RMB loan balance of 271.91 trillion yuan at the end of Q4 2025, reflecting a year-on-year growth of 6.4% and an annual increase of 16.27 trillion yuan [2] Loan Growth by Sector - Inclusive micro and small enterprise loans reached a balance of 36.57 trillion yuan, growing by 11.1% year-on-year, which is 4.7 percentage points higher than the overall loan growth rate [3] - Corporate loans in both domestic and foreign currencies amounted to 186.21 trillion yuan, with a year-on-year growth of 8.9%, increasing by 15.24 trillion yuan over the year [3] - Agricultural loans also saw a rise, with a balance of 53.57 trillion yuan, reflecting a year-on-year growth of 6.5%, adding 3.44 trillion yuan throughout the year [3] Real Estate Loan Trends - Real estate loans decreased by 1.6% year-on-year, with a total balance of 51.95 trillion yuan, resulting in a reduction of 96.36 billion yuan for the year [4] - Loans for real estate development fell by 3.0% year-on-year, totaling 13.16 trillion yuan, with an annual decrease of 35.75 billion yuan [4] - Personal housing loans also declined by 1.8%, amounting to 37.01 trillion yuan, with a yearly reduction of 67.68 billion yuan [4] Support for Innovation and Consumption - The number of technology-based small and medium enterprises receiving loans reached 275,000, with a loan approval rate of 50.2%, an increase of 2 percentage points from the previous year [4] - Loans to high-tech enterprises totaled 18.61 trillion yuan, growing by 7.5% year-on-year, which is 1.3 percentage points higher than the overall loan growth [4] - Household loans in foreign currencies reached 83.28 trillion yuan, with a year-on-year growth of 0.5%, adding 441.2 billion yuan over the year [5]

具体来说，2025年四季度末，本外币企事业单位贷款余额186.21万亿元，同比增长8.9%，增速比上季度 末高0.7个百分点，全年增加15.24万亿元。 1月27日，中国人民银行公布的2025年四季度金融机构贷款投向统计报告显示，企事业单位贷款增速回 升，普惠小微贷款增长较快，房地产贷款有所放缓、普惠小微贷款增长较快，贷款支持科创企业力度较 大。 分期限看，短期贷款及票据融资余额64.16万亿元，同比增长11.0%，全年增加6.37万亿元。中长期贷款 余额118.39万亿元，同比增长7.9%，全年增加8.69万亿元。分用途看，固定资产贷款余额77.52万亿元， 同比增长6.9%，全年增加5.03万亿元。经营性贷款余额75.91万亿元，同比增长9.5%，全年增加6.62万亿 元。 2025年四季度末，本外币工业中长期贷款全年增加2.11万亿元。其中，重工业中长期贷款余额22.6万亿 元，同比增长7.8%；轻工业中长期贷款余额4.04万亿元，同比增长11.8%。 个人贷款方面，住户消费贷款及经营贷款保持增长。 2025年全年16.27万亿新增人民币贷款的投向明确。 数据显示，2025年四季度末，人民币房地产贷款余 ...