中国银行业：企业贷款强劲支撑贷款平稳增长，零售需求持续疲软-China Banks_ Strong corporate lending supports stable loan growth amid persistently weak retail demand

15 January 2026 | 11:10PM HKT Equity Research CHINA BANKS Strong corporate lending supports stable loan growth amid persistently weak retail demand New TSF and loans in Dec 2025 reached Rmb 2.2tn/Rmb 0.9tn respectively, compared to Rmb 2.9tn/Rmb 1.0tn in Dec 2024. Outstanding balances expanded by 8.3%/6.4% yoy respectively, compared to 8.5%/6.4% in Nov 2025. We summarize the key points as follows: 1. In December, new TSF printed Rmb 2.2tn, a yoy decrease of -Rmb 0.6tn, 1) primarily driven by a yoy decrease ...