事件:4月13日,央行公布2025年3月中国金融数据,信贷余额同比上行0.1个百分点至7.4%,社融存量同比上行0.2个百分点至8.4%,M2同比持平于7.0%。 核心观点:关注后续财政融资节奏 3月信贷数据回暖主因企业短期贷款放量,而反映企业投资需求的中长期贷款增长相对平缓。3月新增信贷3.64万亿元,显著超出市场预期的2.93万亿元(Wind)。居民部门融资平稳,企业短期贷款同比多增4600...
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