信贷节奏季节性回落，票据冲量支撑，财政贴息等政策效果待观察10 月人民币贷款新增2200 亿元，同比少增2800 亿元，余额增速6.5%较9 月环比下降0.1pct。需求受季节性因素回落同时，信贷扩张亦受制约：（1）Q4 商业银行普遍“惜贷”，一方面部分项目用作来年储备，分支机构从考核角度亦有做低基数意愿，另一方面Q4 投放贷款对全年息收入贡献有限，但仍需计提拨备，故从财务角度缺乏投放性价比；（2...
Source Link信贷节奏季节性回落，票据冲量支撑，财政贴息等政策效果待观察10 月人民币贷款新增2200 亿元，同比少增2800 亿元，余额增速6.5%较9 月环比下降0.1pct。需求受季节性因素回落同时，信贷扩张亦受制约：（1）Q4 商业银行普遍“惜贷”，一方面部分项目用作来年储备，分支机构从考核角度亦有做低基数意愿，另一方面Q4 投放贷款对全年息收入贡献有限，但仍需计提拨备，故从财务角度缺乏投放性价比；（2...
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