【银河银行张一纬】行业点评丨政府债发力明显,股市活跃推动存款搬家——2026年1月金融数据点评

中国银河证券研究
Feb 23

【报告导读】1.社融同比多增,增速环比下降。2.人民币贷款拖累社融,政府债对社融增量的贡献再凸显。3.实体部门短贷均多增,中长期贷款仍偏弱。4.资金活化程度提升,资本市场活跃推动存款搬家。核心观点社融同比多增,增速环比下降:1月新增社融7.22万亿元,同比多增1654亿元;截至1月末,社融存量同比+8.2%,较上月-0.1pct。年初财政发力前置,政府债为社融增量的主要贡献。人民币贷款偏弱,预计...

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