2月份金融数据点评：社融增速小幅回升

Investment Rating - The industry investment rating is "Recommended," indicating that the analyst predicts the industry will perform better than the benchmark index over the next 12 months [22]. Core Insights - The financial data for February 2025 shows a slight recovery in social financing (社融), with a total of 2.24 trillion yuan added, which is an increase of 741.6 billion yuan year-on-year, and higher than the average of 1.96 trillion yuan for the same period over the past three years [3][7]. - The growth in social financing is primarily driven by a significant increase in government bonds, with new government bonds amounting to 1.6939 trillion yuan, a year-on-year increase of 1.0928 trillion yuan [3][8]. - The total social financing stock grew at a year-on-year rate of 8.2%, which is an increase of 0.2 percentage points from the previous month [7][11]. Summary by Sections Social Financing Data - In February 2025, the new social financing was 2.24 trillion yuan, with a year-on-year increase of 741.6 billion yuan and a month-on-month decrease of 4.82 trillion yuan [7]. - The stock of social financing increased by 8.2% year-on-year, up from the previous month's rate [7][11]. Credit Data - New RMB loans in February amounted to 1.01 trillion yuan, a decrease of 440 billion yuan year-on-year [4][11]. - Short-term loans and bill financing increased by 0.23 trillion yuan, while medium to long-term loans decreased by 0.43 trillion yuan [11]. - The corporate sector saw a new RMB loan addition of 1.04 trillion yuan, down by 530 billion yuan year-on-year [11]. Monetary Supply - The broad money supply (M2) grew by 7% year-on-year, while the narrow money supply (M1) increased by 0.1% [4][14]. - The growth rate of M1-M2 was -6.9%, indicating a slight widening of the gap [14][19].