Key investment points:
Event: on February 10, 2022, the central bank released the financial data of January 2022: in January, the new social financing scale was 6.17 trillion yuan, an increase of 984.2 billion yuan year-on-year, significantly exceeding the market expectation (expected 5.45 trillion yuan). At the end of January, the stock of social finance increased by 10.5% year-on-year, up 0.2 percentage points from the previous month. New RMB loans reached 3.98 trillion yuan, an increase of 400 billion yuan over the same period last year. At the end of January, M2 was 9.8% year-on-year, significantly higher than 9.0% in the previous month; However, the year-on-year growth rate of M1 slowed down, with a year-on-year growth rate of - 1.9% (the previous value was 3.5%).
In this regard, our comments: the total amount of financial data began to improve, but the structure still needs to be further optimized. On the whole, the financial data in January shows that "steady growth" has achieved initial results. Driven by infrastructure construction, the demand for physical financing has picked up. With the continuous development of Finance and the gradual catch-up of infrastructure supporting funds, social finance is expected to continue to pick up. At present, affected by the spread of the epidemic, residents' consumption and purchase intention are weak as a whole, and subsequent repair may take some time. In terms of real estate, the regulation of real estate has begun to be relaxed, and real estate may recover this year.
Risk warning: the data contained in this report is incomplete market statistics, which is intended to reflect the market trend rather than accurate quantity. Any suggestions, opinions and speculation contained only reflect the judgment of the company on the date of this report.
