12月金融数据前瞻：部分信贷或后置至次年银行张银新强于大市2026-01-08

中邮证券01-08

投资要点（1）12 月新增信贷同比少增约2700 亿元：预计12 月新增人民币贷款（信贷口径）约7200 亿元左右，同比少增约2700 亿元。新增实体人民币贷款（社融口径）约6500 亿元。四季度以来的信贷需求持续偏弱情况仍延续，部分信贷投放计划或后置至次年信贷开门红。（2）新增信贷整体修复：12 月企业经营状况指数小幅调整，预计大型企业融资需求改善。预计对公中长期贷款投放继续维持修复态势、对公...

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