【国泰海通银行马婷婷团队】12月收支表：居民存款边际活化，中小银行配债意愿或有下降

马婷婷深度研究01-18

12月收支表：居民存款边际活化，中小银行配债意愿或有下降银行周报（2026/1/12-2026/1/16）本报告导读12月收支表：负债端，居民储蓄存款出现边际活化迹象；资产端，大型银行票据压降力度较大，中小银行中长期贷款增幅较为显著，12月债市波动，中小银行配债意愿或有下降。摘要负债端：低基数下非银存款大幅多增1）个人存款：同比多增4287亿元，其中活期储蓄存款、定期储蓄存款分别同比多增1000...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2604922954?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-01-18 12:42","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2604922954","market":"hk","top_or_hot":-1,"title":"【国泰海通银行马婷婷团队】12月收支表：居民存款边际活化，中小银行配债意愿或有下降","media":"马婷婷深度研究","content":"<div>\n<p>12月收支表：居民存款边际活化，中小银行配债意愿或有下降银行周报（2026/1/12-2026/1/16）本报告导读12月收支表：负债端，居民储蓄存款出现边际活化迹象；资产端，大型银行票据压降力度较大，中小银行中长期贷款增幅较为显著，12月债市波动，中小银行配债意愿或有下降。摘要负债端：低基数下非银存款大幅多增1）个人存款：同比多增4287亿元，其中活期储蓄存款、定期储蓄存款分别同比多增1000...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260118124542a4381e2c&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>【国泰海通银行马婷婷团队】12月收支表：居民存款边际活化，中小银行配债意愿或有下降</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【国泰海通银行马婷婷团队】12月收支表：居民存款边际活化，中小银行配债意愿或有下降\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-18 12:42 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260118124542a4381e2c&s=b><strong>马婷婷深度研究</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>12月收支表：居民存款边际活化，中小银行配债意愿或有下降银行周报（2026/1/12-2026/1/16）本报告导读12月收支表：负债端，居民储蓄存款出现边际活化迹象；资产端，大型银行票据压降力度较大，中小银行中长期贷款增幅较为显著，12月债市波动，中小银行配债意愿或有下降。摘要负债端：低基数下非银存款大幅多增1）个人存款：同比多增4287亿元，其中活期储蓄存款、定期储蓄存款分别同比多增1000...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260118124542a4381e2c&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"00939","symbol_name":"建设银行","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260118124542a4381e2c&s=b","article_id":"2604922954","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260118124542a4381e2c&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2604922954","pubTimestamp":1768711346,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"12月收支表：居民存款边际活化，中小银行配债意愿或有下降银行周报本报告导读12月收支表：负债端，居民储蓄存款出现边际活化迹象；资产端，大型银行票据压降力度较大，中小银行中长期贷款增幅较为显著，12月债市波动，中小银行配债意愿或有下降。2）债券投资：同比少增9098亿元，其中大型银行、中小银行分别同比少增352亿元、少增8746亿元，受债市波动影响，中小银行配债意愿或有所下降，转而增加买入返售资产持有。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"00939":"建设银行","01288":"农业银行","06196":"郑州银行","BK1560":"内银股","01963":"重庆银行","BK1147":"投资银行业与经纪业","00998":"中信银行","BK1235":"区域性银行","BK1564":"中资券商股","01988":"民生银行","03328":"交通银行","02611":"国泰海通"},"translate_title":"[Ma Tingting Team of Cathay Haitong Bank] December income and expenditure statement: residents' deposits are marginally activated, and the willingness of small and medium-sized banks to allocate bonds may decline","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"03328":0.9,"02611":1.5,"06196":0.9,"01988":0.9,"01963":0.9,"01288":0.9,"00998":0.9,"00939":0.9},"content_text":"12月收支表：居民存款边际活化，中小银行配债意愿或有下降银行周报（2026/1/12-2026/1/16）本报告导读12月收支表：负债端，居民储蓄存款出现边际活化迹象；资产端，大型银行票据压降力度较大，中小银行中长期贷款增幅较为显著，12月债市波动，中小银行配债意愿或有下降。摘要负债端：低基数下非银存款大幅多增1）个人存款：同比多增4287亿元，其中活期储蓄存款、定期储蓄存款分别同比多增1000亿元、少增391亿元，居民储蓄存款出现边际活化迹象，定期储蓄存款延续由中小银行向大型银行迁移的特征，12月大型银行、中小银行定期储蓄存款分别同比多增759亿元、少增1150亿元。2）单位存款：同比少增1343亿元，其中活期存款、定期存款分别同比少增1912亿元、多增1727亿元，中小银行定期存款贡献较多增幅（12月同比多增1183亿元）。3）非银存款：同比少减3.2万亿，其中大型银行、中小银行分别同比少减3.1万亿、多增638亿元，非银存款大幅多增主要源于2024年同业活期存款自律机制影响下形成低基数效应，而中小银行非银存款延续多增。4）金融债券：同比多增449亿元，其中大型银行、中小银行分别同比多增142亿元、307亿元。资产端：大型银行压票据，中小银行中长期贷款同比多增1）贷款：同比少增509亿元（主要源于非银贷款同比多减），其中短期贷款、中长期贷款、票融分别同比多增862亿元、多增339亿元、少增946亿元，银行信贷投放前置，一般性贷款同比多增。大型银行票融压降力度较大、短期贷款增幅明显、中长期贷款小幅少增，12月大型银行短期贷款、中长期贷款、票融分别同比多增2927亿元、少增306亿元、少增1885亿元，而中小银行则呈现相反趋势，12月中小银行短期贷款、中长期贷款、票融分别同比少增2064亿元、多增646亿元、多增939亿元。2）债券投资：同比少增9098亿元，其中大型银行、中小银行分别同比少增352亿元、少增8746亿元，受债市波动影响，中小银行配债意愿或有所下降，转而增加买入返售资产持有（12月同比多增7780亿元）。投资建议：2026年银行板块投资重点把握三条主线：1）寻找业绩增速有望提升或维持高速增长的标的，2）重视具备可转债转股预期的银行，3）红利策略仍有望延续。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2604922954","isCrawlerRequest":true}