【中银国际-2026研报】12月新增贷款回稳，货币政策释放宽松信号.pdfVIP

DailySpotlight16January2026

MichaelMENG

(852)39886433

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IndexPerformance

Lastclose%1D%YTD

HSI26,924(0.3)5.0NewloansstabilisedinDecemberaspolicymakerssent

HSCEI9,267(0.5)4.0looseningsignal

HSCCI4,1540.43.4

MSCIHK14,4900.35.9ZhangWan/PennyPengMacroStrategy|ChinaEconomy

MSCICHINA87(1.0)5.0

FTSECHINAA5015,3400.00.2(i)NewloansinDecemberreachedRMB910bn,downRMB80bnYoY.Decembernew

CSI3004,7510.22.6loanswererelativelystable,narrowingtheYoYdeclinefrom-32.8%inNovemberto-8.1%.

TWSE30,811(0.4)6.4(ii)InDecember,corporateshort-termloans,medium-andlong-termloansaswellas

SENSEX83,628(0.3)(1.9)

NIKKEI22554,111(0.4)7.5bondfinancingbouncedupYoYwhilecreditdemandofhouseholdsectorremained

KOSPI4,7981.613.8sluggish.

ASX2008,821(0.1)1.7

DJIA49,4420.62.9(iii)Themonetarypolicymakersannouncedaseriesofincrementallooseningpoliciesof

SP5006,9440.31.4structuralmonetarytools,includingloweringtherefinancinginterestrate,increasingthe

FTSE10010,2390.53.1

quotaandexpandingth