On April 11, the Chinese peoplebankThe official website released the statistical data report on the scale of social financing in March 2022.
Preliminary statistics show that the stock of social financing at the end of March was 325.64 trillion yuan, a year-on-year increase of 10.6%. Among them, the balance of RMB loans issued to the real economy was 199.85 trillion yuan, a year-on-year increase of 11.3%; the entrusted loan balance was 10.93 trillion yuan, a year-on-year decrease of 1%; the trust loan balance was 4.18 trillion yuan, a year-on-year decrease of 30.5%; The balance of bonds was 31.06 trillion yuan, a year-on-year increase of 10.2%; the balance of government bonds was 54.65 trillion yuan, a year-on-year increase of 17%.
In terms of structure, the balance of RMB loans issued to the real economy at the end of March accounted for 61.4% of the stock of social financing in the same period, a year-on-year increase of 0.5 percentage points; the balance of entrusted loans accounted for 3.4%, a year-on-year decrease of 0.3 percentage points; the balance of trust loans accounted for 1.3% %, a year-on-year decrease of 0.7 percentage points; corporate bond balances accounted for 9.5%, a year-on-year decrease of 0.1 percentage points; government bond balances accounted for 16.8%, a year-on-year increase of 0.9 percentage points.
Throughout the first quarter, the cumulative increase in social financing scale was 12.06 trillion yuan, 1.77 trillion yuan more than the same period last year.
CITIC SecuritiesIt is pointed out that the growth rate of social financing in March was 10.6%, an increase of 0.4 percentage points from the previous month, mainly due tocredit, non-standard and government bonds, of which the new RMB credit was 3.13 trillion yuan, an increase of 400 billion yuan over the same period last year. In terms of credit structure, short-term corporate loans and bill financing contributed the most, medium and long-term corporate loans accounted for a low proportion, and the growth rate of household loans slowed down. However, although the proportion of medium and long-term loans of enterprises is relatively low, the absolute value is not low, and the year-on-year change has changed from negative to positive. The characteristics of the March credit share many similarities with January.
ShouldbrokerageIt is believed that real estate sales may see an inflection point in the next 1-2 months, which will be a signal that social financing has truly stabilized and rebounded.
In the opinion of some industry insiders, in 2021, the overall profitability of real estate enterprises will decline, investment attitudes will tend to be cautious, real estate enterprises will go from being forced to deleverage to actively deleveraging, the industry will usher in some credit risk events in the continuous contraction, and the industry competition pattern will occur Significant changes. The amount of land supplemented in the past six months is a key factor to verify whether the company’s financing channels are smooth and whether its market share may increase in the future. Under the background of policy slant, blue-chip real estate companies may be able to obtain sustainable investment opportunities.Text / Qi Yue
(Article source: Beijing Evening News)