2025年一季度金融数据点评、政策回顾与前瞻：社融、信贷“开门红”，关注增长可持续性

n 2025415 01234 561researchfecrcomcn 012345677202589ABCDEFG 20254133012 01n234 156789RABCDE2025313 3142025567891518A B356789589CDE106F 3242025GHIJKL978AB3 MGHIJK364CDE055F 3343M2CD7NO7FM1CD16NO01FM0CD115NO97P QRST20255UJQVWXYZ“N ”abcd7WefgPABUJhijklmbcnJo101fgpqrHdUJstWeuvwxnJuvyBXzJKvWeP3YZkYZCffistd qkM1bcGKzpM2M1pPTnzUWefgatWstfgvP 2025IZQ3“”k P“”sistg3y““”‘”“Z’AyYZZkfiflk7Y”sP TWs”cbcUkPIZ“”‘”ZLzmZWPNBtcbcy“SA012nzU34WeLP356” ”‘7y’g83fiflZfg9P 9202583HI9JK 20254133012 3142025567891518AB356789589CDE 106F 3242025GHIJKL978AB3MGHIJK364CDE055 F 3343M2CD7NO7FM1CD16NO01FM0CD115NO97P 3453Zmhil 35CDX84NO82FM589589CDE106P202513 51518CDE237P 1 1 11 I01234 I5678094 1 1 7 111 1 7 11 1 7 1117111 7 71189A2021B11CD2025B3CE FGHI1WindFffiKLMFNOP TZmhilP3Z7148CDE102F13Z7 387CDE252PYZNpA1Wind012025S89B 284CDX8058CDEMFGLHI7JmhYZm’bKLWP MUJCDEyM7CDNP3MGHIJK383CDE054P3M73705CDN63ABUOJKPQRCDN443FSOJK3myCDN299 FTUaVWXoCDE81P13MGHIJK978CDE059P bcYZ7P3bcYZ789CDN4956ABbcCDN5142 bco7CDE186P13bcYZ7CDN4530ABbcCDN4729 bco7CDE199P Q112025BRSTUV89WXYZA1E UV89WX AabcdcE eXfg9 F hijk9 F fl9himnop9F qrstuXjk vw9F 2025BRST 96033 5886 5251 962 38700 443 2024BRST 92617 6490 9980 763 13584 1548 3416 604 4729 199 25116 1105 x1eXfg9FyzNpFGHI1WindFffiKLMFNOP 34UJCDEbcJKEyrHJKNo17Ma QT3MGHIJK364CDE5500P13MGHIJK978 CDE3200P bcaATbcJKEynJEyBXJNyo1NP3MbcJK284CDE 5000PABMnJCDE4600yMBXJCDN200PhibclLHde 7fJKP3Mo17CDN514P13MbcJK866CDE8900 ABMnJCDE5400yMBXJCDN6200Mo17CDN9558P 2y3o1ko1UaLP rHaATrHJKNP3MrHJK9853CDE447ABnJCDN67BXJCDE531P13rHBXJCDN918hijkWePA1Bmn0113 TOP100ibopqCD98P Q212025BRSTUVWXYZA1E UVNWX UVabc b b hi hi fl9 p9F 2025BRST 97800 1603 8832 35100 55800 866 5442 2024BRST 94600 3568 9750 29700 62000 2336 15000 3200 1965 918 5400 6200 3202 9558 FGHI1WindFffiKLMFNOP 3r4M1M1M2 3M2CD7s32fFM1CD16tL15u6M2M1 v5477wR’stWegP T13MGHIK1299CDE175PABMrHxK922y CDE6600MbcK174yCDE152FMVK3090CDN126 P13MYZK8190CDE1102025SZqy284 tzCz809ffi3Z7QmYZM2WLHP 156094 56094 1 1 1 11171117711 111 111711111111177111 11 17 1 721M1M2A2000B1CD2025B3CE FGHI1WindFffiKLMFNOP QRST20255UJQVWXYZN”abcd7WefgPABUJhijklmbcnJo101fgpqrHdUJstWeuvwxnJuvyBXzJK vWeP3YZkYZCffistdqkM1bcGKzpM2M1pPTnzU WefgatWstfgvP L202589MNABOP 34IZQ3”” 2025ZwIZPk ”F20256IpIZ”LIZ” ”LZNyyWP ”202412Z6B’6IZ2000fiS2009y2010p”AVmK”145M”W UyzPK””jjkL”jj IZq’XyKt“P ”si’yYfiflKstPDsistg3y“”‘”“Z’AyYZZkfiflk7P 2025wLWmZ”IZitAt 12W48Z1Ifimh”33mwR’P 34L”3v 2025110“zZJ3Lot20251 3Ltg”P 20248hiFk1MLFzSBXzk0IZ8P20248121Pb2SA2025T“36”Xn 0Xnd‘’LL3FSAfitflL”‘6I”zBGHIO WqKtP 2025Q1ZP20256vy ”t3XdEXz’XzHH4V63kf”J5M”7QP 3r4MLFP”mty0”08 2025324BzJ3MLF45i2bW 9Qmt0yyE5B”SP MLF7B08058I08Qk8P””P2014PKI012MLFoq0mBXzkhi0Z8PaP“”IZ012019LPR1823MLFL60W45fVOmLPRP MLF0mJKt678tAmBzZPfiMLFL6S0“MLFLPRUJ”00P20247LPRMLF”9MLFvLPR68RmMLFPLPR32046N3154v6325 4P20253MLFPBmE5B“”jjMLFZ PvZRQmfi7zhm7“”RkLFABCLffiEP 4567 I 67 7 DR007 23 MLF LPR 0 1 DR007 45 7 LPR 0 1 23 I 731AE FGHI1KLMFNOP 741AE FGHI1LMFNOP Q202589MNABRSTUEVWXYZ kSAFEG08kPBXzkT20253 Hh1000yMLF6303BXzk1630P 13IBXz79050y4000y163014Pnzk T1I1982y3VmII65589P SA2025TWLPR3KkPnz7AVLMNP1mO‘PLQ BastL7AMNF2PkRyZtHPLO‘O“7ANf LF3PLZSkstL7A3NfLP202512v2025 41DR007167v184PXdT1210z33fiSQm3PUJTwR’JK”Gbc70P202412JKLTfV328yCD055u6bcJKLTfV334yCD041u6DE”GUiJKyVJKbcJKVDE”D022y033y017u6P 8SAWWw3IZ8X“YZ”P2024M Jyy3aeohIJKbl78qIm50003000P20256Ww3GcIZ8X“YZ”3L 5dey56fghvB”56ffiiCMyKt7yHbBjkbcyl iM9“SAP 1 1 1 1 ABCDABFABGCDHI 1 1 1 1 11 1 1 1 1 1 1 1 751cYZA2021BQ1D2025BQ1K1E FGHI1WindFffiKLMFNOP Q21D2024BeSTsfYZA1E f Z T f ED 8350 6531 gD 18750 16957 D 7400 5835 ffif go 800 650 25841 G 8000 5351 uXD 3000 2116 uXD 400 21 “uXD 1000 10 ‘’UuXD 2000 1557 bhjk9F 500 ffiUD 5000 7 ffiUD 4000 865 fiflf 83 D 3000 162 2000 127 huXD 800 209 FGHI1abKLMFNOP E 2025sta3vPLtIZsLmzB’KtXnfP01T20255UJQVWXYZN”abcd7WePABUJhijklmbcnJo101fgpqrHdUJstWeuvwxnJuvyBXzJKvWeP3YZkYZCffistdqkM1bcGKzp M2M1pP’01TNzZ“B’2024bK202512’01waop”wxfiqeMZr“125sXDWe89MZc7FltCCDHzP3cPMIDFi5ctZ3PasgusN y8WttLsvw3”x13CPICD013”yz01Mv AstP FST2025IZ3kY”NP IZ8W214Q84hSsiA194zgI5MPHhBXzk5i8P248vIJKyIUa“IZ8LyyffiiCMyl“H’ 56fghvB7KtSAMIZ8Bjkbc7stCANZ56fg0UJtwR’PmIZosiLIZYZZCfkkPSAPN czwx7jkt”tFSAYZFy89“0kNo”q7wxPGIZSYZZZP TW”cbcUkP01MaaT’AMvtPL”‘ZvwL94zmZWPNBtcbccyfifl“SA012nzU34WeLDyUy“cP3s56””‘7y’g83fiflZfg9P FGHIJK LMNEnOnPQRnSEfiUVWXYZY F1K abcdefghIija”lmn1988o2p15qErstuvwxyzabcfgGstbHEstyPRGEabuv EaP 30HoETaPb fiZYCEjnf”bjC” Etvt“a”‘’ abcdefg2wwwsfecrcom Q 2Yo11BB11a 201057277666 Q 2os990M9a 202161428000 FrK 23a2301fiflfaEa9 Eafifiafi23sn23sC7EflY4V EdC7EafiC75 012C7C2334H5E6m78923adEEC706C7AB9CDEF GP6HIJEHKLMENOPQ RgfirSTUdCVWX