宏观经济专题：解密十万亿社融资金流向.pdf
1 / 10 2020 08 04 - -2020.8.3 - -2020.8.2 - -2020.8.2 zhaowei1kysec S0790520060002 yangfei1kysec S0790520070004 1.3 12.8% 9.7 3.7 91% 6 3 1.5 8.6 4.5 1.6 5 19.6% 2011 2 1.1 8.5% 15.7 47.3% 52.8% 19.6 35.8% 13% 7% 4 7586 2 / 10 1 . 3 2 . 4 3 . 6 4 . 8 5 . 8 1 . 3 2 . 3 3 3 . 3 4 . 3 5 . 4 6 . 4 7 . 4 8 . 4 9 . 5 10 “ ” . 5 11 7 . 5 12 3 . 5 13 . 6 14 . 6 15 . 6 16 . 7 17 . 7 18 . 7 19 . 8 20 . 8 21 . 8 22 . 8 3 / 10 1 1.3 12.8% 4 1.3 0.6 9.7 3.7 91% 1 2 Wind Wind 3 6 3 1.5 13.4% 1700 1200 3 3 4 Wind Wind 10 11 12 13 14 5 10 15 20 25 2018-04 2018-06 2018-08 2018-10 2018-12 2019-02 2019-04 2019-06 2019-08 2019-10 2019-12 2020-02 2020-04 2020-06 (%) (%) ( ) ( ) -0.7 0.5 1.7 2.9 4.1 5.3 -0.2 0.1 0.4 0.7 1.0 1.3 1.6 ( ) ( ) 2019 ( ) 11 12 13 14 -1,000 0 1,000 2,000 3,000 4,000 1 2 3 4 5 6 (%) ( ) 2020 2019 ( ) -600 2,800 6,200 9,600 13,000 16,400 2019 2020 2019 2020 ( ) 4 / 10 4 5 1 6 7 1 8.6 22.8% 5 6 Wind Wind 2 4.5 1.6 5 19.6% 2011 2 1.1 8.5% 7 8 Wind Wind -0.5 0.7 1.9 3.1 4.3 5.5 1 2 3 4 5 6 7 8 9 10 11 12 ( ) 2018 2019 2020 0% 5% 10% 15% 20% 25% 1.0 1.3 1.6 1.9 2.2 2.5 ( ) ( ) 7 11 15 19 23 27 2 5 8 11 14 17 20 2017-03 2017-06 2017-09 2017-12 2018-03 2018-06 2018-09 2018-12 2019-03 2019-06 2019-09 2019-12 2020-03 2020-06 (%) (%) ( ) 55 58 61 64 67 70 73 57 60 63 66 69 72 2017-03 2017-06 2017-09 2017-12 2018-03 2018-06 2018-09 2018-12 2019-03 2019-06 2019-09 2019-12 2020-03 2020-06 (%) ( ) (%) 5 / 10 15.7 47.3% 1.8 6.5% 76.5% 9 10 Wind Wind 7 61.4% 26.4% 3 19.2% 52.8% 19.6% 35.8% 11 7 12 3 Wind Wind -100 300 700 1,100 1,500 1,900 2,300 2,700 -200 700 1,600 2,500 3,400 4,300 ( ) ( ) 2020 2019 ( ) 79.8% 75.7% 76.5% 14.7% 19.0% 16.2% 4.8% 4.7% 6.5% 0% 20% 40% 60% 80% 100% 2019 2020 2020 6.8% 54.6% 26.4% 11.5% 0.7% ( 7 31 ) 0 20 40 60 80 100 1 2 3 4 5 6 7 (%) ( 7 31 ) 6 / 10 3 6 13.9% 15.2% 11.3% 1 13% 7% 2 15% 4 13 Wind 14 15 Wind Wind 7586 5290 3616
