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2025年以来,国有企业资产负债率上行
2025年以来,国有企业资产负债率上行
行业数据
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图片大小:138KB
图片尺寸:2268*1060
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所属报告:
银行业2026年年度投资策略报告:银行2026银行牛未走远-251226(31页).pdf
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fCDlubTku70gfCDotYTkuqfotJ/lgLrnjocgfAp8IDotLS0gfCA6LS0tIHwKfCAyMDE4IHwg57qmIDI5LjclIHwKfCAyMDE5IHwg57qmIDIzLjUlIHwKfCAyMDIwIHwg57qmIDE0LjIlIHwKfCAyMDIxIHwg57qmIDE0LjYlIHwKfCAyMDIyIHwg57qmIDExLjUlIHwKfCAyMDIzIHwg57qmIDcuNiUgfAp8IDIwMjQgfCDnuqYgOC4wJSB8CnwgMjAyNSB8IOe6piA3LjclIHwKfCAqKjIwMjZRMSoqIHwgKio2LjAyJSoqIHwKCirms6jvvJoyMDE4LTIwMjXlubTmlbDmja7kuLrmoLnmja7mipjnur/lm77kvLDnrpflgLzvvIwyMDI2UTHkuLrlm77kuK3moIfms6jnsr7noa7lgLwqCgoqKui1hOaWmeadpea6kO+8mldpbmTvvIzlm73mtbfor4HliLjnoJTnqbbmiYAqKg==
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fCDlubTku70gICB8IOi1hOS6p+i0n+WAuueOhyB8CnwtLS0tLS0tLXwtLS0tLS0tLS0tLS18CnwgMjAyMuW5tCB8IDI2NiUgICAgICAgfAp8IDIwMjPlubQgfCAzMjYlICAgICAgIHwKfCAyMDI05bm0IHwgNjUwJSAgICAgICB8CnwgMjAyNeW5tCB8IDgzJSAgICAgICAgfAoK6LWE5paZ5p2l5rqQ77yaV2luZOOAgeWFieWkp+ivgeWIuOeglOeptuaJgOaVtOeQhg==
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6)资产负债率:2026Q1均值66.91%,环比+2.45个百分点、同比+10.43个百分点,杠杆环比温和抬升、同
fCDlraPluqYgICB8IOW5s+Wdh+WAvO+8iCXvvIkgfAp8LS0tLS0tLS18LS0tLS0tLS0tLS0tfAp8IDIwMjFRMiB8IDguOTQgICAgICAgfAp8IDIwMjFRMyB8IDQuOTcgICAgICAgfAp8IDIwMjFRNCB8IDUuMjAgICAgICAgfAp8IDIwMjJRMSB8IDMzLjIwICAgICAgfAp8IDIwMjJRMiB8IDI0LjA1ICAgICAgfAp8IDIwMjJRMyB8IDQ2LjM4ICAgICAgfAp8IDIwMjJRNCB8IDIyLjcxICAgICAgfAp8IDIwMjNRMSB8IDIyLjIzICAgICAgfAp8IDIwMjNRMiB8IDE5LjE2ICAgICAgfAp8IDIwMjNRMyB8IDE1LjA3ICAgICAgfAp8IDIwMjNRNCB8IDIxLjkwICAgICAgfAp8IDIwMjRRMSB8IDM1LjE1ICAgICAgfAp8IDIwMjRRMiB8IDIzLjU0ICAgICAgfAp8IDIwMjRRMyB8IDI1LjU1ICAgICAgfAp8IDIwMjRRNCB8IDI0LjQzICAgICAgfAp8IDIwMjVRMSB8IDMwLjcxICAgICAgfAp8IDIwMjVRMiB8IDIyLjQzICAgICAgfAp8IDIwMjVRMyB8IDI1LjE0ICAgICAgfAp8IDIwMjVRNCB8IDI3LjQ4ICAgICAgfAp8IDIwMjZRMSB8IDIzLjE5ICAgICAgfAoK6LWE5paZ5p2l5rqQ77ya5Zu+6KGo5Lit4oCc5YKo6IO96ZuG5oiQ5ZWGIOavm+WIqeeOh++8iCXvvInigJ3mlbDmja7mj5Dlj5bjgII=
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行业数据
2026-05-25
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2026Q1主要上市猪企资产负债率情况
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行业数据
2026-05-19
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2019年以来主要上市猪企资产负债率情况
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行业数据
2026-05-19
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20-26Q1样本玻璃企业资产负债率
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行业数据
2026-05-15
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2025年头部房企资产负债率
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行业数据
2026-05-13
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表22、国有企业/混改企业基本面及事件梳理
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行业数据
2026-05-11
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2026-07-30
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2026-07-30
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信贷的增速持续分化,地方国企的长期贷款增速可期。(1)非金融发债企业的样本显示,2020 年以来,地方国有企业长期贷款增速维持较高水平,略高于中央企业,但明显高于民营企业。且在 2025 年之后增速反弹,反弹力度也显著高于央企和民企(图 6)。这些企业的债券融资也表现出同样的数据特征。从应付债券的存量增速看,地方国有企业增速高于央企和民营企业(图 7)。从绝对增速看,由于发债更高的资质要求,民营企业债券融资增速明显小于零,低于长期贷款增速。(2)上市非金融企业的样本显示,央国企长期贷款和短期贷款的合并增速略高于民企,主要是民企短期信贷增速较高的缘故,调研中我们也发现银行对民企长期信贷投放的审慎,因而以短期贷款为主(图 8)。(3)工业企业样本显示,民营控股工业企业资产负债率 2025 年以来保持稳定,而国有控股工业企业资产负债率上行(图 10)。 我们认为经营状况一般的民企仍旧面临信贷可得性的制约。主观上,一般民企内生扩张需求将受制于真实利率;客观上,融资条件受限时,一个流动性风险很容易转化为信用风险,进一步加剧了银行信贷审批的难度。因此,我们预测央企和国企信贷增速将持续高于民企,信贷结构的失衡的现象会进一步加剧。
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银行业2026年年度投资策略报告:银行2026银行牛未走远-251226(31页).pdf
银行业2026年年度投资策略报告:银行2026银行牛未走远-251226
普惠小微企业(主要是私企)的信贷增速回落
非金融上市公司长期贷款和短期贷款的增速分化
发债样本中非金融企业的应付债券增速(分企业类型)
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