10月普惠金融—景气指数显示：企业发展潜力有望进一步释放

Core Insights - The Inclusive Finance Prosperity Index for October 2025 is reported at 49.39 points, a slight decrease of 0.11 points from September, but still higher than the same period last year [1] - The financing sector continues to expand, with stable costs and ongoing policy benefits, while the operational fundamentals for enterprises remain stable, indicating potential for further development [1] Financing Sector - The financing prosperity index stands at 54.69 points, down 0.24 points from September, indicating continued expansion in enterprise financing [1] - As of the end of October, the total social financing stock reached 437.72 trillion yuan, reflecting a year-on-year growth of 8.5% [1] - The balance of RMB loans to the real economy was 267.01 trillion yuan, with a year-on-year increase of 6.3%, demonstrating strong financial support for the real economy [1] - The balance of inclusive micro and small loans and medium to long-term loans in the manufacturing sector grew by 11.6% and 7.9% year-on-year, respectively, both exceeding the growth rate of other loan categories [1] - The average interest rate for newly issued loans (in both domestic and foreign currencies) was 3.1%, approximately 40 basis points lower than the same period last year, indicating a favorable financing environment [1] Operational Sector - The operational prosperity index is at 48.35 points, down 0.09 points from September, with small and micro enterprises maintaining overall stability [2] - Some enterprises are entering an adjustment phase, leading to a slowdown in profitability, as indicated by a decrease of 0.21 points in the operational performance index [2] - Despite the adjustments, operational investment continues to grow, with the operational investment index rising by 0.03 points from the previous month [2] - The operational prosperity index across nine major industries shows a trend of 3 industries increasing and 6 decreasing [2] - The agricultural sector benefits from increased activities during the autumn harvest and planting season, leading to rapid growth in the agriculture, forestry, animal husbandry, and fishery industries [2] - The industrial economy is experiencing growth due to new momentum and technological advancements, with a slight increase in the industrial operational index [2] - There are signs of accelerated construction activities related to infrastructure investment, resulting in a slight rise in the construction industry's operational index [2] - However, sectors such as wholesale and retail, transportation, and accommodation and catering have seen a decline in operational prosperity [2]