地方债扩容、直接融资提速 2025年广东社融增量2.78万亿元

Core Viewpoint - In 2025, Guangdong's social financing scale increased by 2.78 trillion yuan, showing a year-on-year increase of 366.1 billion yuan, which significantly supports the high-quality development of the province [1] Financing Structure - Loans maintained a stable and rapid growth, with a total increase of 1.34 trillion yuan in both RMB and foreign currency loans, representing a year-on-year increase of 238.2 billion yuan, accounting for 48.2% of the social financing scale increment, up by 2.6 percentage points year-on-year [1] - The scale of government bond financing continued to expand, with net financing of local government bonds reaching 616.3 billion yuan, a year-on-year increase of 80.7 billion yuan, making up 22.2% of the social financing scale increment, remaining stable compared to 2024 [1] - Corporate direct financing accelerated, with companies raising 353.9 billion yuan through bond and stock issuance, a year-on-year increase of 105 billion yuan, accounting for 12.7% of the social financing scale increment, up by 2.4 percentage points year-on-year [1]