9月金融数据整体平稳，四季度货币政策有望在稳增长方向发力

Loan and Financing Data - In September 2025, new RMB loans amounted to 1.29 trillion, a month-on-month seasonal increase of 700 billion, but a year-on-year decrease of 300 billion, resulting in a loan balance growth rate of 6.6%[6] - The new social financing scale in September was 3.53 trillion, a year-on-year decrease of 229.7 billion, primarily due to a significant drop in RMB loans to the real economy and a high base from government bond issuance last year[8] - The growth rate of M2 at the end of September was 8.4%, down 0.4 percentage points from the previous month, while M1 growth accelerated to 7.2%, up 1.2 percentage points, marking a 55-month high[9][10] Economic Outlook and Policy Implications - The current economic structure transformation has led to a reduced demand for loan issuance, compounded by weak consumer demand and ongoing adjustments in the real estate market[3] - The central bank is expected to maintain a supportive monetary policy stance in Q4 2025, focusing on lowering financing costs for enterprises and households to boost domestic demand[4][11] - A potential new round of interest rate cuts and reserve requirement ratio reductions by the central bank is anticipated before the end of the year, which could stimulate endogenous financing demand[4][11] Sector-Specific Insights - In September, corporate medium- and long-term loans decreased by 50 billion year-on-year, influenced by hidden debt replacement, while short-term loans increased by 250 billion[6][7] - Residential medium- and long-term loans saw a year-on-year increase of 20 billion, driven by policy adjustments in first-tier cities, although short-term loans decreased by 127.9 billion, indicating weak consumer demand[7]