银行业9月金融数据点评：楼市回暖，资金活化度继续上升

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [26]. Core Insights - The financial data for September 2025 shows a new social financing scale of 3.53 trillion yuan, a year-on-year decrease of 229.7 billion yuan, with a year-on-year growth rate of 8.7%, down 0.1 percentage points from the previous month [2][7]. - New RMB loans amounted to 1.29 trillion yuan in September, a year-on-year decrease of 300 billion yuan, continuing the trend from August [2][7]. - The report highlights a recovery in the real estate market, with a notable improvement in the sales of commercial housing in major cities, which positively impacted the growth of medium to long-term loans for residents [7]. Summary by Sections Financial Data Overview - In September 2025, the new social financing scale was 3.53 trillion yuan, with a year-on-year decrease of 229.7 billion yuan. The stock of social financing grew at a rate of 8.7% year-on-year, which is a decrease of 0.1 percentage points from the previous month [2][8]. - The new RMB loans for September were 1.29 trillion yuan, reflecting a year-on-year decrease of 300 billion yuan [2][8]. Loan Structure Analysis - The report indicates that corporate loans in September amounted to 1.22 trillion yuan, a year-on-year decrease of 270 billion yuan, while medium to long-term loans for residents showed improvement due to a recovery in the housing market [7][8]. - The report notes that the demand for credit remains relatively weak compared to the first half of the year, with banks being more cautious in their lending practices [7]. Market Performance - The absolute performance of the banking sector showed a decline of 0.7% over the past month, but a positive trend over 6 months (7.5%) and 12 months (16.0%) [5]. - The report emphasizes the importance of long-term investment strategies in the banking sector, suggesting that banks with high dividend yields and strong asset quality present good investment opportunities [7].