2025年9月金融数据点评：企业直接融资支撑社融

Group 1: Financial Growth Metrics - Social financing (社融) stock increased by 8.7% year-on-year, a slight decrease of 0.1 percentage points from the previous month[5] - Loan stock grew by 6.6% year-on-year, down 0.2 percentage points from the previous month[5] - M1 increased by 7.2% year-on-year, up 1.2 percentage points from the previous month[5] - M2 rose by 8.4% year-on-year, down 0.4 percentage points from the previous month[5] Group 2: Support for Social Financing - Three main supports for social financing data include: new policy financial tools, ongoing personal consumption loan interest subsidies, and early issuance of debt limits for 2026[5] - Corporate bond net financing, non-financial corporate domestic stock financing, and discounted bills increased by 203.1 billion, 37.2 billion, and 192.3 billion yuan respectively year-on-year[5] - Government bond financing contributed 3.87 percentage points to social financing growth, a decrease of 0.12 percentage points from the previous month[5] Group 3: Loan Structure and Rates - Corporate short-term loans increased by 250 billion yuan year-on-year, reaching 710 billion yuan in September[5] - The weighted average interest rate for newly issued corporate loans was approximately 3.1%, unchanged from the previous month and down 40 basis points year-on-year[5] - The balance of inclusive small and micro loans reached 36.09 trillion yuan, growing by 12.2% year-on-year, an increase of 0.4 percentage points from the previous month[5]