9月金融数据点评：M1同比增速继续回升，“剪刀差”持续收窄

Financing Data - In September 2025, the new social financing scale increased by 35,296 billion yuan, with a year-on-year decrease of 2,339 billion yuan[10] - The total social financing stock growth rate for the first three quarters was 8.7%, down 0.1 percentage points from August[10] - New corporate bonds in September amounted to 136 billion yuan, an increase of 2,062 billion yuan year-on-year, primarily due to low base effects and policy support[11] Loan and Credit Analysis - In September, new RMB loans totaled 12,900 billion yuan, an increase of 7,000 billion yuan month-on-month, but a decrease of 3,000 billion yuan year-on-year[12] - Short-term corporate loans recorded a significant increase of 6,400 billion yuan month-on-month, reflecting heightened operational activity among enterprises[12] - New medium- and long-term loans increased by 4,400 billion yuan month-on-month, indicating a gradual recovery in project investment willingness among enterprises[12] Monetary Supply Trends - M2 grew by 8.4% year-on-year in September, down 0.4 percentage points from August, but still 1.6 percentage points higher than the same period last year[2] - M1 increased by 7.2% year-on-year, up 1.2 percentage points from August, with the M1-M2 growth rate gap narrowing to 1.2%[2] - The acceleration in M1 growth is attributed to increased credit issuance, enhanced fiscal spending, and heightened market transaction activity[20]