8656家小微市场主体调研：经营状况与预期回落，线上化率有所下滑

Core Insights - The operating conditions of small and micro enterprises have deteriorated, with an increase in the loss ratio and a decrease in profitability and revenue growth indices [3][6][35] - Market expectations and investment tendencies have declined for several consecutive quarters, indicating a weakening confidence among small and micro enterprises [9][35] - Human resource costs are rising, while consumer demand remains weak, posing significant challenges to business operations [11][12][35] Operating Conditions - The loss ratio among sample subjects increased to 5.9%, up 0.2 percentage points from the previous quarter, while the stagnation ratio decreased to 11.1% [6] - Profitability index fell to 71.4, and revenue growth index dropped to 52.0, both indicating a downward trend [6] Market Expectations and Investment Tendencies - The market expectation index decreased to 65.6, marking a decline for five consecutive quarters [9] - The investment tendency index fell to 65.5, also showing a downward trend for four consecutive quarters [9] Cost Pressures - The coverage of rising labor costs reached 39.4%, indicating significant pressure, while costs related to raw materials and store rents showed some relief [12] - Consumer willingness to spend and homogenized competition are increasing challenges, with coverage for low consumer demand at 31.3% [12] Policy Support - The coverage of inclusive support policies remained stable, with "preferential interest rates or subsidies" being the most widely covered at 29.5% [15][17] - The "perceived temperature" of the business environment slightly improved to -6.0, indicating a marginal recovery [17] Financing Conditions - Financing demand rose to 70.9%, with the actual financing gap increasing to 37.0% [20] - The proportion of subjects obtaining funds solely from bank channels increased to 48.2%, indicating an expansion in bank credit supply [22] Interest Rates - The comprehensive borrowing rate increased to 5.57%, with bank rates at 4.39% and non-bank rates at 6.91%, widening the gap between the two [25] Digital Transformation - The online presence rate decreased to 48.7%, continuing a downward trend for seven consecutive quarters [28] - However, the revenue capability from online sales is recovering, with a growing trend towards multi-platform operations [30] Summary - The performance of small and micro enterprises continues to face pressure, with declining market expectations and investment tendencies [35] - Rising labor costs and weak consumer demand are significant challenges, while policy support remains stable [35] - Financing demand has rebounded, but the financing gap has widened, and borrowing costs have slightly increased [35] - The online presence is declining, but revenue capabilities are improving, indicating resilience among small and micro enterprises [35]