业内专家对《证券日报》记者表示，适度宽松的货币政策持续发力，降准降息等一揽子货币政策效 果不断显现，人民币贷款保持较高增速，贷款利率低位运行，为实体经济发展营造适宜的货币金融环 境。 直接融资对社融规模 拉动作用明显 初步统计，2025年9月末社会融资规模存量为437.08万亿元，同比增长8.7%。 2025年前三季度社会融资规模增量累计为30.09万亿元，比上年同期多4.42万亿元。其中，对实体经 济发放的人民币贷款增加14.54万亿元，同比少增8512亿元；对实体经济发放的外币贷款折合人民币减 少946亿元，同比少减1117亿元；委托贷款减少572亿元，同比多减417亿元；信托贷款增加2004亿元， 同比少增1558亿元；未贴现的银行承兑汇票增加3011亿元，同比多增4487亿元；企业债券净融资1.57万 亿元，同比少151亿元；政府债券净融资11.46万亿元，同比多4.28万亿元；非金融企业境内股票融资 3168亿元，同比多1463亿元。 本报记者 刘 琪 10月15日，中国人民银行（以下简称"央行"）发布的2025年前三季度金融统计数据报告显示，9月 末，社会融资规模、广义货币供应量（M2）、人民币贷 ...

Core Viewpoint - The article discusses the recent trends in China's monetary policy and credit data, indicating a mixed outlook with signs of both improvement and concern in various sectors of the economy [3][4][11]. Monetary Policy and Credit Data - In May 2025, new RMB loans amounted to 620 billion, significantly lower than the expected 802.6 billion and the previous year's 950 billion [3][4]. - New social financing (社融) reached 2.29 trillion, exceeding expectations and previous values, indicating a better-than-expected performance [11]. - The growth rate of M2 was 7.9%, slightly below expectations, while M1 growth improved to 2.3% [3][12]. Sector Analysis - The residential short-term loans have seen negative growth for two consecutive months, reflecting weak consumer spending, while medium to long-term loans have turned positive, aligning with real estate sales trends [5][6]. - Corporate short-term financing has increased significantly, indicating improved cash flow pressures, while medium to long-term loans have continued to show less growth due to weakened investment sentiment amid tariff disturbances [9][11]. Government and Corporate Financing - Government bond financing was a major support for social financing, with 1.46 trillion issued, while corporate bond financing also showed positive growth, suggesting that corporate financing conditions have not deteriorated significantly [13]. - The article highlights that the overall credit expansion is still heavily influenced by fiscal policies, with a need for continued policy support to stimulate demand [4][12].