融资景气度保持平稳 分维度来看，12月，融资景气度指数为54.82点，较11月下降0.01点。信贷规模持续增长，融资成本 维持在历史低位，信贷结构优化趋势显著。中国人民银行数据显示，2025年全年新增贷款16.27万亿 元，适度宽松的货币政策发力显效，企业和居民有效信贷需求持续释放。其中，企（事）业单位贷款新 增15.47万亿元，金融服务精准对接了企业需求，科技、绿色、普惠、养老产业和数字经济产业等重点 领域贷款都保持了两位数增长。 经营景气度温和回升 12月，经营景气度指数为48.44点，较11月上升0.16点。12月制造业PMI、非制造业PMI、综合PMI 均升至扩张区间，市场主体经营活力增强，为上下游小微企业带来订单增量。同时，12月全国居民消费 价格指数同比上涨0.8%，一定程度上改善了企业的盈利预期，提振了市场信心。在政策红利持续释放 与市场内生动力逐步修复的双重驱动下，小微企业的经营韧性正逐步增强。 行业景气度：九大行业6升3降 2025年12月，普惠金融-景气指数达49.48点，较11月上升0.12点，高于去年同期0.61点。融资端政 策效能持续释放，金融支持精准有效，信贷规模稳步增长，为小微企 ...

Core Insights - The Inclusive Finance Prosperity Index reached 49.48 points in December 2025, an increase of 0.12 points from November and 0.61 points higher than the same period last year, indicating a stable financial support for small and micro enterprises [1] Financing Dimension - The financing prosperity index stood at 54.82 points in December, a slight decrease of 0.01 points from November, with continuous growth in credit scale and historically low financing costs [2] - In 2025, new loans totaled 16.27 trillion yuan, with corporate loans accounting for 15.47 trillion yuan, reflecting effective credit demand from enterprises and residents [2] Operating Dimension - The operating prosperity index increased to 48.44 points in December, up by 0.16 points from November, with manufacturing and non-manufacturing PMIs indicating expansion [3] - The consumer price index rose by 0.8% year-on-year in December, improving corporate profit expectations and boosting market confidence [3] Industry Prosperity - Among nine major industries, six showed an increase in operating prosperity, particularly in agriculture and transportation due to seasonal demand, while three industries experienced a decline [6] - The real estate sector showed some improvement, while industrial, construction, and wholesale retail sectors saw a decrease in operating prosperity [6] Regional Prosperity - Among seven regions, three experienced an increase in operating prosperity, specifically Northeast, South China, and Southwest regions, while four regions saw a decline [7] - The indices for North China, East China, Central China, and Northwest regions were lower, indicating regional disparities in economic performance [7]