证券研究报告|行业研究周报 [Table_Date] 2025 年 10 月 19 日 [Table_Title] 非银三季报预喜 [Table_Title2] 非银金融周报 [Table_Summary] 报告摘要: 本周（2025. 10.12 -2025 .10.18）A 股日均交易额 19,515 亿元，环比减少 25.0%，同比增加 10.2%。2025 年第四季度至 今日均成交额 23,1 00 亿元,较 2024 年第四季度日均交易额增 加 2 5 . 3%。20 25 年至今日均成交额 16, 723 亿元,较 202 4 年日 均交易额增加 92.6 %。投行：本周发行新股 6 家，募集资金 117.1 亿元；本周上市新股 2 家，募集资金 9. 7 亿元。202 5 年至今，A 股 IPO 上市 81 家，募集金额 7 84.6 亿元。2 024 年，A 股 IPO 上市 100 家，募集金额 673.5 亿元。两融：截至 2025 年 10 月 16 日，两市两融余额 24 ,571. 84 亿元，环比增 加 0 . 4 8%，较 2024 年日均水平增加 5 6.80%。两市融券余额 ...

Group 1 - The central bank reported that in September, RMB loans increased by 1.29 trillion yuan, with short-term loans for enterprises rising by 710 billion yuan and long-term loans for residents increasing by 250 billion yuan, indicating a recovery in microeconomic confidence [1] - The manufacturing PMI rose by 0.4 percentage points to 49.8%, with the production index reaching a six-month high of 51.9%, reflecting the ongoing recovery of the real economy [1] - Factors contributing to the loan growth include the implementation of 500 billion yuan in new policy financial tools, improved corporate operating conditions, resilient exports, and low loan interest rates [1] Group 2 - The increase in long-term loans for residents suggests a rebound in housing mortgage demand, driven by recent adjustments in housing purchase policies in major cities [2] - Personal consumption loans for residents are expected to benefit from fiscal subsidies starting September 1, although the effects of these policies may not be fully realized until the fourth quarter [2] - Continuous financial policy implementation is anticipated to further stimulate microeconomic vitality and optimize credit structure, supporting high-quality economic development [2]