【中国经济观测点】由新华财经国家金融信息平台打造，从微观数据见微知著，为市场提供更加具有"颗粒度"的经济观测 和经济画像。本期发布的是2025年11月全国企业注册变化以及各省份、各行业的特点。 新华信用数据显示，2025年11月，全国新注册经营主体208.75万家，环比回升明显，但是同比还是处于下降趋势。其中， 环比上升22.72%，同比下降12.38%。具体如下图所示： 11月广东省新注册经营主体数量遥遥领先 分省来看，广东省新注册经营主体数量连续多月稳居第一，11月份新注册经营主体26.19万家，比上月多注册5.25万家，在 全国占比高达12.55%。 位居第二的湖北省在11月份共注册15.71万家，其余排名前十的省份及新注册经营主体数据如下图： | 地区← | 2025年11月新注册经营主体( | | --- | --- | | | (单位:家)(2 | | 广东← | 261919< | | 湖北← | 1571114 | | 浙江← | 1491064 | | 河南← | 1365814 | | 江苏← | 1235214 | | 山东← | 1174334 | | 湖南← | 1043524 | ...

Core Insights - In October 2025, the total number of newly registered business entities in China was 1.6092 million, showing a significant decline of 23.97% year-on-year and 29.92% month-on-month [1][3]. Provincial Analysis - Guangdong province led the country with 209,405 new registered entities in October, accounting for 13.01% of the national total. Henan followed with 109,314 new registrations [3]. - The top ten provinces contributed to 60.5% of the total new registrations, indicating a concentration of business activity in these regions [4]. Growth Rate Analysis - Only three provinces showed positive growth rates in new registrations: Hainan (78.54%), Beijing (9.09%), and Liaoning (1.04%) [6]. - The top ten provinces by growth rate included Hainan, Beijing, Liaoning, Guangdong, Inner Mongolia, Qinghai, Shanghai, Chongqing, Guizhou, and Jiangsu [7]. Industry Insights - The retail sector had the highest number of new registrations in October, totaling 172,300, with a year-on-year growth of 9.54%. The fastest-growing sector was technology promotion and application services, with 87,500 new registrations and a growth rate of 31.71% [9]. - The top ten industries by new registrations included retail, wholesale, technology promotion and application services, business services, software and information technology services, construction and decoration, cultural arts, professional technical services, agriculture, and real estate [9]. Financing Activity - In October 2025, there were 443 financing events in China, with a total financing amount of 89.874 billion yuan, an increase of 24.704 billion yuan from the previous month [12]. - The information technology sector led in financing events with 142 occurrences, followed by manufacturing with 103 events. Other notable sectors included healthcare, business services, electronic information, materials, automotive transportation, energy minerals, consumer life, and agriculture [12]. - Guangdong province had the highest number of financing events at 79, followed by Shanghai with 69 [14].

Group 1 - The core viewpoint of the article highlights a decline in new business registrations across China in August 2025, with a total of 1.9698 million new entities registered, marking a year-on-year decrease of 9.36% and a month-on-month decrease of 11.7% [2][11]. - Guangdong province leads in new business registrations, with 281,125 new entities, significantly outpacing the second-ranked Henan province, which registered 138,363 new entities [4][5]. - The top ten provinces for new business registrations account for over 60% of the total registrations, indicating a concentration of entrepreneurial activity in these regions [5]. Group 2 - Liaoning province shows the highest year-on-year growth rate in new business registrations at 69.3%, followed by Beijing at 21.84% [7]. - The retail sector continues to dominate new business registrations, with 197,000 new entities, far exceeding the wholesale sector, which registered 113,400 [9]. - The capital market experienced a significant reduction in financing activities, with only 313 investment events recorded in August, down from 631 in July, and a total financing scale of 57.543 billion yuan, a decrease of 52.41% [11].

Group 1 - In May, Guangdong Province had the highest number of newly registered business entities, totaling 270,167, a decrease of 52,000 from the previous month [2] - The top ten provinces for new business registrations included Hubei, Henan, Zhejiang, Shandong, Jiangsu, Hunan, Hebei, Fujian, and Sichuan [2][3] - Overall, the top ten provinces accounted for over 60% of the national new business registrations [3] Group 2 - Hubei Province recorded the fastest year-on-year growth in new business registrations at 8.33%, although this was a significant drop from the previous month's 26.10% [5] - Only six provinces experienced positive year-on-year growth in May, with the top ten growth rankings including Hubei, Hunan, Liaoning, Beijing, Shaanxi, Fujian, Shandong, Guangdong, Guangxi, and Zhejiang [5] Group 3 - The retail sector had the highest number of new business registrations in May, with 191,800 new entities, representing a year-on-year growth of 17.19% [7] - Other sectors with significant new registrations included wholesale, business services, technology promotion and application services, software and information technology services, construction and decoration, cultural arts, agriculture, professional technical services, and real estate [7] - The technology promotion and application services sector saw the fastest growth at 25.83% year-on-year [7] Group 4 - In May, the capital market financing demand decreased, with a total of 260 financing events and a total financing scale of 20.578 billion [9] - The manufacturing sector had the highest financing scale at 11.752 billion, accounting for 57.11% of the total [9] - The electricity, gas, and water production and supply sector received 3.217 billion, making up 15.63% of the total financing [9] Group 5 - In terms of regional financing, economically developed southeastern coastal provinces led in financing scale [10] - Jiangsu had 44 financing events with a total scale of 3.693 billion, while Shanghai achieved a financing scale of 3.042 billion [11] - The financing rounds showed that public offerings accounted for 24.22% of the total financing, with D-round financing at 21.59% and A-round financing at 14.26% [11]