分维度来看，2026年1月份，融资景气度指数为55.10点，环比上升0.28点，自2025年下半年以来一直保持在54点以上。当 月，经营景气度指数为48.52点，较2025年12月份上升0.08点。1月份，全国居民消费价格指数（CPI）同比上涨0.2%，环比上涨 0.2%，居民消费需求持续恢复。叠加各项促消费政策持续显效，以及临近春节等因素影响，商品消费与服务消费均显现较好增 长势头，小微企业订单、利润等多项核心经营指标同步向好。政策发力与市场回暖的双重支撑下，小微企业市场信心持续巩 固。 本报讯 （记者吕东）2026年1月份，普惠金融-景气指数达49.60点，较2025年12月份上升0.12点，近期连续2个月实现上 升。信贷旺季叠加财税金融政策发力，企业融资环境持续优化；消费需求恢复，政策带动小微企业经营指标向好，市场信心进 一步巩固。 据了解，普惠金融-景气指数由中国经济信息社、中国银行业协会、中国建设银行、中国中小企业协会共同推出，由中国 工商银行、中国邮政储蓄银行、招商银行、江苏银行、浙江农商联合银行等单位共同参与，由新华指数研究院运营。 分行业来看，1月份，九大行业经营景气度指数呈6升3降。临近春节 ...

Core Insights - The Inclusive Finance Prosperity Index for December 2025 reached 49.48 points, an increase of 0.12 points from November, and 0.61 points higher than the same period last year, indicating effective financial support for small and micro enterprises [1] Financing Conditions - The financing prosperity index in December was 54.82 points, a slight decrease of 0.01 points from November, with sustained growth in credit scale and historically low financing costs [2] - In 2025, new loans totaled 16.27 trillion yuan, reflecting the effectiveness of moderately loose monetary policy, with significant growth in loans to key sectors such as technology, green finance, inclusive finance, elderly care, and digital economy [2] Business Conditions - The business prosperity index rose to 48.44 points in December, up 0.16 points from November, with manufacturing and non-manufacturing PMIs indicating expansion, enhancing operational vitality for small and micro enterprises [3] - The consumer price index increased by 0.8% year-on-year in December, improving corporate profit expectations and boosting market confidence [3] Industry Performance - Among nine major industries, six showed an increase in business prosperity while three declined in December, with strong demand in agriculture and transportation sectors, and seasonal growth in community services and maintenance [4] - The real estate sector also saw some improvement, while industrial, construction, and wholesale retail sectors experienced declines [4] Regional Performance - The regional business prosperity index showed three regions with increases and four with declines, with Northeast, South China, and Southwest regions improving, while North China, East China, Central China, and Northwest regions saw decreases [5]

Core Insights - The Inclusive Finance Prosperity Index for October 2025 is reported at 49.39 points, a slight decrease of 0.11 points from September, but still higher than the same period last year [1] - The financing sector continues to expand, with stable costs and ongoing policy benefits, while the operational fundamentals for enterprises remain stable, indicating potential for further development [1] Financing Sector - The financing prosperity index stands at 54.69 points, down 0.24 points from September, indicating continued expansion in enterprise financing [1] - As of the end of October, the total social financing stock reached 437.72 trillion yuan, reflecting a year-on-year growth of 8.5% [1] - The balance of RMB loans to the real economy was 267.01 trillion yuan, with a year-on-year increase of 6.3%, demonstrating strong financial support for the real economy [1] - The balance of inclusive micro and small loans and medium to long-term loans in the manufacturing sector grew by 11.6% and 7.9% year-on-year, respectively, both exceeding the growth rate of other loan categories [1] - The average interest rate for newly issued loans (in both domestic and foreign currencies) was 3.1%, approximately 40 basis points lower than the same period last year, indicating a favorable financing environment [1] Operational Sector - The operational prosperity index is at 48.35 points, down 0.09 points from September, with small and micro enterprises maintaining overall stability [2] - Some enterprises are entering an adjustment phase, leading to a slowdown in profitability, as indicated by a decrease of 0.21 points in the operational performance index [2] - Despite the adjustments, operational investment continues to grow, with the operational investment index rising by 0.03 points from the previous month [2] - The operational prosperity index across nine major industries shows a trend of 3 industries increasing and 6 decreasing [2] - The agricultural sector benefits from increased activities during the autumn harvest and planting season, leading to rapid growth in the agriculture, forestry, animal husbandry, and fishery industries [2] - The industrial economy is experiencing growth due to new momentum and technological advancements, with a slight increase in the industrial operational index [2] - There are signs of accelerated construction activities related to infrastructure investment, resulting in a slight rise in the construction industry's operational index [2] - However, sectors such as wholesale and retail, transportation, and accommodation and catering have seen a decline in operational prosperity [2]

Core Insights - The Inclusive Finance Prosperity Index reached 49.39 points in October 2025, a slight decrease of 0.11 points from September, but still higher than the same period last year [1] - The financing sector continues to expand, with stable costs and ongoing policy benefits; the operational fundamentals for enterprises remain stable, indicating potential for further growth [1] Financing Sector - In October, the financing prosperity index was 54.69 points, down 0.24 points from September, indicating continued expansion in enterprise financing scale [1] - The operational performance index decreased by 0.21 points in October, reflecting a slowdown in profitability for some enterprises [1] Operational Performance - The operational prosperity index for October was 48.35 points, down 0.09 points from September, with small and micro enterprises maintaining overall stability [1] - Despite some enterprises entering an adjustment period, operational investments continue to grow, with the operational input index rising by 0.03 points [1] Industry Analysis - In October, the operational prosperity index across nine major industries showed a trend of 3 increases and 6 decreases [1] - The agricultural sector experienced rapid growth due to increased farming activities during the autumn harvest and sowing period [1] - The industrial economy is benefiting from new growth drivers and technological advancements, leading to a slight increase in the industrial operational index [1] - The construction industry shows signs of accelerated activity related to infrastructure investment, with a slight rise in the construction operational index [1] - Sectors such as wholesale and retail, transportation, and accommodation and catering experienced declines in operational prosperity [1]