Market Overview - On January 15, the Shanghai Composite Index fell by 0.33%, while the Shenzhen Component rose by 0.41% and the ChiNext Index increased by 0.56%[2] - The total trading volume on January 15 was 2.94 trillion yuan, a decrease of approximately 1.05 trillion yuan from the previous trading day[1] Sector Performance - The sectors with the largest gains included electronics, chemicals, and non-ferrous metals, while military, media, computer, and pharmaceutical sectors experienced the largest declines[1] - Major capital inflows were observed in the semiconductor, communication equipment, and consumer electronics sectors, while IT services, securities, and aerospace equipment saw significant outflows[3] Regulatory Impact - The exchange raised the margin financing ratio on January 15, indicating regulatory intent to cool down the rapid market rise[1] - The market's reduced trading volume reflects a natural response to regulatory measures, with a pause in aggressive buying rather than panic selling[1] Economic Indicators - As of the end of December, the broad money supply (M2) was 340.29 trillion yuan, showing a year-on-year growth of 8.5%[4] - The total social financing increment for 2025 was reported at 35.6 trillion yuan, an increase of 3.34 trillion yuan compared to the previous year[5] Investment Trends - There has been a notable increase in the issuance of metal-themed funds, with 7 new funds reported in the past week and a net subscription of over 51 billion yuan for metal-themed ETFs over the past year[11] - The total trading volume of ETFs reached a record high of 7487.59 billion yuan on January 15, following a previous peak of 7155.35 billion yuan on January 14[12]

Core Insights - The People's Bank of China reported that by the end of 2025, the total social financing scale reached 442.12 trillion yuan, marking an 8.3% year-on-year increase [1] - The balance of RMB loans to the real economy was 268.4 trillion yuan, with a year-on-year growth of 6.3% [1] - The balance of foreign currency loans to the real economy, converted to RMB, was 1.05 trillion yuan, showing an 18% decline year-on-year [1] Financing Structure - By the end of 2025, RMB loans to the real economy accounted for 60.7% of the total social financing scale, down 1.1 percentage points year-on-year [2] - The proportion of foreign currency loans to the real economy was 0.2%, a decrease of 0.1 percentage points year-on-year [2] - Government bonds represented 21.5% of the total financing structure, an increase of 1.6 percentage points year-on-year [2] Annual Financing Increment - The total increment in social financing for 2025 was 35.6 trillion yuan, which is 3.34 trillion yuan more than the previous year [3] - RMB loans to the real economy increased by 15.91 trillion yuan, which is a decrease of 1.13 trillion yuan compared to the previous year [3] - Government bond net financing reached 13.84 trillion yuan, an increase of 2.54 trillion yuan year-on-year [3] Currency and Deposits - By the end of 2025, the broad money supply (M2) was 340.29 trillion yuan, reflecting an 8.5% year-on-year growth [3] - RMB deposits increased by 26.41 trillion yuan in 2025, with household deposits rising by 14.64 trillion yuan [4] - The total amount of cash injected into the economy in 2025 was 1.31 trillion yuan [3] Interbank Market Activity - The total transaction volume in the interbank RMB market for 2025 was 2180.31 trillion yuan, with an average daily transaction of 8.79 trillion yuan, up 2.1% year-on-year [4] - The weighted average interest rate for interbank borrowing in December 2025 was 1.36%, lower than both the previous month and the same period last year [4] Foreign Exchange Reserves - As of December 2025, the national foreign exchange reserves stood at 3.36 trillion USD, with the RMB exchange rate at 7.0288 yuan per USD [5] - The cross-border RMB settlement amount for the current account in 2025 was 17.86 trillion yuan, with goods trade accounting for 13.72 trillion yuan [5]

● 本报记者 欧阳剑环 彭扬 中国人民银行1月15日发布的2025年金融统计数据报告显示，2025年全年人民币贷款增加16.27万亿元； 2025年12月末，广义货币（M2）余额同比增长8.5%。 中国人民银行新闻发言人、调查统计司司长闫先东当日在国新办新闻发布会上表示，2025年以来，人民 银行实施适度宽松货币政策，强化逆周期调节，综合运用多种货币政策工具组合，服务实体经济高质量 发展。从效果上看，2025年货币信贷呈现"总量增长，结构优化"的特征。 贷款行业结构持续优化 数据显示，信贷总量保持平稳增长。2025年末，金融机构人民币各项贷款余额271.91万亿元，同比增长 6.4%。 "如果还原地方专项债置换对贷款的影响，增速在7%左右。2025年全年人民币各项贷款新增16.27万亿 元，显示金融体系对实体经济的信贷支持保持在较高水平。"闫先东说。 分部门看，住户贷款增加4417亿元，其中，短期贷款减少8351亿元，中长期贷款增加1.28万亿元；企 （事）业单位贷款增加15.47万亿元，其中，短期贷款增加4.81万亿元，中长期贷款增加8.82万亿元，票 据融资增加1.66万亿元；非银行业金融机构贷款减少11 ...

1月15日，央行公布2025年金融统计数据报告。2025年年末社会融资规模存量为442.12万亿元，同比增 长8.3%。2025年社会融资规模增量累计为35.6万亿元，比上年多3.34万亿元。 12月份银行间人民币市场同业拆借月加权平均利率为1.36%，分别比上月和上年同期低0.06个和0.21个 百分点。质押式回购加权均利率为1.4%，分别比上月和上年同期低0.04个和0.25个百分点。 "货币政策对实体经济的支持力度持续增强。"申银万国期货分析师陈梦赟告诉期货日报记者，从社融结 构来看，最大贡献来自政府债券。2025年政府债券净融资同比多2.54万亿元，积极的财政政策前置发力 为稳增长提供助力。2025年人民币贷款同比少增，但结构性亮点凸显，12月企业贷款显著改善，实现同 比多增，说明企业生产经营预期好转、融资需求回升。 受房地产销售回落等因素影响，2025年下半年居民贷款增速放缓，后续随着房地产相关政策见效，居民 贷款有望逐步企稳。陈梦赟表示，2025年12月M2同比增长8.5%，增速较上月提高0.5个百分点，显示流 动性环境趋于宽松。整体来看，适度宽松的货币环境为实体经济修复提供了良好条件。 （文章来 ...

Group 1 - The total social financing scale increased by 3.34 trillion yuan in 2025, reaching a cumulative total of 35.6 trillion yuan compared to the previous year [4] - The balance of broad money (M2) at the end of December was 340.29 trillion yuan, reflecting an 8.5% year-on-year growth [5] - The balance of narrow money (M1) was 115.51 trillion yuan, with a year-on-year increase of 3.8% [5] Group 2 - By the end of 2025, the total social financing stock was 442.12 trillion yuan, showing an 8.3% year-on-year growth [2] - The balance of RMB loans to the real economy was 268.4 trillion yuan, increasing by 6.3% year-on-year [2] - The balance of foreign currency loans to the real economy, converted to RMB, was 1.05 trillion yuan, which represented an 18% year-on-year decline [2] Group 3 - The balance of government bonds reached 94.92 trillion yuan, marking a 17.1% year-on-year increase [2] - The net financing of corporate bonds was 2.39 trillion yuan, which was an increase of 4.825 trillion yuan compared to the previous year [4] - The balance of non-financial corporate domestic stock was 12.2 trillion yuan, reflecting a 4.1% year-on-year growth [2] Group 4 - The total increase in RMB deposits for the year was 26.41 trillion yuan, with household deposits rising by 14.64 trillion yuan [6] - The balance of foreign currency deposits at the end of December was 1.07 trillion USD, showing a year-on-year growth of 25% [7] - The total increase in RMB loans for the year was 16.27 trillion yuan, with corporate loans increasing by 15.47 trillion yuan [8] Group 5 - The average weighted interest rate for interbank RMB market lending in December was 1.36%, lower than the previous month and the same period last year [10] - The total transaction volume in the interbank RMB market for the year was 2180.31 trillion yuan, with a daily average transaction volume of 8.79 trillion yuan [10] - The balance of foreign exchange reserves at the end of December was 3.36 trillion USD [11] Group 6 - The total amount of cross-border RMB settlements under the current account was 17.86 trillion yuan in 2025, with direct investment cross-border RMB settlements amounting to 8.46 trillion yuan [12] - The breakdown of current account settlements included 13.72 trillion yuan for goods trade and 4.14 trillion yuan for service trade and other current items [12]

Core Insights - The People's Bank of China reported that by the end of 2025, the total social financing scale reached 442.12 trillion yuan, marking an 8.3% year-on-year increase [1] - The balance of RMB loans to the real economy was 268.4 trillion yuan, with a year-on-year growth of 6.3% [1] - The balance of foreign currency loans to the real economy, converted to RMB, was 1.05 trillion yuan, showing an 18% decline year-on-year [1] Financing Structure - By the end of 2025, RMB loans to the real economy accounted for 60.7% of the total social financing scale, down 1.1 percentage points year-on-year [2] - The proportion of foreign currency loans to the real economy was 0.2%, down 0.1 percentage points year-on-year [2] - Government bonds represented 21.5% of the total financing, an increase of 1.6 percentage points year-on-year [2] Annual Financing Increment - The total increment in social financing for 2025 was 35.6 trillion yuan, which is 3.34 trillion yuan more than the previous year [3] - RMB loans to the real economy increased by 15.91 trillion yuan, which is a decrease of 1.13 trillion yuan compared to the previous year [3] - Net financing from government bonds reached 13.84 trillion yuan, an increase of 2.54 trillion yuan year-on-year [3] Monetary Supply - By the end of December 2025, the broad money supply (M2) was 340.29 trillion yuan, reflecting an 8.5% year-on-year growth [3] - The narrow money supply (M1) was 115.51 trillion yuan, with a year-on-year increase of 3.8% [3] - The cash in circulation (M0) was 14.13 trillion yuan, showing a year-on-year growth of 10.2% [3] Loan Distribution - In 2025, RMB loans increased by 16.27 trillion yuan, with household loans rising by 441.7 billion yuan [4] - Corporate loans increased by 15.47 trillion yuan, with short-term loans rising by 4.81 trillion yuan and medium to long-term loans by 8.82 trillion yuan [4] - Non-banking financial institution loans decreased by 110.3 billion yuan [4]

北京商报讯(记者董晗萱)1月15日，人民银行发布2025年金融统计数据报告。2025年12月末，广义货币 (M2)余额340.29万亿元，同比增长8.5%。狭义货币(M1)余额115.51万亿元，同比增长3.8%。流通中货币 (M0)余额14.13万亿元，同比增长10.2%。全年净投放现金1.31万亿元。 ...

1月15日，中国人民银行公布金融数据显示： 社会融资规模存量同比增长8.3% 初步统计，2025年末社会融资规模存量为442.12万亿元，同比增长8.3%。其中， 企业债券余额为34.24万亿元，同比增长6%； 政府债券余额为94.92万亿元，同比增长17.1%； 非金融企业境内股票余额为12.2万亿元，同比增长4.1%。 从结构看： 2025年末对实体经济发放的人民币贷款余额占同期社会融资规模存量的60.7%，同比低1.1个 百分点； 对实体经济发放的外币贷款折合人民币余额占比0.2%，同比低0.1个百分点； 对实体经济发放的人民币贷款余额为268.4万亿元，同比增长6.3%； 对实体经济发放的外币贷款折合人民币余额为1.05万亿元，同比下降18%； 委托贷款余额为11.35万亿元，同比增长1.3%； 信托贷款余额为4.67万亿元，同比增长8.6%； 未贴现的银行承兑汇票余额为2.15万亿元，同比下降0.3%； 委托贷款余额占比2.6%，同比低0.1个百分点； 信托贷款余额占比1.1%，同比持平； 未贴现的银行承兑汇票余额占比0.5%，同比持平； 企业债券余额占比7.7%，同比低0.2个百分点； 政府债券余 ...

央广网北京1月15日消息（记者 冯方）1月15日，央行发布2025年金融统计数据报告。 社融方面，初步统计，2025年末社会融资规模存量为442.12万亿元，同比增长8.3%。其中，对实体经济 发放的人民币贷款余额为268.4万亿元，同比增长6.3%；对实体经济发放的外币贷款折合人民币余额为 1.05万亿元，同比下降18%；委托贷款余额为11.35万亿元，同比增长1.3%；信托贷款余额为4.67万亿 元，同比增长8.6%；未贴现的银行承兑汇票余额为2.15万亿元，同比下降0.3%；企业债券余额为34.24 万亿元，同比增长6%；政府债券余额为94.92万亿元，同比增长17.1%；非金融企业境内股票余额为12.2 万亿元，同比增长4.1%。 初步统计，2025年全年社会融资规模增量累计为35.6万亿元，比上年多3.34万亿元。其中，对实体经济 发放的人民币贷款增加15.91万亿元，同比少增1.13万亿元；对实体经济发放的外币贷款折合人民币减少 2043亿元，同比少减1873亿元；委托贷款增加1203亿元，同比多增1780亿元；信托贷款增加3682亿元， 同比少增294亿元；未贴现的银行承兑汇票增加112亿元，同 ...

人民币贷款余额271.91万亿元，同比增长6.4%。 适度宽松的货币政策发力显效，有力支持实体经济稳定增长。 社会融资规模存量同比增长8.3% 初步统计，2025年末社会融资规模存量为442.12万亿元，同比增长8.3%。 其中，对实体经济发放的人民币贷款余额为268.4万亿元，同比增长6.3%；对实体经济发放的外币贷款 折合人民币余额为1.05万亿元，同比下降18%；委托贷款余额为11.35万亿元，同比增长1.3%；信托贷款 余额为4.67万亿元，同比增长8.6%；未贴现的银行承兑汇票余额为2.15万亿元，同比下降0.3%；企业债 券余额为34.24万亿元，同比增长6%；政府债券余额为94.92万亿元，同比增长17.1%；非金融企业境内 股票余额为12.2万亿元，同比增长4.1%。 从结构看，2025年末对实体经济发放的人民币贷款余额占同期社会融资规模存量的60.7%，同比低1.1个 百分点；对实体经济发放的外币贷款折合人民币余额占比0.2%，同比低0.1个百分点；委托贷款余额占 比2.6%，同比低0.1个百分点；信托贷款余额占比1.1%，同比持平；未贴现的银行承兑汇票余额占比 0.5%，同比持平；企业债券 ...