从结构看，11月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60.8%，同比低1.3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0.3%，同比持平；委托贷款余额占比2.6%，同 比低0.2个百分点；信托贷款余额占比1%，同比低0.1个百分点；未贴现的银行承兑汇票余额占比0.5%， 同比低0.1个百分点；企业债券余额占比7.7%，同比低0.3个百分点；政府债券余额占比21.4%，同比高 1.8个百分点；非金融企业境内股票余额占比2.8%，同比低0.1个百分点。 12月12日，据央行网站，初步统计，2025年11月末社会融资规模存量为440.07万亿元，同比增长8.5%。 其中，对实体经济发放的人民币贷款余额为267.42万亿元，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1.13万亿元，同比下降16.5%；委托贷款余额为11.32万亿元，同比增长1%；信托贷款 余额为4.6万亿元，同比增长7.4%；未贴现的银行承兑汇票余额为2.3万亿元，同比增长0.4%；企业债券 余额为34.08万亿元，同比增长5.6%；政府债券余额为94.24万亿元，同比增长18.8%；非金融企业境内 ...

Core Insights - The People's Bank of China reported that as of the end of October 2025, the total social financing scale reached 437.72 trillion yuan, reflecting a year-on-year growth of 8.5% [1] Summary by Category Loans to the Real Economy - The balance of RMB loans issued to the real economy was 267.01 trillion yuan, with a year-on-year increase of 6.3% [1] - The balance of foreign currency loans to the real economy, converted to RMB, was 1.15 trillion yuan, showing a year-on-year decline of 16.9% [1] Other Financing Instruments - The balance of entrusted loans was 11.34 trillion yuan, marking a year-on-year growth of 1% [1] - The balance of trust loans was 4.52 trillion yuan, with a year-on-year increase of 5.6% [1] - The balance of undiscounted bank acceptance bills was 2.15 trillion yuan, reflecting a year-on-year decrease of 2.2% [1] Corporate and Government Bonds - The balance of corporate bonds was 33.68 trillion yuan, showing a year-on-year growth of 4.9% [1] - The balance of government bonds reached 93.03 trillion yuan, with a significant year-on-year increase of 19.2% [1] Stock Market - The balance of domestic stocks held by non-financial enterprises was 12.11 trillion yuan, reflecting a year-on-year growth of 4.1% [1]

Core Insights - The central bank's report indicates that as of the end of October 2025, the total social financing scale reached 437.72 trillion yuan, reflecting a year-on-year growth of 8.5% [1] Lending and Financing - The balance of RMB loans issued to the real economy was 267.01 trillion yuan, with a year-on-year increase of 6.3% [1] - The balance of foreign currency loans issued to the real economy, converted to RMB, was 1.15 trillion yuan, showing a year-on-year decline of 16.9% [1] - The balance of entrusted loans was 11.34 trillion yuan, marking a year-on-year growth of 1% [1] - The balance of trust loans reached 4.52 trillion yuan, with a year-on-year increase of 5.6% [1] - The balance of undiscussed bank acceptance bills was 2.15 trillion yuan, reflecting a year-on-year decrease of 2.2% [1] Bond and Equity Markets - The balance of corporate bonds was 33.68 trillion yuan, indicating a year-on-year growth of 4.9% [1] - The balance of government bonds reached 93.03 trillion yuan, with a significant year-on-year increase of 19.2% [1] - The balance of domestic stocks held by non-financial enterprises was 12.11 trillion yuan, showing a year-on-year growth of 4.1% [1]

Core Insights - As of the end of July 2025, the balance of RMB loans issued to the real economy accounted for 61.4% of the total social financing scale, a decrease of 1.2 percentage points year-on-year [1][2] - The total social financing scale stood at 431.26 trillion yuan, reflecting a year-on-year growth of 9% [1] - The balance of RMB loans to the real economy reached 264.79 trillion yuan, with a year-on-year increase of 6.8% [1] - The balance of foreign currency loans to the real economy, converted to RMB, was 1.21 trillion yuan, showing a significant year-on-year decline of 23.2% [1] - The balance of entrusted loans was 11.16 trillion yuan, with a slight year-on-year decrease of 0.4% [1] - Trust loans amounted to 4.46 trillion yuan, marking a year-on-year growth of 5.9% [1] - The balance of undiscounted bank acceptance bills was 1.92 trillion yuan, down 10.4% year-on-year [1] - Corporate bonds reached a balance of 33.39 trillion yuan, reflecting a year-on-year increase of 3.8% [1] - Government bonds totaled 89.99 trillion yuan, with a notable year-on-year growth of 21.9% [1] - The balance of domestic stocks of non-financial enterprises was 11.94 trillion yuan, showing a year-on-year increase of 3.2% [1] Structural Analysis - The proportion of RMB loans to the real economy decreased by 1.2 percentage points year-on-year, while foreign currency loans accounted for 0.3%, down 0.1 percentage points [2] - Entrusted loans represented 2.6% of the total, a decrease of 0.2 percentage points year-on-year [2] - Trust loans made up 1% of the total, down 0.1 percentage points year-on-year [2] - Undiscounted bank acceptance bills accounted for 0.4%, a decrease of 0.1 percentage points [2] - Corporate bonds represented 7.7% of the total, down 0.4 percentage points year-on-year [2] - Government bonds increased to 20.9% of the total, up 2.2 percentage points year-on-year [2] - Domestic stocks of non-financial enterprises accounted for 2.8%, down 0.1 percentage points year-on-year [2]