Core Viewpoint - The growth rate of social financing in China continues to decline, with a notable decrease in new loans and government bond issuance, indicating a weakening support for economic growth [4][6]. Group 1: Social Financing and Loans - In September, the newly added social financing was 3.53 trillion yuan, a year-on-year decrease of 229.7 billion yuan [4]. - As of the end of September 2025, the total social financing stock was 437.08 trillion yuan, reflecting a year-on-year growth of 8.7% but a month-on-month decline of 0.1 percentage points [4][6]. - New RMB loans in September amounted to 1.29 trillion yuan, down 300 billion yuan year-on-year [4]. - The demand for credit from households remains weak, while corporate loan growth shows improvement [4]. Group 2: Government Bonds - In September, government bond financing reached 1.19 trillion yuan, a decrease of 347.1 billion yuan year-on-year [4]. - The support from government bond issuance for social financing growth has weakened due to high base effects from the previous year [4]. Group 3: Deposits and Money Supply - By the end of September, the broad money supply (M2) was 335.38 trillion yuan, growing by 8.4% year-on-year, but down 0.4 percentage points from the previous month [5][6]. - The narrow money supply (M1) was 113.15 trillion yuan, with a year-on-year growth of 7.2%, showing an increase of 1.2 percentage points from the previous month [5]. - In September, household deposits increased by nearly 3 trillion yuan, with a year-on-year increase of 760 billion yuan, indicating a return of funds to bank deposits [8]. Group 4: Market Dynamics - The stock market remains active, with 2.94 million new A-share accounts opened in September, a year-on-year increase of 60.73% [8]. - The bond market has shown a downward trend since the third quarter of 2025, affecting the yields of wealth management products [8].