本报北京11月23日电 (记者吴秋余)中国人民银行近日发布的金融统计数据报告显示：今年以来，我国社 会融资规模保持较快增长。前10月，社会融资规模增量累计为30.9万亿元，比上年同期多3.83万亿元， 其中，对实体经济发放的人民币贷款增加14.52万亿元。 贷款规模保持合理增长，信贷结构持续优化。前10月，我国人民币贷款增加14.97万亿元。截至10月 末，本外币贷款余额274.54万亿元，同比增长6.3%；人民币贷款余额270.61万亿元，同比增长6.5%。从 结构上看，普惠小微贷款余额为35.77万亿元，同比增长11.6%；制造业中长期贷款余额为14.97万亿 元，同比增长7.9%。 《 人民日报 》( 2025年11月24日 01 版) 截至10月末，我国社会融资规模存量为437.72万亿元，同比增长8.5%，其中，对实体经济发放的人民币 贷款余额为267.01万亿元，同比增长6.3%。 ...

贷款规模保持合理增长，信贷结构持续优化。前10月，我国人民币贷款增加14.97万亿元。截至10月 末，本外币贷款余额274.54万亿元，同比增长6.3%；人民币贷款余额270.61万亿元，同比增长6.5%。从 结构上看，普惠小微贷款余额为35.77万亿元，同比增长11.6%；制造业中长期贷款余额为14.97万亿 元，同比增长7.9%。 《 人民日报 》（ 2025年11月24日 01 版） (责编：卫嘉、白宇) 关注公众号：人民网财经 本报北京11月23日电 （记者吴秋余）中国人民银行近日发布的金融统计数据报告显示：今年以来，我 国社会融资规模保持较快增长。前10月，社会融资规模增量累计为30.9万亿元，比上年同期多3.83万亿 元，其中，对实体经济发放的人民币贷款增加14.52万亿元。 截至10月末，我国社会融资规模存量为437.72万亿元，同比增长8.5%，其中，对实体经济发放的人民币 贷款余额为267.01万亿元，同比增长6.3%。 ...

【宏观周报20251116】国内社融及经济数据显示内需增长有所放 # 朱枭鹏，Z0015158 日期: 2025-11-16 【宏观周报20251116】国内社融及经济数据显示内需增长有所放缓 【宏观总结20251116】 国内经济:国内10月经济数据显示内需偏弱 11月14日，国家统计局公布数据显示，国内10月内需呈现内需放缓迹象。 10月社会消费品零售总额同比增长2. %。连续五个月下行且增速较5月份这一年内高点回 落4.5个百分点，一是商品零售继续走弱，商品零售增速2.8V，前值3.38; 二是服务零售和餐饮回升，消费结构优化趋势未改、但总量修复仍需政策支持。投资硕 方面，1-10月固定资产投资累计增速录得一.7%（前值-0.5%），地产、基建、制造业投资均出现了不同程度的回落。其中，制造业走弱趋势明显。1-10月制造业 投资边际下滑1.38至2.7%，制造业投资连续7个月下滑，且连续5个月下滑大于1%，制造业投资从三季度开始下滑幅度加速，民间投资下降和设备更新边际递减是 主因。地产方面，全国新建商品房销售面积71982万平方米，同比下降6.8%，新建商品房销售额69017亿元，下降9.6%。 国内经济 ...

Core Insights - China Bank has acted as a global coordinator for several leading tech companies, including Alibaba, Baidu, Tencent, and Meituan, issuing a total of over 47 billion yuan in dim sum bonds, which were highly sought after in the offshore RMB financing market [1] - The total subscription amount for these bonds reached nearly 150 billion yuan, representing 3.2 times the issuance amount [1] - As of now, the total issuance of dim sum bonds in the market for 2025 has reached 979.454 billion yuan [1] Group 1 - The People's Bank of China (PBOC) has expressed its commitment to promoting the role of the RMB as a financing currency, supporting various financing products such as RMB loans, panda bonds, offshore RMB bonds, and trade financing [1][3] - The PBOC aims to enhance the liquidity of RMB for offshore entities, despite strict capital outflow controls in China [3] - The internationalization of the RMB has made progress, with the currency becoming the second most used in trade financing globally, accounting for 7.3% of total transaction volume as reported by SWIFT [3]

Group 1 - The core view of the report indicates a decline in fiscal support year-on-year, with M1 growth peaking and then receding [1][3] - The report highlights a decrease in credit volume, with October RMB loan growth at 6.5% year-on-year, a reduction of 0.12 percentage points month-on-month, and a new loan addition of 220 billion yuan, which is 280 billion yuan less than the previous year [2] - The report emphasizes the importance of "supply-demand balance" in the credit market, noting that weak demand in the household sector, particularly for short-term loans, is a significant factor [2] Group 2 - M1 and M2 growth rates fell by 1 percentage point and 0.2 percentage points respectively in October, with M1 at 6.2% and M2 at 8.2% [3] - The report suggests that the decline in M1 growth is attributed to a booming capital market, leading to a shift of deposits from residents and enterprises to non-bank deposits [3] - The investment recommendation remains focused on the banking sector, highlighting that the long-term investment value of banks continues to be strong, with a suggestion to focus on state-owned banks and quality regional banks [4][9] Group 3 - The report provides a detailed analysis of the banking sector's performance, indicating that the Shenyin & Wanguo Bank Index rose by 1.70% during the week, outperforming the CSI 300 Index by 2.78 percentage points [8] - It notes that the overall market performance for the week saw major indices decline, with the CSI 300 down by 1.08% and the Shanghai Composite Index down by 0.18% [8] - The report also includes a forecast for key companies, with EPS and PE ratios provided for several banks, indicating a positive outlook for banks like Ningbo Bank and Jiangsu Bank [10]

2025 年 11 月 14 日 债券市场或已对金融数据回落有所预期 固定收益研究团队 ——2025 年 10 月金融数据点评 陈曦（分析师） 王帅中（联系人） chenxi2@kysec.cn 证书编号：S0790521100002 wangshuaizhong@kysec.cn 证书编号：S0790125070016 事件：央行公布 2025 年 10 月金融数据，社融新增 0.82 万亿元，社融存量同比 增长 8.5%，较前值下降 0.2pct；2025 年前三季度社会融资规模增量累计为 30.90 万亿元，同比增长 14.1%；M1 同比增长 6.2%，M2 同比增长 8.2%，M0 同比增 长 10.6%，前十个月净投放现金 7284 亿元。 债券市场或已对 10 月金融数据回落有所预期 1、地方政府化债会阶段性下拉贷款增长。2025 年三季度货币政策报告指出 2024 年以来，地方政府发行 4 万亿元特殊再融资债券，其中约六到七成用于偿还银行 贷款。地方政府通过发行低利率债券偿还高息贷款，降低融资成本的同时避免两 头付息。化债将支持方式从贷款转为债券，并不影响整体支持力度。 2、政府部门加杠杆对冲 ...

Financial Data Overview - In October 2025, new social financing (社融) amounted to 815 billion RMB, a year-on-year decrease of 597 billion RMB, falling short of the market expectation of 1.53 trillion RMB[2] - New RMB loans totaled 220 billion RMB, a year-on-year decrease of 280 billion RMB, also below market expectations by 240 billion RMB[2] Social Financing Contributions - The year-on-year decrease in social financing was primarily due to a reduction in government bond supply, contributing 560.2 billion RMB, and a decrease in RMB loans by 316.6 billion RMB[3] - Corporate bonds increased by 148.2 billion RMB year-on-year, while foreign currency loans and stock financing rose by 51 billion RMB and 41.2 billion RMB, respectively[3] Credit Market Insights - On the credit side, corporate bill financing was the main contributor, with corporate loans increasing by 220 billion RMB, and corporate bill financing rising by 331.2 billion RMB year-on-year[4] - Residential short-term and long-term loans decreased by 335.6 billion RMB and 180 billion RMB, indicating a need for consumer spending stimulation[4] Monetary Supply Trends - M1 growth rate fell by 1.0 percentage points to 6.2%, while M2 growth rate decreased by 0.2 percentage points to 8.2%[5] - Non-bank deposits increased by 770 billion RMB, while both resident and corporate deposits decreased by 770 billion RMB and 355.3 billion RMB, respectively[5] Market Strategy Outlook - The overall financial data indicates a decline, but the market is expected to maintain a bullish stance on bonds due to stable liquidity and year-end calendar effects[6] - The yield on 10-year government bonds fell slightly to 1.8025% following the release of financial data, reflecting market adjustments[6]

Core Insights - The People's Bank of China reported that in the first ten months of this year, RMB loans increased by 14.97 trillion yuan, with corporate loans accounting for 13.79 trillion yuan [1] Group 1: Loan Statistics - As of the end of October, the total RMB loan balance reached 270.61 trillion yuan, reflecting a year-on-year growth of 6.5% [1] - In the first ten months, household loans increased by 739.6 billion yuan, while corporate loans rose by 13.79 trillion yuan, with medium to long-term loans contributing 8.32 trillion yuan [1] Group 2: Money Supply - By the end of October, the broad money supply (M2) stood at 335.13 trillion yuan, showing a year-on-year increase of 8.2% [1] - The narrow money supply (M1) reached 112 trillion yuan, with a year-on-year growth of 6.2% [1] - The currency in circulation (M0) amounted to 13.55 trillion yuan, reflecting a year-on-year increase of 10.6% [1] Group 3: Deposit Statistics - In the first ten months, RMB deposits increased by 23.32 trillion yuan, with household deposits rising by 11.39 trillion yuan [1]

广义货币(M2 )和社会融资规模增速保持较高水平、贷款规模合理增长、信贷结构持续优化、贷款利率保 持低位……中国人民银行11月13日公布的10月份金融统计数据报告显示，适度宽松的货币政策持续显 效，货币金融条件相对宽松，我国经济高质量发展有着坚实支撑。 融资渠道日益多元 综合融资成本下降是货币条件比较宽松的重要体现。招联首席研究员董希淼分析，近年来企业和居民融 资成本低位下行，说明货币条件比较宽松、资金供给比较充裕，实体经济有效融资需求得到了充分满 足。在适度宽松的货币政策带动下，社会综合融资成本持续下降，为经营主体纾困解难、注入信心，不 仅让企业有更多资金投入生产研发、稳步发展壮大，也有助于激发消费潜力、畅通经济循环。 随着明示企业贷款综合融资成本工作进一步推广，企业融资成本更加阳光透明，小微企业融资获得感持 续提升。山东烟台某物流公司因扩大业务规模，需要申请500万元贷款，企业通过填写《企业贷款综合 融资成本清单》后，评估费、抵押登记费、保险费等费用共计1420元均由银行承担，企业无需支付任何 附加费用，贷款综合融资成本较之前询价结果低0.4个百分点。 初步统计，今年10月末社会融资规模存量为437.72 ...

中国人民银行11月13日发布的10月金融数据显示，广义货币(M2)和社会融资规模同比增速均保持在较 高水平，持续为经济回升向好创造适宜的货币金融环境；贷款规模保持合理增长，信贷结构持续优化。 专家表示，未来央行将继续实施好适度宽松的货币政策，把握好力度和节奏，保持对实体经济较强支持 力度。 政府债券带动社融增长 贷款结构持续优化 10月金融总量保持合理增长，为实体经济提供有力有效的金融支撑。从物价角度看，支持性货币政策促 进物价回升的效果将持续显现。 社融方面，10月末社会融资规模存量为437.72万亿元，同比增长8.5%；前10个月社会融资规模增量累计 为30.9万亿元，比上年同期多3.83万亿元。 "国债和特殊再融资债券等政府债券发行进度较快、企业债券发行热度较高，均对社会融资规模增长形 成重要支撑。"专家分析称。 据市场人士测算，今年1-10月，政府债券累计发行规模约22万亿元，比去年同期多近4万亿元，企业发 债融资也高于去年同期。"2025年超长期特别国债发行规模从去年的1万亿元扩大至1.3万亿元，首发时 间比去年提前约一个月，发行完毕时间也相应提前，体现出财政对经济增长及需求拉动的支持，也带动 了社 ...