住户消费贷款及经营贷款保持增长。2025年四季度末，本外币住户贷款余额83.28万亿元，同比增长 0.5%，全年增加4412亿元。其中，经营性贷款余额25.11万亿元，同比增长4.0%，全年增加9378亿元。 不含个人住房贷款的消费性贷款余额21.16万亿元，同比增长0.7%，全年增加1802亿元。 工业中长期贷款增长较为平稳。2025年四季度末，本外币工业中长期贷款余额26.63万亿元，同比增长 8.4%，增速比各项贷款高2.2个百分点，全年增加2.11万亿元。其中，重工业中长期贷款余额22.6万亿 元，同比增长7.8%；轻工业中长期贷款余额4.04万亿元，同比增长11.8%。2025年四季度末，本外币服 务业中长期贷款余额72.87万亿元，同比增长7.8%，增速比各项贷款高1.6个百分点，全年增加5.24万亿 元。不含房地产业的服务业中长期贷款余额同比增长9.4%；房地产业中长期贷款余额同比增长1.8%。 2025年四季度末，本外币基础设施相关行业中长期贷款余额43.73万亿元，同比增长6.9%，增速比各项 贷款高0.7个百分点，全年增加2.8万亿元。 房地产贷款有所放缓。2025年四季度末，人民币房地产 ...

本报北京1月27日电（记者温源）中国人民银行27日发布的统计数据显示，2025年四季度末，金融机构 人民币各项贷款余额271.91万亿元，同比增长6.4%，全年人民币贷款增加16.27万亿元。 数据表明，普惠小微贷款增长较快，绿色贷款快速增长，涉农贷款持续增加。2025年四季度末，人民币 普惠小微贷款余额36.57万亿元，同比增长11.1%，增速比各项贷款高4.7个百分点，全年增加3.63万亿 元。本外币绿色贷款余额44.77万亿元，同比增长20.2%，全年增加7.72万亿元。本外币涉农贷款余额 53.57万亿元，同比增长6.5%，增速比各项贷款高0.3个百分点，全年增加3.44万亿元。 与此同时，房地产贷款有所放缓。2025年四季度末，人民币房地产贷款余额51.95万亿元，同比下降 1.6%，全年减少9636亿元。贷款支持科创企业力度较大。2025年四季度末，获得贷款支持的科技型中 小企业27.5万家，获贷率为50.2%，比上年末高2个百分点。住户消费贷款及经营贷款保持增长。2025年 四季度末，本外币住户贷款余额83.28万亿元，同比增长0.5%，全年增加4412亿元。 统计显示，企事业单位贷款增速回升， ...

1月27日，中国人民银行发布2025年四季度金融机构贷款投向统计报告。据中国人民银行统计，2025年 四季度末，金融机构人民币各项贷款余额271.91万亿元，同比增长6.4%，全年人民币贷款增加16.27万 亿元。其中，普惠小微贷款余额同比增长11.1%，增速比各项贷款高4.7个百分点；房地产贷款余额同比 下降1.6%，全年减少9636亿元；不含个人住房贷款的消费性贷款余额同比增长0.7%。 普惠小微贷款余额同比增11.1% 央行数据显示，我国企事业单位贷款增速回升。2025年四季度末，本外币企事业单位贷款余额186.21万 亿元，同比增长8.9%，增速比上季度末高0.7个百分点，全年增加15.24万亿元。工业中长期贷款增长则 较为平稳。2025年四季度末，本外币工业中长期贷款余额26.63万亿元，同比增长8.4%，增速比各项贷 款高2.2个百分点，全年增加2.11万亿元。 涉农贷款持续增加。2025年四季度末，本外币涉农贷款3余额53.57万亿元，同比增长6.5%，增速比各项 贷款高0.3个百分点，全年增加3.44万亿元。 房地产贷款余额同比下降1.6% 与上述领域贷款增长不同，房地产贷款有所放缓。2025 ...

智通财经APP获悉，1月27日，央行发布2025年四季度金融机构贷款投向统计报告。中国人民银行统 计，2025年四季度末，金融机构人民币各项贷款余额271.91万亿元，同比增长6.4%，全年人民币贷款增 加16.27万亿元。其中，房地产贷款有所放缓。2025年四季度末，人民币房地产贷款余额51.95万亿元， 同比下降1.6%，全年减少9636亿元。2025年四季度末，房地产开发贷款余额13.16万亿元，同比下降 3.0%，全年减少3575亿元。个人住房贷款余额37.01万亿元，同比下降1.8%，全年减少6768亿元。 原文如下： 2025年四季度金融机构贷款投向统计报告 中国人民银行统计，2025年四季度末，金融机构人民币各项贷款余额271.91万亿元，同比增长6.4%，全 年人民币贷款增加16.27万亿元。 一、企事业单位贷款增速回升 2025年四季度末，本外币企事业单位贷款余额186.21万亿元，同比增长8.9%，增速比上季度末高0.7个 百分点，全年增加15.24万亿元。 分期限看，短期贷款及票据融资余额64.16万亿元，同比增长11.0%，全年增加6.37万亿元。中长期贷款 余额118.39万亿元，同 ...

Investment Rating - The investment rating for the banking industry is "Positive" and is maintained [10] Core Insights - The A-share risk appetite has temporarily rebounded, with the banking index lagging behind, while H-shares of major banks have outperformed. The proportion of southbound holdings has increased, indicating a sustained interest in H-shares due to their undervaluation and high dividend characteristics [2][9] - The central bank's report for Q3 2025 indicates a negative growth rate for real estate loans, with a year-on-year decline of 0.1%. This marks the first negative growth in real estate development loans since Q2 2022, primarily driven by weak sales [6][7][39] - The performance of banks that have disclosed their Q3 results shows an upward trend in profit growth, with interest income rebounding. Chongqing Bank reported a surprising growth of over 10% in the first three quarters [8][49] Summary by Sections Banking Index Performance - The banking index rose by 1.3% this week, underperforming compared to the CSI 300 and ChiNext indices, which saw excess returns of -1.9% and -6.7% respectively. Agricultural Bank of China H-shares led the gains with a 7.9% increase, while the A/H share growth for Agricultural Bank reached 56.4% and 43.6% respectively [2][9][18] Loan Trends - The central bank's Q3 report shows that the proportion of corporate loans has increased, while industrial medium- and long-term loan growth has declined to 9.7%, down 1.5 percentage points from the previous quarter. Real estate loans have turned negative, with development loans down 1.3% year-on-year, reflecting weak sales [6][38][39] - Personal housing loans also saw a year-on-year decline of 0.3%, with a net decrease of 292.1 billion yuan in Q3, indicating ongoing weakness in the housing market [7][39] Bank Earnings Reports - As of October 24, banks such as Huaxia Bank, Ping An Bank, and Chongqing Bank have reported their Q3 earnings. Chongqing Bank's performance exceeded expectations with over 10% growth, while Huaxia and Ping An faced challenges due to non-interest income declines [8][49][51] Market Dynamics - The market dynamics indicate a recovery in trading volumes and turnover rates for bank stocks, with a notable increase in the turnover rate for joint-stock banks. The overall trading environment for bank stocks is expected to improve as previous funding pressures ease [29][30]

Core Insights - The People's Bank of China reported a total RMB loan balance of 270.39 trillion yuan as of the end of Q3 2025, reflecting a year-on-year growth of 6.6% [1] - The report highlights a significant increase in medium to long-term loans for the industrial sector, with a balance of 26.59 trillion yuan, growing by 9.7% year-on-year, which is 3.2 percentage points higher than the overall loan growth rate [1] - The report indicates strong support for technology-oriented small and medium-sized enterprises (SMEs), with 27.54 million SMEs receiving loans, achieving a loan approval rate of 50.3%, up by 2.8 percentage points from the previous year [1] Loan Growth by Sector - Industrial medium to long-term loans saw a balance of 22.6 trillion yuan for heavy industry, with a year-on-year growth of 9.3%, while light industry loans reached 3.99 trillion yuan, growing by 12.3% [1] - The service sector's medium to long-term loans totaled 72.36 trillion yuan, with a year-on-year increase of 6.8%, slightly above the overall loan growth [1] - Excluding the real estate sector, service industry loans grew by 7.5%, while real estate loans increased by 4.4% year-on-year [1] Additional Loan Categories - The report notes stable growth in loans to enterprises and institutions, rapid growth in inclusive micro and small loans, and significant increases in green loans and agricultural loans [2] - Consumer loans for households continued to show growth, indicating a positive trend in consumer financing [2]