Securities Times Network News, Everbright Securities pointed out that the new social financing in September exceeded market expectations again, continuing the recovery trend in August. On the government side, the rhythm of the issuance of government bonds is ahead of schedule, and the superimposed special bond balance limit has been implemented in a small scale in September, resulting in a continued decline in the net financing of government departments; on the enterprise side, policy-based financial instruments, restarting PSL, adding special re-lending, and financing interest rates Under the support of multiple policies such as the downward trend, the demand for corporate loans has stabilized and rebounded, and the net financing of the corporate sector has continued to increase year-on-year; on the residential side, the auto consumption boom is still higher than the same period in previous years, but the sales of commercial housing remain sluggish, and the net financing of the residential sector continues to shrink. Looking forward, the growth rate of social financing will likely remain within a narrow range during the year, and it is expected to maintain an upward trend in October. It will be under pressure from November to December, and the annual growth rate will be around 10.5%.
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