Core Insights - The People's Bank of China reported that the total social financing stock reached 440.07 trillion yuan by the end of November 2025, marking an 8.5% year-on-year increase [1][2] - The total social financing increment for the first eleven months of 2025 was 33.39 trillion yuan, which is 3.99 trillion yuan more than the same period last year [1][4] - The broad money supply (M2) stood at 336.99 trillion yuan at the end of November, reflecting an 8% year-on-year growth [1][5] Social Financing Stock - By the end of November, the stock of social financing was 440.07 trillion yuan, with a year-on-year growth of 8.5% [2] - The breakdown of financing includes: - RMB loans to the real economy: 267.42 trillion yuan, up 6.3% - Foreign currency loans (in RMB equivalent): 1.13 trillion yuan, down 16.5% - Entrusted loans: 11.32 trillion yuan, up 1% - Trust loans: 4.6 trillion yuan, up 7.4% - Undiscounted bank acceptance bills: 2.3 trillion yuan, up 0.4% - Corporate bonds: 34.08 trillion yuan, up 5.6% - Government bonds: 94.24 trillion yuan, up 18.8% - Non-financial corporate domestic stock: 12.14 trillion yuan, up 4% [2] Financing Structure - The structure of financing as of November shows: - RMB loans to the real economy accounted for 60.8% of the total social financing stock, down 1.3 percentage points year-on-year - Foreign currency loans accounted for 0.3%, unchanged year-on-year - Entrusted loans accounted for 2.6%, down 0.2 percentage points - Trust loans accounted for 1%, down 0.1 percentage points - Undiscounted bank acceptance bills accounted for 0.5%, down 0.1 percentage points - Corporate bonds accounted for 7.7%, down 0.3 percentage points - Government bonds accounted for 21.4%, up 1.8 percentage points - Non-financial corporate domestic stock accounted for 2.8%, down 0.1 percentage points [3] Increment in Social Financing - The total increment in social financing for the first eleven months was 33.39 trillion yuan, which is 3.99 trillion yuan more than the previous year [4] - Key components include: - RMB loans to the real economy increased by 14.93 trillion yuan, down 1.28 trillion yuan year-on-year - Foreign currency loans decreased by 1.368 billion yuan, down 1.873 billion yuan year-on-year - Entrusted loans increased by 895 billion yuan, up 1.453 trillion yuan year-on-year - Trust loans increased by 3.003 trillion yuan, down 823 billion yuan year-on-year - Undiscounted bank acceptance bills increased by 1.605 trillion yuan, up 3.568 trillion yuan year-on-year - Corporate bonds net financing was 2.24 trillion yuan, up 3.125 trillion yuan year-on-year - Government bonds net financing was 13.15 trillion yuan, up 3.61 trillion yuan year-on-year - Non-financial corporate domestic stock financing was 420.4 billion yuan, up 178.8 billion yuan year-on-year [4] Money Supply - The broad money supply (M2) was 336.99 trillion yuan at the end of November, with an 8% year-on-year increase [5] - The narrow money supply (M1) was 112.89 trillion yuan, up 4.9% year-on-year - The currency in circulation (M0) was 13.74 trillion yuan, reflecting a 10.6% year-on-year growth - A net cash injection of 917.5 billion yuan occurred in the first eleven months [5] Deposits and Loans - By the end of November, the total deposits (in both domestic and foreign currencies) reached 334.46 trillion yuan, up 8% year-on-year [6] - The RMB deposit balance was 326.96 trillion yuan, up 7.7% year-on-year - In the first eleven months, RMB deposits increased by 24.73 trillion yuan, with household deposits rising by 12.06 trillion yuan [6] - The total loan balance (in both domestic and foreign currencies) was 274.84 trillion yuan, up 6.3% year-on-year [7] - RMB loans increased by 15.36 trillion yuan in the first eleven months, with household loans increasing by 533.3 billion yuan [7] Interbank Market - In November, the weighted average interest rate for interbank RMB market lending was 1.42%, up 0.03 percentage points from the previous month but down 0.13 percentage points year-on-year [9] - The total transaction volume in the interbank RMB market was 187.7 trillion yuan, with an average daily transaction of 9.38 trillion yuan, down 1.2% year-on-year [9] Cross-Border RMB Settlement - In November, the cross-border RMB settlement amount under the current account was 1.49 trillion yuan, with direct investment cross-border RMB settlement amounting to 0.71 trillion yuan [10]

| 证券代码：000402 | 证券简称：金融街 | | | 公告编号：2025-115 | | --- | --- | --- | --- | --- | | 债券代码：149746 | 债券简称：21 | 金街 | 07 | | 金融街控股股份有限公司 公司债券（21 金街 07）2025 年付息公告 本公司及董事会全体成员保证信息披露的内容是真实、准确、完整的，没 有虚假记载、误导性陈述或者重大遗漏。 特别提示：金融街控股股份有限公司 2021 年面向专业投资者公开发行公司 债券（第六期）（品种二）（债券简称：21 金街 07，债券代码：149746）将于 2025 年 12 月 16 日支付自 2024 年 12 月 16 日到 2025 年 12 月 15 日期间的利息， 本次付息的债权登记日为 2025 年 12 月 15 日，凡在 2025 年 12 月 15 日（含） 前买入并持有本期债券的投资者享有本次派发的利息；2025 年 12 月 15 日卖出 本期债券的投资者不享有本次派发的利息。截至本公告披露日，公司已将本期 债券本次利息足额划付至中国结算深圳分公司指定的银行账户。 公司在 202 ...

Core Viewpoint - The company successfully completed the issuance of the Financial Street Commercial Real Estate Phase II (Financial Street Center CMBS) asset-backed special plan on December 10, 2025, raising a total of 8.1 billion yuan in subscription funds [1] Group 1 - The actual subscription funds received for the Financial Street Center CMBS amounted to 8.1 billion yuan [1] - The principal amount in the special account for the Financial Street Center CMBS has reached the target fundraising scale as stipulated in the plan's prospectus [1] - The Financial Street Center CMBS was officially established on December 10, 2025 [1]

Core Viewpoint - Financial Street (000402.SZ) is set to hold its first extraordinary general meeting of shareholders in 2024 on February 28, to approve the proposal for issuing shelf CMBS [1] Group 1: Company Actions - The company received a no-objection letter from the Shenzhen Stock Exchange on December 27, 2024, confirming that the "Financial Street Commercial Real Estate Phase 1-5 Asset-Backed Special Plan" meets the listing conditions [1] - The issuance of the Financial Street Commercial Real Estate Phase 2 (Financial Street Center) Asset-Backed Special Plan (referred to as "Financial Street Center CMBS") was successfully completed on December 10, 2025 [1] Group 2: Financial Details - The actual subscription funds received for the Financial Street Center CMBS amounted to 8,100,000,000.00 yuan [1] - The principal amount in the special account for the Financial Street Center CMBS has reached the target fundraising scale as stipulated in the plan's prospectus [1]

Core Viewpoint - Financial Street successfully completed the issuance of the Financial Street Commercial Real Estate Phase II (Financial Street Center) Asset-Backed Special Plan (referred to as "Financial Street Center CMBS") on December 10, 2025, raising a total of 8.1 billion yuan [1] Group 1 - The actual subscription funds received for the Financial Street Center CMBS amounted to 8.1 billion yuan [1] - The principal amount in the special account for the Financial Street Center CMBS has reached the target fundraising scale as stipulated in the plan's prospectus [1] - The Financial Street Center CMBS was officially established on December 10, 2025 [1]

Core Viewpoint - Financial Street (000402.SZ) is set to hold its first extraordinary general meeting of shareholders in 2024 on February 28, to approve the proposal for issuing a shelf CMBS [1] Group 1: Company Actions - The company received a no-objection letter from the Shenzhen Stock Exchange on December 27, 2024, confirming that the "Financial Street Commercial Real Estate Phase 1-5 Asset-Backed Special Plan" meets the listing conditions [1] - The issuance of the Financial Street Commercial Real Estate Phase 2 (Financial Street Center) Asset-Backed Special Plan (referred to as "Financial Street Center CMBS") is scheduled to be completed on December 10, 2025 [1] Group 2: Financial Details - The actual subscription funds received for the Financial Street Center CMBS amounted to 8,100,000,000.00 yuan [1] - The principal amount in the special account for the Financial Street Center CMBS has reached the target fundraising scale as stipulated in the prospectus for the Financial Street Commercial Real Estate Phase 2 Asset-Backed Special Plan [1] - The Financial Street Center CMBS is officially established on December 10, 2025 [1]

董事会 2025 年 12 月 12 日 经中审华会计师事务所（特殊普通合伙）验资，金融街中心 CMBS 实际收 到的认购资金为 8,100,000,000.00 元，金融街中心 CMBS 募集专户中的本金金额 已经达到《金融街商业地产第 2 期（金融街中心）资产支持专项计划说明书》约 定的专项计划目标募集规模，金融街中心 CMBS 于 2025 年 12 月 10 日正式成立。 | 证券分层 | 资产支持证券 | | | | --- | --- | --- | --- | | | 优先级 | 次级 | | | | 资产支持证券 | 资产支持证券 | | | 信用评级 | AAA | | | | 规模（亿元） | 80.70 | | 0.30 | | 预期收益率（含税） | 2.25% | | — | | 期限（年） | 18 年（3+3+3+3+3+3） 18 | 年（3+3+3+3+3+3） | | | 每份资产支持证券面值（元） | 100 | | 100 | | 资产支持证券份数 | 80,700,000 | | 300,000 | 特此公告。 金融街控股股份有限公司 证券代码：000402 证券简称 ...

Core Viewpoint - The company has approved the issuance of a shelf CMBS and received a no-objection letter from the Shenzhen Stock Exchange, with plans to complete the issuance of the "Financial Street Commercial Real Estate Phase II (Financial Street Center) Asset-Backed Special Plan" by 2025 [1] Group 1 - The actual subscription funds received for the special plan amount to 8.1 billion yuan [1] - The special plan will officially be established in 2025, consisting of both senior and subordinate asset-backed securities [1] - The scale of the senior and subordinate securities is 8.07 billion yuan and 30 million yuan, respectively, with both having a credit rating of AAA and a term of 18 years [1]

Core Viewpoint - Harmony Health Insurance has increased its stake in Financial Street by 0.235484% from December 4 to December 8, following a previous reduction in its holdings, indicating a strategic move to comply with regulatory requirements regarding shareholding percentages [1][2]. Group 1: Shareholding Changes - Harmony Health's shareholding decreased from 15.017490% to 14.764514% after a reduction on November 26, which triggered the need to repurchase shares to maintain a minimum holding of 15% [2]. - The repurchase involved acquiring 7,038,441 shares to restore the holding percentage back to 15% [2]. Group 2: Regulatory Context - Legal experts noted that Harmony Health's actions may have procedural flaws, as significant shareholders are required to halt trading when their holdings cross certain thresholds [2]. - The regulatory environment is tightening, encouraging major shareholders to engage in rational buying and selling practices to prevent market manipulation [2]. Group 3: Industry Insights - Recent incidents of regulatory warnings have been noted, such as the case of Great Wall Life, which faced penalties for not halting trades after exceeding a 5% holding threshold [3]. - Harmony Health is one of the seven health insurance companies in China and has been actively managing its investment strategies, including reducing equity investments in favor of more stable, long-term products [4][5]. Group 4: Financial Health and Strategy - The company is under pressure regarding its solvency due to historical policies and declining market interest rates, prompting a shift in investment strategy towards fixed income [6]. - The implementation of IFRS 9 has increased the impact of equity investment volatility on profit statements, leading some insurance funds to reduce their equity holdings to stabilize earnings [6].

Group 1 - The core viewpoint of the article highlights a rebound in the real estate sector, with significant stock price increases for several companies [1] - Shijie Holdings experienced a sharp rise, reaching the daily limit, indicating strong market interest [1] - Other companies such as Guangyu Group, Huaxia Happiness, Vanke A, Caixin Development, Jindi Group, and Financial Street also saw their stock prices increase in response to the market trend [1]