前11个月社融增量超去年全年，M2增速维持高位释放货币政策宽松信号

Core Viewpoint - The financial data for November 2025 indicates a continued trend of slowing loan growth, with a focus on optimizing credit structure while maintaining reasonable growth in total financing and broad money supply [1][4][5]. Loan Growth - In the first eleven months of 2025, RMB loans increased by 15.36 trillion yuan, with household loans rising by 533.3 billion yuan and corporate loans increasing by 14.4 trillion yuan [4][5]. - As of the end of November 2025, the total RMB loan balance reached 271 trillion yuan, reflecting a year-on-year growth of 6.4%, with a slight decrease in growth rate compared to the previous month [5][6]. - November saw a monthly increase of 390 billion yuan in RMB loans, which is 1,883 billion yuan less than the same month last year [4][5]. Social Financing Scale - The total social financing scale reached 440.07 trillion yuan by the end of November 2025, with a year-on-year growth of 8.5%, surpassing the total for the entire year of 2024 [1][8]. - In November alone, the new social financing amounted to 2.49 trillion yuan, which is 1.67 trillion yuan more than the previous month and 1,597 billion yuan more than the same month last year [8][9]. Direct Financing - Direct financing remains a strong support for social financing, with government bonds, corporate bonds, and RMB loans being the main contributors [9][10]. - Government bond net financing reached 13.15 trillion yuan in the first eleven months, accounting for 39.4% of the total social financing [10]. Monetary Policy - As of the end of November, the broad money supply (M2) stood at 336.99 trillion yuan, growing by 8% year-on-year, while the narrow money supply (M1) grew by 4.9% [11][12]. - The current monetary policy is characterized as moderately accommodative, with expectations for continued easing in 2026, including potential interest rate cuts and reserve requirement ratio reductions [14].