十一月金融数据怎么看？

Core Viewpoint - The growth rate of social financing has slowed down but is better than expected due to strong credit demand from the real economy [1] Group 1: Social Financing Data - In November, social financing increased by 24,885 billion RMB, a year-on-year increase of 1,597 billion RMB, exceeding market expectations [1] - The components of social financing showed a decrease in credit to the real sector, government bonds, and corporate equity financing, while corporate bond financing and "non-standard" financing saw significant increases [1] - Corporate bond financing reached 4,169 billion RMB, up from 2,381 billion RMB in the same month last year, with industrial bonds contributing 79% to the year-on-year increase [1] Group 2: Loan Data - New RMB loans amounted to 3,900 billion RMB, slightly exceeding seasonal expectations, but still lower than the 5,800 billion RMB from the same month last year [2] - The structure of loans showed a divergence between household and corporate credit, with household credit continuing to weaken, totaling a decrease of 2,063 billion RMB [2] - Corporate credit increased by 6,100 billion RMB, a year-on-year increase of 3,600 billion RMB, with short-term loans and bill financing showing notable growth [2] Group 3: Monetary Supply Data - In November, new RMB deposits totaled 14,000 billion RMB, a decrease of 7,600 billion RMB year-on-year, with household deposits down by 1,200 billion RMB [3] - M1 and M2 growth rates both declined, with M1 down by 1.3 percentage points and M2 down by 0.2 percentage points compared to the previous month [3] - The widening gap between M1 and M2 indicates a slowdown in the trend of fund activation [3] Group 4: Conclusions and Implications - The support from structural tools has led to a slowdown in the decline of social financing growth, but the overall trend remains unchanged, with expectations of a drop to around 8.4% by year-end [4] - The recent changes in the central economic work conference regarding monetary policy indicate a shift towards prioritizing economic stability and reasonable price recovery, suggesting a transition from quantity-based to price-based monetary control in the coming year [4]