表外融资支撑社融增速走平

Group 1 - The core point of the article is that the total social financing (社融) in November remained stable at a growth rate of 8.5%, with new social financing amounting to 2.49 trillion yuan, an increase of 159.7 billion yuan year-on-year, which is close to the historical average for the past five years [2][31] Group 2 - Off-balance-sheet financing was a major contributor to the year-on-year increase in social financing, with trust loans and discounted bills showing significant growth [3][11] - In November, corporate bonds increased by 178.8 billion yuan to 416.9 billion yuan, marking the highest level for this period since 2020, and was the only direct financing item to see an increase [4][12] Group 3 - Although the overall performance of social financing in November was decent, the credit situation remained weak, particularly in the corporate sector, where short-term loans and bill financing were the main contributors to a year-on-year increase of 360 billion yuan to 610 billion yuan [4][15] - The residential sector experienced its first negative growth in history, with a year-on-year decrease of 476.3 billion yuan to -206.3 billion yuan, indicating weak consumer sentiment [5][19] Group 4 - The M1 growth rate continued to decline, dropping by 1.3 percentage points to 4.9%, with the current month's increment of 0.89 trillion yuan being significantly lower than the previous year's 2.15 trillion yuan [6][21] - M2 growth also fell by 0.2 percentage points to 8%, with limited support from fiscal spending, which decreased by 190 billion yuan to -50 billion yuan compared to the previous year [28][31]