中金：预计年内M1同比增速可能继续回落

Core Viewpoint - The overall financial data in November remains on a downward trajectory, with net financing amounts for both government and household sectors decreasing year-on-year, while corporate sector net financing has increased, serving as the main support for social financing [1] Group 1: Financial Data Trends - The net financing amount for the government and household sectors has decreased year-on-year [1] - The corporate sector has shown an increase in net financing year-on-year, primarily driven by short-term needs such as short-term loans and on-balance-sheet and off-balance-sheet bill financing [1] - Corporate bond financing is mainly supported by central and state-owned enterprises [1] Group 2: M1 Growth Analysis - The most significant marginal change in data this month is M1, which has seen a decline in year-on-year growth rate [1] - The decrease in M1's year-on-year growth rate is attributed not only to the high base effect but also to a weakening month-on-month trend [1] - It is anticipated that M1's year-on-year growth rate may continue to decline within the year [1]