中信证券：银行经营预期稳定，权益表现展望积极

Core Viewpoint - The report from CITIC Securities indicates that the growth rate of social financing in November remains stable at 8.5%, with a clear differentiation in credit structure, highlighting improvements in corporate loans and bond financing, while household financing continues to be weak [1] Group 1: Financing Trends - The overall stability of entity financing is noted, with corporate loans and bond financing showing improvement [1] - Household financing remains weak, indicating a potential area of concern for consumer spending and economic recovery [1] Group 2: Policy Environment - The Central Economic Work Conference has clarified the direction for fiscal and investment support, creating a favorable environment for banks to expand their balance sheets and provide medium to long-term loans to enterprises [1] - Emphasis is placed on prudently resolving local and real estate risks to solidify asset quality [1] Group 3: Market Expectations - Expectations for bank interest margins and risk remain stable, which is beneficial for the performance of the equity market [1]