银行11月金融数据点评：M1增速继续回升，社融见底企稳

Investment Rating - The industry investment rating is "Buy" [4] Core Views - M1 growth has significantly rebounded, supported by the acceleration of demand deposits, with a month-on-month increase of CNY 1.58 trillion in November, leading to a 2.4 percentage point rise in M1 growth to -3.7% [1][27] - Social financing growth remained stable month-on-month, with credit increment continuing its previous weak trend, primarily due to policies supporting fiscal debt and consumption stimulation, which have improved corporate liquidity but have a slower impact on credit demand compared to project investments [1][2] - The government debt issuance has increased, with net financing of CNY 1.31 trillion in November, reflecting a year-on-year increase of CNY 0.16 trillion [2] - The demand for medium- and long-term loans from residents has improved, with an increase of CNY 0.07 trillion in November, likely due to the ongoing recovery in the real estate market [2] - Corporate liquidity has further improved, with corporate deposits increasing by CNY 1.07 trillion year-on-year in November [3] Summary by Sections Overall Situation - M1 growth rebounded significantly, with a month-on-month increase in demand deposits contributing to a rise in M1 growth to -3.7% [1][27] Government Sector - Government debt issuance accelerated, with net financing of CNY 1.31 trillion in November, reflecting a year-on-year increase of CNY 0.16 trillion [2] Resident Sector - Medium- and long-term loan demand from residents improved, with an increase of CNY 0.07 trillion in November, attributed to the recovery in the real estate market [2] Corporate Sector - Corporate liquidity improved, with corporate deposits increasing by CNY 1.07 trillion year-on-year in November [3] Non-Bank Sector - Non-bank deposits showed a significant decrease, as the arbitrage space between interbank deposits and general deposits shrank [3]