11月金融数据点评：结构性改善的延续性持续验证

Group 1: Social Financing and Credit Trends - In November, new social financing amounted to 2.3 trillion yuan, a year-on-year decrease of 119.7 billion yuan, with the social financing stock growth rate remaining stable at 7.8%[23] - The corporate sector's short-term loans decreased by 10 billion yuan, a year-on-year decline of 180.5 billion yuan, indicating weak financing demand[35] - The government bonds issued in November increased by 1.3 trillion yuan, a year-on-year increase of 158.9 billion yuan, primarily driven by special refinancing bonds[26] Group 2: Household Loan Performance - Short-term loans for households decreased by 37 billion yuan, a year-on-year decline of 96.4 billion yuan, reflecting a drop in consumer willingness[35] - New medium- and long-term loans for households reached 300 billion yuan, a year-on-year increase of 66.9 billion yuan, indicating a recovery trend in real estate sales[35] - The total transaction area of commercial housing in 30 cities reached 11.71 million square meters in November, a year-on-year increase of 19.8%[35] Group 3: Monetary Supply and Market Dynamics - M1 growth rate improved, with a month-on-month increase of 2.4 percentage points, narrowing the decline to -3.7%[47] - M2 growth rate slightly decreased by 0.4 percentage points to 7.1%, influenced by market volatility and a shift of funds from non-bank deposits to wealth management products[47] - Non-bank deposits increased by 180 billion yuan, a year-on-year decrease of 1.39 trillion yuan, indicating a significant reduction in overall liquidity[47]