如何看11月金融数据？

Group 1 - The report indicates a structural improvement in financial data for November, significantly influenced by hidden debt replacement, leading to stronger government bond financing and increased non-financial corporate deposits and M1 [1][15][33] - The report highlights a positive signal in the improvement of residents' medium to long-term loans, benefiting from lower existing mortgage rates and a recovering real estate sales market [1][15][26] - The Central Political Bureau and Central Economic Work Conference emphasized implementing a more proactive fiscal policy and moderately easing monetary policy, which is expected to improve real financing demand and residents' consumption capacity [2][15] Group 2 - In November, the new social financing (社融) amounted to 23,262 billion yuan, a year-on-year decrease of 1,292 billion yuan, with a notable increase in corporate bond financing and discounted bank acceptance bills [3][16][20] - The new RMB loans in November were 5,800 billion yuan, lower than the expected 9,208 billion yuan, indicating a continued need for credit demand recovery [4][26][27] - The report notes that the total new deposits in November were 21,700 billion yuan, with non-financial corporate deposits increasing significantly, likely due to the effects of large-scale debt replacement [5][33] Group 3 - The M1 growth rate in November was -3.7%, while M2 grew by 7.1%, indicating a narrowing of the M1-M2 gap and an increase in fund activity [5][33][36] - The report details that the government bond issuance in November was 13,089 billion yuan, which provided significant support to social financing [20][26] - The report emphasizes that the structural changes in credit demand are influenced by the ongoing debt replacement process, which may lead to a shift from high-interest debts to government bonds [1][16][20]