12月金融数据点评：政府债券仍是强势支撑

Macroeconomic Trends - Government bonds remain a strong support for social financing, with December's government bond issuance reaching 17612 billion yuan, a year-on-year increase of 8288 billion yuan[9][29] - M1 and M2 both showed year-on-year growth, with M1 at -1.4% and M2 at 7.3% in December, indicating improved liquidity conditions[36] Credit and Financing - December's social financing scale was 28575 billion yuan, exceeding market expectations by 9181 billion yuan[9] - New RMB loans in December were 9900 billion yuan, a year-on-year decrease of 1800 billion yuan, but still better than market expectations[10] - Corporate credit continued to drag, with new corporate loans at 4900 billion yuan, a year-on-year decrease of 4016 billion yuan[21] Sectoral Analysis - Residential loans saw a positive year-on-year growth, with new loans at 3500 billion yuan, driven by improved real estate sales[17] - Corporate bonds saw a net repayment of 153 billion yuan, but still contributed positively to social financing due to a low base effect[32] Policy and Market Outlook - The central government has adjusted its monetary policy stance to "moderately loose" for 2025, indicating potential for further monetary easing[40] - The government is expected to continue supporting social financing through increased fiscal spending and bond issuance, with a focus on local government debt management[29]