2024年12月金融数据点评财政发力主导社融修复，市场主体融资意愿仍需改善

Financing Data - In December 2024, the incremental social financing scale was 2.85 trillion yuan, exceeding the previous value of 2.33 trillion yuan and market expectations of 2.11 trillion yuan[2] - The social financing stock growth rate was +8.0%, an increase of 0.2 percentage points from the previous month, while the credit stock growth rate was +7.6%, a decrease of 0.1 percentage points from the previous month[2] - New RMB loans (social financing caliber) in December amounted to 840.2 billion yuan, a year-on-year decrease of 269 billion yuan[2] Government and Corporate Financing - Government bond financing increased by 1.76 trillion yuan in December, a year-on-year increase of 824.2 billion yuan, indicating significant improvement[2] - Corporate bond financing decreased by 159 billion yuan, primarily due to a substantial reduction in local government financing compared to November[2] - In December, new RMB loans to enterprises were 490 billion yuan, a year-on-year decrease of 4.016 trillion yuan, reflecting a contraction in overall corporate loan demand[3] Household Financing - New RMB loans to households in December were 350 billion yuan, a year-on-year increase of 127.9 billion yuan, with significant improvement in medium- and long-term loans[3] - The increase in household loans was supported by a recovery in real estate transactions, particularly in the second-hand housing market[3] Monetary Supply - M2 growth rate was +7.3%, while M1 growth rate improved to -1.4% from -3.7% in November, indicating a positive trend[5] - The improvement in M1 is attributed to fiscal spending driving deposits from government accounts to corporate demand deposits, as well as increased deposits from real estate companies[5]