月初首周，理财规模季节性回升

Group 1: Wealth Management Scale - The wealth management scale increased by CNY 960 billion to CNY 33.61 trillion from December 1-5, indicating a seasonal rebound[1] - The scale is expected to face pressure as December is a traditional quarter-end month, with weekly reductions anticipated starting from the second week of December[1] - Historical data suggests that the weekly decline in wealth management scale could reach CNY 3,000-4,000 billion by the last week of December[1] Group 2: Leverage Rates - The average leverage level in the interbank system rose from 107.13% to 107.37% during the week[2] - Exchange leverage levels slightly decreased from 123.01% to 122.99%, showing a downward trend throughout the week[2] - Non-bank institutions showed insufficient motivation to increase leverage, with their average leverage level declining from 112.19% to 112.10%[2] Group 3: Bond Fund Duration - The duration of interest rate-based medium and long-term bond funds compressed from 3.49 years to 3.36 years, marking a continuous decline over five weeks[3] - In contrast, the duration of credit-based medium and long-term bond funds increased from 2.13 years to 2.20 years[3] - Short and medium-term bond funds saw their durations extend, with average durations rising from 1.38 years to 1.42 years for medium-term funds and from 0.76 years to 0.79 years for short-term funds[3] Group 4: Risk Alerts - Potential risks include unexpected adjustments in monetary policy, liquidity changes, and fiscal policy alterations[4]