图说中国宏观周报11月金融数据点评：企业与居民融资分化，M1增速继续下行-20251214

Financial Overview - In November, the total social financing (社融) stock grew by 8.5% year-on-year, remaining stable compared to October, but is expected to decline slightly by year-end[2] - The M2 growth rate in November was 8.0%, down 0.2 percentage points from October, while M1 growth fell to 4.9%, a decrease of 1.3 percentage points[2] - The net financing for the government sector was 1.20 trillion yuan, while the net financing for the household sector was -205.8 billion yuan, indicating a decrease for both sectors[2] Corporate Financing - Corporate sector net financing in November was 1.27 trillion yuan, an increase of 584.9 billion yuan year-on-year, primarily driven by short-term loans and bill financing[2] - Corporate bond financing reached 416.9 billion yuan, up 178.8 billion yuan from the previous year, reflecting a recovery in bond market sentiment[3] M1 Trends - The most significant change was observed in M1, with a year-on-year growth rate decline attributed to both a high base effect and weaker month-on-month trends[3] - November's M1 month-on-month growth rate was 0.8%, the second-lowest level for the same month since 2020, with seasonal adjustments potentially indicating a negative growth[3] Economic Implications - The weak financing demand from households contrasts with the expansion in corporate financing, suggesting a divergence in economic recovery[2] - The ongoing decline in M1 and M2 growth rates may signal continued tightening in monetary conditions, impacting overall economic activity[3]