金融行业周报：中共中央政治局会议召开，央行发布11月金融统计数据-20251215

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the CSI 300 index by more than 5% over the next six months [38]. Core Insights - The report highlights the importance of balancing short-term and long-term economic policies, emphasizing the need for proactive macroeconomic measures to stimulate domestic demand and optimize supply [4][13]. - The Central Economic Work Conference introduced a new policy direction focusing on the integration of existing and new policies, aiming for coordinated and effective economic governance [13]. - The financial statistics for November show a robust monetary environment, with social financing and M2 growth rates remaining above 8%, supporting high-quality economic development [5][18]. Summary by Sections Key Focus Areas - The Central Political Bureau meeting on December 8 discussed strategies for 2026 economic work, emphasizing the need for a proactive macroeconomic policy and the importance of domestic demand [4][11]. - The Central Economic Work Conference held on December 10-11 reiterated the commitment to a proactive fiscal policy and moderately loose monetary policy, with a focus on enhancing the effectiveness of macroeconomic governance [13]. Financial Data - As of November, the new RMB loans increased by 390 billion yuan, with a year-on-year growth rate of 6.4%. The social financing scale increased by 2.49 trillion yuan, with a year-on-year growth rate of 8.5% [16][18]. - The M2 growth rate was 8.0%, reflecting a slight decrease from the previous month, indicating a stable monetary policy environment [18]. Market Performance - The banking, securities, insurance, and fintech indices experienced changes of -1.77%, +0.31%, +2.36%, and -0.92% respectively, with the CSI 300 index declining by 0.08% during the same period [19]. - The average daily trading volume for stock funds reached 23.943 trillion yuan, marking a 15.1% increase from the previous week [27][28].