11月金融数据点评：社融结构改善，但信贷内生修复仍偏弱

Group 1: Social Financing and Credit - The stock growth rate of social financing remains stable at 8.5%, with new social financing of 2.49 trillion yuan in November, an increase of 159.7 billion yuan year-on-year[1] - Corporate short-term loans increased by 100 billion yuan, a year-on-year increase of 110 billion yuan, indicating a marginal improvement in corporate credit structure[3] - New corporate medium- and long-term loans increased by 170 billion yuan, a year-on-year decrease of 40 billion yuan, showing a significant reduction in decline compared to the previous month[3] Group 2: Household Credit and Economic Sentiment - Household short-term loans decreased by 215.8 billion yuan, a year-on-year decrease of 178.8 billion yuan, reflecting weak consumer demand[4] - New household medium- and long-term loans increased by only 10 billion yuan, a year-on-year decrease of 290 billion yuan, indicating a cautious sentiment in the housing market[4] - The transaction area of commercial housing in 30 major cities fell by 33.1% year-on-year, with declines across first, second, and third-tier cities[4] Group 3: Monetary Supply and Economic Outlook - M1 growth rate fell to 4.9%, a decrease of 1.3 percentage points month-on-month, influenced by market adjustments[5] - M2 growth rate decreased to 8.0%, a month-on-month decline of 0.2 percentage points, primarily due to weak credit generation[5] - Overall liquidity remains ample, but the transmission efficiency to the real economy needs improvement[5] Group 4: Risk Factors - Risks include macroeconomic performance falling short of expectations, weaker-than-expected real estate sales, unexpected U.S. tariff policies, and geopolitical risks[6]