企业发债规模增长
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宏观点评报告:企业发债规模继续增长-20251217
British Securities· 2025-12-17 07:14
Economic Indicators - As of November, M0 balance reached 13.74 trillion yuan, increasing by approximately 0.19 trillion yuan month-on-month, with a year-on-year growth of 10.6%[2] - M1 balance stood at 112.89 trillion yuan, up by 0.89 trillion yuan from the previous month, with a year-on-year growth of 4.9%, a slowdown of 1.3 percentage points compared to last month[2] - M2 balance was 336.99 trillion yuan, increasing by 1.86 trillion yuan month-on-month, with a year-on-year growth of 8%, a decrease of 0.2 percentage points from the previous month[2] Financing Trends - The total social financing stock was 440.07 trillion yuan, with a year-on-year growth of 8.5%, maintaining the same growth rate as the previous month[2] - New RMB loans in November amounted to 405.3 billion yuan, while new foreign currency loans were -22.2 billion yuan, totaling 383.1 billion yuan in new loans, which is 90.1 billion yuan less than the previous year[2] - New corporate bond financing reached 416.9 billion yuan, and new corporate stock financing was 34.2 billion yuan, totaling 451.1 billion yuan in corporate direct financing, an increase of 168.3 billion yuan year-on-year[2] Deposit Growth - Corporate deposit growth slowed to 3.63% in November, down from 3.79% the previous month, with a total corporate deposit balance of 79.34 trillion yuan, increasing by 0.65 trillion yuan[2] - Resident deposit growth decreased to 9.56%, down 0.13 percentage points from the previous month, with a total resident deposit balance of 163.31 trillion yuan, increasing by 0.67 trillion yuan[2] - Non-bank financial institutions' deposits grew by 0.08 trillion yuan, with a year-on-year growth rate of 16.09%, a decrease of 0.58 percentage points from the previous month[2]