中国银行行业 - 11 月社会融资规模增长掩盖了贷款的内在疲软-China Banks_ Nov TSF growth masks underlying loan weakness

12 December 2025 | 9:49PM HKT Equity Research CHINA BANKS Nov TSF growth masks underlying loan weakness New TSF and loan growth in Nov 2025 recorded Rmb 2.5/0.4tn, vs. Rmb 2.3/0.6tn in Nov 2024. Outstanding balances expanded by 8.5%/6.4% yoy, vs. 8.5%/6.5% in Oct 2025. Key takeaways include: 1. New TSF in November was Rmb 2.5tn, vs. Rmb 2.3tn in Nov 2024, mainly supported by: 1) corporate bond issuance rose by Rmb 417bn mom, vs. Rmb 238bn in Nov 2024, and 2) Trust loans / banks acceptances increased by Rmb ...