According to the CICC research report, the overall financial volume data for November is still on a downward trajectory. Net financing amounts for the government and residential sector both decreased year on year, and net financing for the corporate sector increased year on year, which is the main force supporting social finance. The improvements in corporate financing are mainly short-term needs such as short-term loans and domestic and external bill financing, and the main force for corporate bond financing is central state-owned enterprises. The data with the biggest marginal change this month is M1. In addition to the impact of a higher base figure, the weakening month-on-month trend is also an important reason. We expect M1's year-on-year growth rate to continue to decline during the year.

According to the CICC research report, the overall financial volume data for November is still on a downward trajectory. Net financing amounts for the government and residential sector both decreased year on year, and net financing for the corporate sector increased year on year, which is the main force supporting social finance. The improvements in corporate financing are mainly short-term needs such as short-term loans and domestic and external bill financing, and the main force for corporate bond financing is central state-owned enterprises. The data with the biggest marginal change this month is M1. In addition to the impact of a higher base figure, the weakening month-on-month trend is also an important reason. We expect M1's year-on-year growth rate to continue to decline during the year.