【券商聚焦】中金公司:11月金融总量数据整体仍处在下行轨道当中

金吾财讯
Dec 15, 2025

金吾财讯 | 中金公司表示,11月金融总量数据整体仍处在下行轨道当中,政府、居民部门净融资额同比均减少,企业部门净融资同比多增,是支撑社融的主力,企业融资的改善以短贷和表内外票据融资等短期需求为主,企业债券融资的主力是央国企。本月边际变化最大的数据是M1,其同比增速下行除了基数走高的影响以外,环比走势趋弱也是重要原因,该机构预计年内M1同比增速可能继续回落。

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