A-share evening hot spots | The increment of social financing in the first 11 months exceeded the total of last year! Interpretation is here

1. November Financial Data Released! Social Financing Scale Increased by More Than the Whole Year Last Year in the First 11 Months, Industry Interpretation Importance: The latest financial statistics released by the People's Bank of China on December 12 show that by the end of November, the social financing scale stock, broad money (M2), and RMB loan balance increased by 8.5%, 8%, and 7.7% year-on-year, respectively. In terms of incremental data, in the first 11 months, the cumulative increment of the social financing scale was 33.39 trillion yuan, which is 3.99 trillion yuan more than the same period last year, with government bonds significantly supporting social financing growth. Industry experts believe that the scale of social financing and M2 growth rate remain at a relatively high level, reflecting a moderately loose monetary policy environment that creates a suitable financial total volume environment for high-quality economic development. The slowdown in loan growth is mainly due to factors such as debt reduction, disposal of non-performing loans, and the substitution effect of diversified financing methods. Looking at the financial data for the first 11 months of this year, the total volume is relatively stable, with growth rates significantly higher than the nominal economic growth rate for the same period, which better reflects counter-cyclical and cross-cyclical adjustment ideas. Core Data Overview: In the first 11 months, the cumulative increment of the social financing scale was 33.39 trillion yuan, which is 3.99 trillion yuan more than the same period last year. In the first 11 months, RMB loans increased by 15.36 trillion yuan. By the end of November, M2 balance was 336.99 trillion yuan, an 8% year-on-year increase. In November, the weighted average interest rate for new corporate loans (in both domestic and foreign currencies) was about 3.1%, while the weighted average interest rate for new individual housing loans (in both domestic and foreign currencies) was about 3.1%. 2. PBOC, CBIRC, and other departments Speak Out, Concerning Monetary Policy, RRR Cuts, Interest Rate Cuts, Real Estate Market, etc. Importance: On the evening of December 12, the People's Bank of China, the China Banking and Insurance Regulatory Commission, the Ministry of Industry and Information Technology, and other departments held a meeting to convey and study the spirit of the Central Economic Work Conference. The specific core contents are as follows: National Financial System Work Conference: Continue to implement a moderately loose monetary policy. PBOC: Flexibly and efficiently use various monetary policy tools such as RRR cuts and interest rate cuts. CBIRC: Focus on resolving existing risks to support a stable real estate market. MIIT: Fully stabilize the industrial foundation and leverage the integrated effects of existing and incremental policies. General Administration of Customs: Optimize the import and export structure to support the high-standard construction of the Hainan Free Trade Port. 3. PBOC: Conduct 600 billion yuan fixed-rate reverse repurchase operations on December 15 with a term of 6 months. Importance: The People's Bank of China announced that to maintain ample liquidity in the banking system, on December 15, 2025, the People's Bank of China will conduct 600 billion yuan fixed-rate reverse repurchase operations in a fixed quantity, with a bidding rate and multiple bid prices, with a term of 6 months (182 days). 4. North Stock Exchange's Market Value New Startups Begin Online Testing? The News is Not True Importance: According to reports from First Financial, there have been market rumors recently that the North Stock Exchange's market value startups have entered the online testing stage. The reporter learned from multiple sources such as securities firms that the above situation is not true and is fake news. According to earlier reports from The Paper, the situation is true, as confirmed by relevant sources. Also, according to an earlier report from Securities Times, several securities professionals stated that the company has not started system testing for the North Stock Exchange's market value startups. However, some securities firms indicated that relevant parties had previously researched the situation. 5. Heavy Fines and Lifetime Bans! CSRC Fines Private Equity Firm Youce Investment Importance: On December 12, the China Securities Regulatory Commission announced the administrative penalty for Zhejiang Youce Investment Management Co., Ltd., and related responsible persons for illegal activities. The Zhejiang Securities Regulatory Bureau fined Youce Investment 21 million yuan, fined three responsible persons 14.25 million yuan, and imposed a lifetime ban on the actual controller from the securities market. The China Securities Investment Fund Industry Association also simultaneously revoked the fund manager's registration. It is explained that the punishment intensity is the heaviest in the history of private equity supervision. 6. AI Competition Hindered by Power Shortages? NVIDIA to Hold Closed-Door Summit Next Week Importance: According to market news, NVIDIA will hold a closed-door summit next week aimed at addressing the increasingly severe power shortage problem in the AI era. The summit will bring together executives from startups in the electricity and electrical engineering fields to explore potential solutions. This move highlights the critical role of energy in the AI competition and demonstrates NVIDIA's strategic layout to build an industrial ecosystem to ensure future growth. Goldman Sachs previously stated that the power consumption of AI server clusters is far outpacing the expansion of the power grid, and power supply is likely to become the biggest bottleneck in the AI era. The key to building the next wave of data centers lies not in faster chips, but in more creative power financing solutions. 7. Ministry of Commerce, General Administration of Customs: Implement Export License Management for Some Steel Products Importance: The Ministry of Commerce and the General Administration of Customs issued a notice announcing the implementation of export license management for some steel products starting from January 1, 2026. The China Iron and Steel Industry Association stated that the inclusion of steel products in export license management by the country is an important measure to guide the standardized export of steel products, thereby promoting the high-quality development of the steel industry. It is beneficial for maintaining the global supply-demand balance of the steel industry and trade, showcasing China's image as a responsible major country. 8. The U.S. and Eight Countries Including Japan, South Korea, and Australia Sign Agreement to Strengthen Rare Earth Supply Chain, Ministry of Foreign Affairs Responds Importance: On December 12, the Ministry of Foreign Affairs spokesperson Guo Jiakun chaired a regular press conference. A reporter asked about the agreement signed by the United States with Japan, South Korea, Australia, and eight other countries to strengthen the rare earth supply chain and compete with China in AI technology. What is China's comment on this? Guo Jiakun responded, stating that we have noticed the reports, and all parties should abide by the principles of the market economy and fair competition, collectively maintaining the stability of the global supply chain. 9. Moor Threads: Planned Use of 7.5 Billion Yuan Idle Fund Raising for Cash Management Importance: Moor Threads announced its plan to use part of the idle fund raising to engage in cash management, with an investment amount of 75 billion yuan (including the principal). The investment types include but are not limited to demand deposits, notice deposits, time deposits, structured deposits, large-denomination certificates of deposit, income certificates, and other high-security and high-liquidity guaranteed products. Upon reviewing investment opportunities in the market, it was found that precious metals are receiving attention. 1. Spot Silver Breaks $64, How Will It Go? On December 12, precious metals continued to strengthen, with spot silver breaking $64 and briefly rising to $64.32 per ounce, reaching a historical high. Spot gold reached up to $4300, the first time since October 21. China CITIC Futures remains optimistic about the trend of precious metals, analyzing that gold and silver prices are likely to fluctuate upward in December. In the long term, the narrative of the era of U.S. credit contraction will continue to dominate the upward trend of precious metals, as U.S. monetary expansion, global fiscal expansion expectations, or moderate economic cycle recovery rotation may drive the silver to a greater upward elasticity. Apart from this, the following sectors are also worth paying attention to: 2. Lithium Batteries | The Ministry of Industry and Information Technology and other three departments have announced measures to optimize the import and export supervision of some lithium thionyl chloride batteries. 3. Automotive | The State Administration for Market Regulation will regulate the pricing behavior of the automotive industry. 4. Metaverse | The Ministry of Industry and Information Technology is seeking public feedback on the "Guidelines for the Comprehensive Standardization System for the Metaverse Industry (2026 Edition)." 5. Tourism | New Year's Day bookings are hot, with searches on multiple platforms doubling. In terms of positive announcements, it's worth noting that First Pharmaceutical Holdings is planning an IPO on the Hong Kong Stock Exchange, while for negative announcements, Humanwell Healthcare is being subjected to other risk warnings, among others.