Everbright Research Reports indicate that on December 13, the People's Bank of China announced the financial data for November 2024. The financial data for November shows two major highlights: the narrowing year-on-year decline in M1 reflects the recovery of corporate balance sheets; and the growth of household medium- and long-term Crediting benefits the sustained recovery of the Real Estate market. Looking ahead, as localized debt progresses, the disturbances to Crediting expansion weaken, and the incremental policies within the year effectively connect with the macro policy arrangements for next year, which can effectively promote the continued expansion of the credit cycle.