Recently, the People's Bank of China and the National Bureau of Statistics successively released the financial data and economic data in November 2025. The observation and analysis of the Cement Big Data Research Institute are as follows:
(1) The scale of social financing: In November 2025, the scale of social financing increased by 2.49 trillion yuan. The stock of social finance increased by 8.5% year-on-year, which was consistent with the previous value. Government bond financing increased by 1.21 trillion yuan in October, an increase of 101.2 billion yuan less than same period last year. The scale of government bond issuance returned to a high level, supporting the increase of social finance in that month, but compared with the same period last year, the new scale still declined. At the same time, RMB loans under the social finance caliber increased by 409 billion 600 million yuan, an increase of 112 billion yuan less than same period last year. From the perspective of credit, loans to residents decreased by 206.3 billion yuan, an increase of 476.3 billion yuan less than same period last year; loans to enterprises and institutions increased by 610 billion yuan, an increase of 360 billion yuan. In November, supported by the improvement of corporate credit performance and the issuance of government bonds, the increase in social finance was still acceptable, but the structural problems of credit remained prominent.
(2) Output of cement: The output of cement from January to November 2025 will be 10,000 tons 154883, representing a year-on-year decrease of 6.9% and an increase of 0.2 percentage point as compared with the previous value. In November, affected by weather factors, construction in the north slowed down, while market demand in the south was still weak, and cement production continued to decline year-on-year.
(3) Market outlook: In December, near the end of the year, the state of weak demand is hard to change, and the overall market price may be stable and tend to fall. The demand in the northern market is frozen and the price is stable at the bottom. At the end of the year in the southern market, cement prices in some areas may still try to push up, but the terminal landing is more difficult, and the overall market will be weak and stable.
浙公网安备33010802003254号