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So far the things that carry on in the next game are

1. Main Character's Level [Momaru Suraku]
2. Amount of money they have
3. Status [AKA Academics, Charm, and Courage]
4. And Equipment

However

1. Lose Personas
2. Personas lose their levels
3. Every other character's level starts over
4. Lose Social links

However its not surprising. I don't mind. However since he keeps his status I can work harder on the local links