The Zheshang Securities Research Report pointed out that in the financial data for September 2024, the characteristics of credit, social finance, and M1 were similar to those of previous months. Although there was a marginal shift in policies at the end of September, capital has not yet been implemented. In particular, demand-side policies such as finance are still uncertain, corporate profits and entrepreneurs' investment confidence still need to be repaired. With insufficient credit carriers, overall credit investment in September was still weak. However, the M2 growth rate ushered in the first rebound since February 2023. The split deposit structure saw a year-on-year increase of about 1.5 trillion yuan in RMB deposits in September, of which non-bank deposits increased by 1.58 trillion yuan year on year, which is the biggest contribution. Generally speaking, September is a big month for bank deposits, and maturing financial management tends to return statements. Under normal circumstances, it is reflected in residents' deposits, but driven by a series of policies such as the 924 financial policy package, the equity market started at the end of September. A large amount of financial capital was transferred into the equity market, and a large amount of incremental capital from other channels was added simultaneously due to the simultaneous influx of incremental capital from securities companies. meter Non-bank deposits led to a sharp increase in non-bank deposits in September. As a result, the subsequent evolution of the equity market will also have a great impact on M2. Also, if an incremental fiscal policy is introduced at the end of October, government bonds support social finance and drag down M2 during the issuance process. The disbursement process has no impact on social finance, and supports M2. Therefore, it is recommended to focus on the phased divergence between social finance and M2.

The Zheshang Securities Research Report pointed out that in the financial data for September 2024, the characteristics of credit, social finance, and M1 were similar to those of previous months. Although there was a marginal shift in policies at the end of September, capital has not yet been implemented. In particular, demand-side policies such as finance are still uncertain, corporate profits and entrepreneurs' investment confidence still need to be repaired. With insufficient credit carriers, overall credit investment in September was still weak. However, the M2 growth rate ushered in the first rebound since February 2023. The split deposit structure saw a year-on-year increase of about 1.5 trillion yuan in RMB deposits in September, of which non-bank deposits increased by 1.58 trillion yuan year on year, which is the biggest contribution. Generally speaking, September is a big month for bank deposits, and maturing financial management tends to return statements. Under normal circumstances, it is reflected in residents' deposits, but driven by a series of policies such as the 924 financial policy package, the equity market started at the end of September. A large amount of financial capital was transferred into the equity market, and a large amount of incremental capital from other channels was added simultaneously due to the simultaneous influx of incremental capital from securities companies. meter Non-bank deposits led to a sharp increase in non-bank deposits in September. As a result, the subsequent evolution of the equity market will also have a great impact on M2. Also, if an incremental fiscal policy is introduced at the end of October, government bonds support social finance and drag down M2 during the issuance process. The disbursement process has no impact on social finance, and supports M2. Therefore, it is recommended to focus on the phased divergence between social finance and M2.