The Debon Securities Research Report pointed out that in September, M2 rebounded year on year, social finance and credit growth rate declined year on year, M1 growth rate continued to decline, residents' credit continued to be weak, corporate financing demand was still insufficient, special bond issuance was further accelerated, and credit relief still needed to be “established first and then broken”. Consumer loans may be boosted, and increasing core tier 1 capital is expected to support the enthusiasm of major state-owned banks to invest in public loans. Capital market expectations have improved, and the return of capital such as financial management is driving the M2 growth rate to pick up. The M1 growth rate may bottom out, awaiting a turning point in this forward-looking indicator. The yield on 10-year treasury bonds is mainly short-term or volatile, and the strength of fiscal policy implementation and potential disturbances in foreign trade are the main points of concern in the medium term.

The Debon Securities Research Report pointed out that in September, M2 rebounded year on year, social finance and credit growth rate declined year on year, M1 growth rate continued to decline, residents' credit continued to be weak, corporate financing demand was still insufficient, special bond issuance was further accelerated, and credit relief still needed to be “established first and then broken”. Consumer loans may be boosted, and increasing core tier 1 capital is expected to support the enthusiasm of major state-owned banks to invest in public loans. Capital market expectations have improved, and the return of capital such as financial management is driving the M2 growth rate to pick up. The M1 growth rate may bottom out, awaiting a turning point in this forward-looking indicator. The yield on 10-year treasury bonds is mainly short-term or volatile, and the strength of fiscal policy implementation and potential disturbances in foreign trade are the main points of concern in the medium term.