7月M2-M1剪刀差明显收窄，资金循环效率提高，经济回暖提升

Group 1 - The latest data from the central bank shows that as of the end of July, the broad money supply (M2) reached 329.94 trillion yuan, with a year-on-year growth of 8.8%, while the narrow money supply (M1) was 111.06 trillion yuan, growing by 5.6% [1] - The difference in growth rates between M2 and M1 has narrowed significantly compared to the peak in September of the previous year, indicating an improvement in the liquidity of funds and the efficiency of circulation [1] - Experts suggest that the narrowing of the M2-M1 gap reflects effective market stabilization policies that have boosted market confidence, aligning with the trend of economic activity recovery [1] Group 2 - M1 primarily represents the operating funds of enterprises, with large enterprises typically having strong financing capabilities and focusing on the efficiency and profitability of fund usage, while small and medium-sized enterprises tend to reserve more working capital to cope with uncertainties [2] - The competition in certain sectors has led to large enterprises delaying payments to small and medium-sized enterprises, which affects the liquidity of these smaller firms and consequently impacts M1 growth [2]