Sou Hu Cai Jing·2025-11-13 23:40Core Insights - The report from Huatai Securities indicates that new RMB loans and social financing in October have decreased year-on-year, reflecting a weak real estate cycle and the impact of local and corporate debt replacement loans [1] - The new policy financial tools have not yet fully demonstrated their effect on social financing, although M1 and M2 growth rates have slightly declined, they still maintain a relatively fast growth [1] - Looking ahead, the completion of the new policy financial tools' deployment in October is expected to further boost social financing [1] Group 1 - New RMB loans and social financing in October have decreased year-on-year, influenced by a weak real estate cycle and local debt replacement [1] - The growth rates of M1 and M2 have slightly declined but remain robust overall [1] - The new policy financial tools, with a total of 500 billion yuan deployed in October, are anticipated to stimulate corporate loan demand and support social financing growth [1] Group 2 - Recent adjustments in national housing prices and weak real estate demand have negatively impacted residential loan growth [1] - The replacement of local debts, combined with low interest rates and the issuance of technology innovation bonds, has somewhat suppressed corporate loan financing demand [1] - The significant front-loading of government bonds this year has led to a noticeable year-on-year decrease in net government bond issuance in October [1]