On TSF：Adapting to ‘New Normal’ ， Steadily Progressing
Huatai Financial Holdings （Hong Kong） Limited·2024-08-12 09:42
Equity Research Report Strategy On TSF: Adapting to 'New Normal', Steadily Progressing Market may have sufficiently priced in soft M1 and credit demand For June, China's total social financing (TSF)/new loans rose by RMB3.3/2.1tn yoy (vs Wind consensus of RMB3.2/1.1tn). Despite the lukewarm financial data due to the constraints on demand in June, there are sufficient market expectations for a 'new normal'. We highlight three points. 1) China's M1 yoy has yet to improve, with lingering impact of 'deposit mig ...