金融数据速评（2024.9）：股市升温推升M2，强力化债仍在深水区

Group 1: Credit and Financing Trends - In September, new credit increased by 1.59 trillion RMB, a year-on-year decrease of 720 billion RMB, marking a steeper decline for the second consecutive month[1] - New household loans in September were only 500 billion RMB, down 358.5 billion RMB year-on-year, indicating accelerated deleveraging in the household sector[1] - New corporate medium and long-term loans totaled 960 billion RMB, a year-on-year decrease of 299.4 billion RMB, highlighting a significant cooling in corporate financing demand[1] Group 2: Social Financing and Government Debt - New social financing in September was 3.76 trillion RMB, a year-on-year decrease of nearly 370 billion RMB, with a notable expansion in the gap of social financing year-on-year[1] - Government bond issuance accelerated in September, reaching 1.54 trillion RMB, an increase of over 540 billion RMB year-on-year, indicating a strong commitment to debt reduction policies[1] - Despite increased government financing, corporate debt financing needs have decreased significantly, with a year-on-year reduction of over 560 billion RMB in real RMB loans[1] Group 3: Monetary Supply and Economic Indicators - M2 growth rate rebounded by 0.5 percentage points to 6.8% in September, the highest in four months, driven by a significant increase in deposits from non-bank financial institutions[1] - M1 saw a further decline of 0.1 percentage points to -7.4%, indicating weak corporate activity and ongoing challenges in the real estate market[1] - The current economic environment reflects long-term pressures from trade, accelerated debt reduction, and real estate adjustments, necessitating a balanced approach to monetary and fiscal policies[1]