9月金融数据点评：股市回暖：或推动M2短期回升

Economic Overview - In September, the overall economic and financing activities remained at a low level, continuing the trend from previous months, with "government bonds + bills" being the main contributors to financing structure[1] - A new round of growth-stabilizing policies was announced on September 24, including a 20 basis point cut in reverse repo rates and reductions in existing mortgage rates[1] Financing Expectations - The series of cost-reduction and credit-expansion policies are expected to lead to a marginal recovery in financing data in Q4, particularly supported by government bond financing[1] - The short-term recovery in the real estate market may alleviate the pressure on household financing, contributing positively to overall financing conditions[1] Risks and Considerations - Potential risks include the possibility that policy measures may not meet expectations and uncertainties surrounding the real estate market[1]