2024年10月金融数据点评：M1增速回升，居民端信贷需求改善

Investment Rating - The report maintains a positive investment rating for the banking industry [1] Core Insights - The report highlights that the financial data for October 2024 shows an increase in social financing and a recovery in credit demand from the residential sector, supported by government policies [5][18] - The report notes that the M1 growth rate is stabilizing, indicating a slight recovery in the liquidity of funds, which is beneficial for the banking sector [4][16] Summary by Sections 1. M1 Growth Recovery and Improvement in Residential Credit Demand - The report states that in October, new social financing amounted to 1.3958 trillion yuan, a year-on-year decrease of 448.3 billion yuan, with a social financing stock growth of 7.8% [9] - It mentions that the credit performance is weak, with a year-on-year decrease in RMB loans by 184.9 billion yuan, primarily due to a high base effect and the traditional low credit month of October [2][9] - The report indicates that incremental policies have shown short-term effects, with residential short-term loans increasing by 49 billion yuan in October, a year-on-year increase of 153.4 billion yuan [3][10] - It also notes that the M1 growth rate has stabilized, with M2 increasing by 7.5% year-on-year, indicating a slight recovery in fund activation [4][16] 2. Investment Recommendations - The report suggests that with the continuous implementation of incremental policies, there are increasing positive factors in the financial data for October, particularly in residential credit demand [5][18] - It recommends selecting more resilient stocks based on economic recovery in the short term and suggests focusing on high-dividend stocks in the long term as the banking sector continues to benefit from favorable liquidity conditions [5][18]