银行10月社融数据点评：政府债持续支撑社融，居民信贷需求回升

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [3]. Core Insights - The report highlights that the new social financing in October reached 1.40 trillion yuan, with a year-on-year growth of 7.8%, indicating a slight decrease of 0.2 percentage points from September. The increase in RMB loans was 0.50 trillion yuan, which is a year-on-year decrease of 0.24 trillion yuan. The recovery in household credit demand is expected to further boost credit demand, supporting the "Outperform the Market" rating [5][6]. Summary by Sections - Social Financing Growth: In October, new social financing amounted to 1.40 trillion yuan, primarily supported by government bond issuance, which totaled 1.0496 trillion yuan. This represents a year-on-year decrease of approximately 0.45 trillion yuan, with government bonds remaining the main support for social financing growth [5]. - Household Credit Demand: The report notes a rebound in household credit demand, with RMB loans increasing by 0.5 trillion yuan, a year-on-year decrease of 0.24 trillion yuan. Short-term loans decreased by 0.19 trillion yuan, while medium to long-term loans increased by 0.17 trillion yuan. Household loans increased by 0.16 trillion yuan, with short-term loans up by 0.049 trillion yuan and medium to long-term loans up by 0.11 trillion yuan [6]. - M1 and M2 Growth Rates: Both M1 and M2 growth rates showed an increase compared to the previous month. M1 decreased by 6.1% year-on-year, an improvement from the 7.4% decline in September. M2 increased by 7.5% year-on-year, up from 6.8% in September, indicating that the effects of loose monetary policy are gradually being transmitted [6].