银行：信贷高频追踪系列十七-居民信贷多增，M1降幅收窄

Investment Rating - The investment rating for the industry is "Positive" and is maintained [8] Core Insights - In October, the new social financing (社融) increased by 1.40 trillion yuan, a year-on-year decrease of 446.4 billion yuan, with government bonds showing a significant year-on-year decrease due to a high base last year [3][4] - The new RMB loans amounted to 500 billion yuan, a year-on-year decrease of 238.4 billion yuan, indicating weak demand from the real economy [4][6] - Resident loans increased by 160 billion yuan, a year-on-year increase of 194.6 billion yuan, driven by a recovery in the equity market and a slight improvement in real estate sales [4][6] - M1's year-on-year decline narrowed to 6.1%, with an increase in the difference between M1 and M0 by 459.3 billion yuan, suggesting an increase in corporate demand for current deposits [5][6] Summary by Sections Social Financing - In October, new social financing was 1.40 trillion yuan, down 446.4 billion yuan year-on-year, with a month-end balance growth rate of 7.8% [3][4] - Government bonds accounted for 1.05 trillion yuan of the new financing, reflecting a year-on-year decrease of 514.2 billion yuan due to last year's high base [3][4] RMB Loans - The total new RMB loans for October were 500 billion yuan, a year-on-year decrease of 238.4 billion yuan, with a month-end balance growth rate of 8.0% [4][6] - Resident loans saw an increase of 160 billion yuan, with short-term loans rising by 49 billion yuan and medium to long-term loans increasing by 110 billion yuan [4][6] M1 and Deposits - M1 experienced a year-on-year decline of 6.1%, but the rate of decline has narrowed, indicating a potential recovery in corporate deposits [5][6] - Total RMB deposits increased by 600 billion yuan, with a year-on-year decrease in both resident and corporate deposits [5][6] Future Outlook - The overall credit growth is expected to slow down to 7.8% for the year, with the effectiveness of policies needing further observation [6]