银行2024年10月金融数据点评：M1改善，零售信贷显著回暖

Investment Rating - The report maintains the investment rating for the banking industry [2][17]. Core Insights - The social financing growth rate slightly decreased to 7.8% in October 2024, with a new social financing of 1.40 trillion yuan, which is a year-on-year decrease of 448.3 billion yuan [5][6]. - The M1 and M2 growth rates were -6.1% and +7.5% respectively, indicating a stabilization in M1 and an improvement in M2 [3][9]. - The retail credit sector showed significant recovery, with new retail loans increasing by 1.6 trillion yuan, a year-on-year increase of 1.946 trillion yuan [11]. Summary by Sections Social Financing - In October 2024, the new social financing was 1.40 trillion yuan, with a year-on-year growth rate of 7.8%. The breakdown includes: - RMB loans to the real economy increased by 298.8 billion yuan, a year-on-year decrease of 184.9 billion yuan [5][6]. - Non-standard financing decreased by 144.3 billion yuan, with a year-on-year increase of 112.9 billion yuan [6]. - Direct financing totaled 129.8 billion yuan, a year-on-year decrease of 20.1 billion yuan [5][6]. - Government bonds increased by 1.05 trillion yuan, a year-on-year decrease of 514.2 billion yuan [5][6]. Credit Structure - The credit structure indicates a weakening contribution from the corporate sector, while the retail sector shows significant recovery: - New corporate loans amounted to 130 billion yuan, a year-on-year decrease of 386.3 billion yuan [10]. - New retail loans reached 160 billion yuan, a year-on-year increase of 194.6 billion yuan [11]. Deposits - In October 2024, new deposits totaled 600 billion yuan, a week-on-week decrease of 44.6 billion yuan. The structure includes: - Household deposits decreased by 570 billion yuan, a year-on-year increase of 66.9 billion yuan [4][12]. - Non-bank deposits increased by 1.08 trillion yuan, a year-on-year increase of 573.2 billion yuan [12].