宏观数据观察：10月融资需求低于预期，但居民部门有所改善

Group 1: Loan and Financing Data - In October, new RMB loans increased by 500 billion, down from 1.59 trillion in the previous month[1] - The social financing scale increment in October was 1.3958 trillion, significantly lower than the previous value of 3.7634 trillion[2] - By the end of October, the total social financing scale was 403.45 trillion, showing a year-on-year growth of 7.8%, but a month-on-month decline of 0.2%[5] Group 2: Monetary Supply and Policy - M2, the broad money supply, grew by 7.5% year-on-year, exceeding the expected 7.0% and the previous value of 6.8%[3] - M1, the narrow money supply, showed a year-on-year decline of 6.1%, which is an improvement from the expected decline of 7.2%[3] - The overall increase in money supply indicates a continued reasonable growth, supporting a loose monetary policy[3] Group 3: Economic Implications - The decline in new social financing and credit demand suggests a slowdown in credit transmission from broad money to credit[5] - The improvement in household loan demand, particularly in short-term loans, is attributed to policies stimulating consumption[4] - The overall financing demand is expected to gradually recover as fiscal policies and real estate measures take effect, despite current short-term declines[5]