10月金融数据点评：\存款搬家\再现

Group 1: Financial Data Overview - In October 2025, the credit balance decreased by 0.1 percentage points to 6.5% year-on-year[1] - The total social financing (社融) stock fell by 0.2 percentage points to 8.5% year-on-year[1] - M1 decreased by 1.0 percentage points to 6.2% year-on-year[1] Group 2: Deposit Trends - The phenomenon of "deposit migration" reappeared, with resident deposits decreasing by approximately 770 billion yuan year-on-year[2] - Non-bank institution deposits increased by approximately 770 billion yuan year-on-year, reflecting a "seesaw" relationship with resident deposits[2] - The decline in M1 growth may be linked to the decrease in resident deposits, which is directly related to the contraction in resident credit[2] Group 3: Corporate Lending and Economic Outlook - In October, corporate loans remained primarily short-term, with short-term loans and bill financing increasing by 0.6 percentage points to 10.0% year-on-year[3] - The net financing of government bonds decreased by 560.2 billion yuan year-on-year, significantly impacting the growth rate of social financing[3] - Two fiscal policies, including the issuance of 500 billion yuan in new policy financial instruments, are expected to stabilize credit performance and support social financing[4]