银行行业：社融增速继续下降，非银存款延续高增

Investment Rating - The industry investment rating is "Positive" [10] Core Viewpoints - The growth rate of social financing (社融) continues to decline, with a year-on-year increase of 8.5% as of the end of October, reflecting a 0.2 percentage point decrease from the previous month [2][19] - The demand for credit remains weak, with a notable seasonal decline in lending, leading to expectations of a further decrease in social financing growth to around 8% by year-end [2][10] - Non-bank deposits continue to show high growth, with a significant increase in non-bank deposits of 1.85 trillion yuan, indicating a trend of "non-bankization" in deposits [9][10] Summary by Sections Social Financing and Credit - As of the end of October, social financing (剔除政府债) increased by 5.9% year-on-year, with a monthly addition of 814.2 billion yuan, which is a decrease of 597.8 billion yuan compared to the previous year [2][19] - Government bond net financing was 489.3 billion yuan, down 560.2 billion yuan year-on-year, while RMB loans decreased by 20.1 billion yuan, a year-on-year decline of 316.6 billion yuan [2][3] Loan Demand and Investment - The demand for corporate loans remains weak, with a notable decrease in short-term loans by 190 billion yuan and a year-on-year decline in medium to long-term loans by 1.4 billion yuan [3][4] - Fixed asset investment has seen a widening decline of 1.7%, with real estate investment dropping by 14.7% year-on-year [3][4] Household Credit and Deposits - Household loans decreased by 360.4 billion yuan, with a year-on-year reduction of 110 billion yuan, reflecting a strong willingness to deleverage among residents [4][9] - The total amount of RMB deposits increased by 610 billion yuan, with a year-on-year increase of 100 billion yuan, while both household and corporate deposits saw significant declines [9][10]