Group 1 - The article emphasizes the importance of tracking three financial indicators: M1 year-on-year growth, non-bank deposits, and corporate medium to long-term loans, as they reflect industrial inventory and PPI improvements, market activity, and production investment trends respectively [4][5][6] - In September, M1 year-on-year growth increased by 1.2%, while non-bank deposits decreased by 1.97 trillion, and corporate medium to long-term loans saw a slight decrease of 500 million [4][5] - The decline in non-bank deposits in September is attributed to seasonal factors, particularly the pressure on banks to meet deposit assessments at the end of the quarter, leading to a typical seasonal drop in non-bank deposits [4][5][9] Group 2 - The article discusses the implications of the significant drop in non-bank deposits in September, suggesting it does not necessarily indicate a weakening of the equity market's activity, and further observation of October's data is required [8][9] - The increase in M1 year-on-year is likely driven by a rise in household demand rather than improvements in corporate cash flow, as evidenced by the relatively modest increase in corporate deposits [10][23] - The article highlights that while the new M1 metric is statistically more accurate, historical discrepancies suggest that it may not directly correlate with corporate expectations, necessitating further analysis of traditional M1 metrics [10][24] Group 3 - In September, the total social financing increased by 3.53 trillion, a decrease of 2.3 trillion year-on-year, with a stock growth rate of 8.7% [31][32] - The article notes that corporate medium to long-term loans continued to show a decrease, with a total loan increase of 1.29 trillion, which is 300 billion less than the previous year [27][31] - M2 growth rate fell to 8.4% in September, down 0.4% from the previous month, while new M1 grew by 7.2%, reflecting a mixed trend in liquidity [32][33]