Core Insights - The mid-to-long term loans, primarily housing loans, increased by 1.17 trillion yuan in the first half of the year, showing a stabilization compared to the previous year's 1.18 trillion yuan [1][3] - The surge in household deposits reached 10.77 trillion yuan, indicating a collective anxiety among residents, with an increase of 1.5 trillion yuan compared to the same period last year [3][4] - Consumer behavior reflects this anxiety, as short-term loans for daily consumption decreased by 300 million yuan, contrasting sharply with a growth of 276.4 billion yuan in the previous year [4][5] Housing Market Dynamics - The sales revenue of the top 100 real estate companies dropped nearly 12% in the first half of the year, despite the stability in housing loan scales [4][5] - The decline in housing sales is attributed to lower down payment requirements, with many buyers opting for lower initial payments, pushing the financial burden onto banks [4][5] - The second-hand housing market is experiencing increased activity through price reductions, but this is not indicative of a market recovery, as new housing sales continue to decline [5][6] Economic Sentiment - The current surge in deposits is seen as a reflection of the economy's temperature, with consumers acting cautiously and saving more [6][7] - The real recovery in the housing market will depend on improved consumer confidence, willingness to spend, and positive employment expectations [5][7] - The sentiment in the market is fragile, with real estate agents noting a significant drop in successful transactions, indicating a lack of confidence among buyers [7]