Group 1 - The ongoing "deposit migration" indicates that the worst phase of the economic cycle has passed, as evidenced by the improvement in the enterprise-resident deposit gap and the proportion of new currency to M2 [4][14][15] - Chinese residents do not possess excess savings but rather defensive deposits, with the current deposit migration reflecting a structural change from "excessive defensive deposits" to "normal deposits" rather than a shift from savings to consumption [4][20][27] - The ability of deposit migration to stimulate the real economy hinges on converting savings into investment savings, which can influence corporate cash flow and long-term expectations [4][8][9] Group 2 - The relationship between corporate loans and economic conditions is not straightforward; the presence of corporate funds does not necessarily indicate a positive economic outlook, as loans are just one of many funding sources [5][30][31] - The current stock market presents a favorable configuration value due to clear market stabilization policies, which have reduced stock volatility and increased risk-adjusted returns [5][33] - The ongoing deposit migration is a key factor influencing non-bank liquidity, with the stock market's activity primarily dependent on changes in resident deposit migration [5][33] Group 3 - In August, the financial data showed a continued increase in non-bank deposits, while loans decreased, indicating a shift in the financial landscape [36][41][45] - The social financing scale in August was 2.57 trillion yuan, reflecting a year-on-year decrease, with the stock market financing showing a slight increase [41][42] - The overall M2 growth rate remained stable at 8.8%, with new M1 growth at 6%, indicating a steady financial environment [45]