Core Viewpoint - The most significant change in the August financial data is the acceleration of "deposit migration," with household deposits declining for two consecutive months beyond seasonal trends, while non-bank deposits have seen a substantial increase [2][8][53]. Group 1: Deposit Trends - Household deposits decreased by 6000 million compared to the previous year, with an increase of 1100 million in August, marking two consecutive months of negative year-on-year growth [5][57]. - Non-bank deposits reached a record high of 11800 million in August, reflecting a shift in residents' asset structures and a close relationship with capital market performance [2][8][53]. - The relationship between household and non-bank deposits has shown a "seesaw" effect, indicating early signs of changes in asset allocation among residents [2][8]. Group 2: Loan Dynamics - Household loans remain weak, with a year-on-year decrease of 1597 million, aligning with low consumer confidence levels [2][14][53]. - In August, household loans increased by only 303 million, with short-term loans down by 611 million and medium to long-term loans down by 1000 million [4][30][56]. - The consumer confidence index has reached a new low of 44.07 in August, indicating a cautious attitude towards debt among households [14][53]. Group 3: Corporate Loan Trends - In August, the growth rate of medium to long-term corporate loans has stabilized, while short-term loans and bill financing saw a year-on-year decrease of 0.4 percentage points to 9.7% [3][20][54]. - The Producer Price Index (PPI) rebounded to -2.9% in August, and the Purchasing Managers' Index (PMI) for business expectations rose from 52.6 to 53.7, suggesting a shift in corporate investment attitudes from cautious to watchful [3][20][54]. Group 4: Social Financing and Policy Outlook - The growth rate of social financing has declined due to the end of "front-loaded" fiscal financing, with a year-on-year decrease of 0.2 percentage points to 8.8% in August [3][26][54]. - The introduction of interest subsidy policies for consumer loans and service industry loans in September may provide marginal support for social financing stability [29][55]. - New policy financial tools are expected to leverage more credit and social capital, potentially driving economic structural transformation [29][55].