市场分析指出，9月"存款搬家"节奏放缓或与股指高位震荡引发的"赚钱效应"回落有关。这一变化也令 M1（狭义货币）与M2（广义货币）同比增速此消彼长。一方面，M1同比增速提升，反映企业生产经 营活跃度提升、个人投资消费需求回暖；另一方面，非银存款同比大幅多减，使得M2增速出现回落， M1-M2剪刀差明显收敛。 非银存款大幅缩水 9月，我国金融市场存款结构呈现显著分化，居民存款与非银存款呈现"一增一减"。 居民资产再配置过程仍在延续 "存款搬家"进程出现暂缓迹象。 最新发布的9月金融数据显示，存款结构呈现显著分化，住户存款与非银金融机构存款（下称"非银存 款"）呈现"一增一减"。其中，住户存款新增2.96万亿元，同比多增7600亿元；非银存款减少1.06万亿 元，同比少增1.97万亿元。 这与此前居民存款少增、非银存款大幅多增形成鲜明对比。近几个月以来，随着资本市场回暖，不少观 点将居民存款和非银存款之间的相对变化视同居民存款"搬家"到了股市。 广发证券资深宏观分析师钟林楠进一步补充了非银存款下滑的深层逻辑。他表示，低利率环境下，居民 可能倾向于持币寻找新的投资机会，减少了货基、现金类理财等固收资管产品的配置，进 ...

Credit and Financing - In July, the social financing scale increased by 1.2 trillion RMB, lower than the expected 1.4 trillion RMB and significantly down from the previous value of 4.2 trillion RMB[2] - RMB loans saw a negative growth of 50 billion RMB, against an expectation of -15 billion RMB and a previous increase of 2.24 trillion RMB[2] - New corporate loans in July were 60 billion RMB, a year-on-year decrease of 70 billion RMB[4] Consumer and Corporate Lending - In July, household loans decreased by 489.3 billion RMB, a year-on-year reduction of 279.3 billion RMB[3] - The implementation of the personal consumption loan subsidy policy in September is expected to boost household leverage willingness[3] - Corporate medium and long-term loans decreased by 390 billion RMB year-on-year, indicating a seasonal decline in corporate credit[4] Monetary Supply and Market Trends - M2 growth rate increased to 8.8%, while M1 growth rate rose to 5.6% in July[6] - Non-bank deposits saw a significant increase of 1.39 trillion RMB year-on-year, contributing to the rise in M2[6] - The stock market's performance in July led to a notable shift of household deposits towards non-bank deposits, indicating a potential trend continuation[6] Government Bonds and Financing - In July, new government bond financing amounted to 1.244 trillion RMB, a year-on-year increase of 555.9 billion RMB, contributing positively to social financing[5] - The issuance of special government bonds is expected to maintain strength into August, with a gradual slowdown anticipated in September[5] Economic Outlook and Risks - The financial data for July reflects seasonal volatility, with credit and social financing showing a "temperature difference" that requires careful observation[7] - Risks include potential underperformance of policy execution and unexpected economic downturns[7]