Economic Indicators - The China Strategic Emerging Industries Purchasing Managers Index (EPMI) for August is 47.8, an increase of 1 percentage point from the previous month, indicating a marginal improvement in economic sentiment[4] - The production price index (PPI) is expected to decline by approximately 0.3% month-on-month and 3.1% year-on-year in August, reflecting weak overall factory prices despite a significant year-on-year improvement due to lower technical levels last year[6] Financial Data - From January to July, the real sector received approximately 19 trillion yuan in funding, an increase of 2.7 trillion yuan year-on-year, primarily driven by fiscal fund disbursements[10] - New deposits from residents amounted to 9.7 trillion yuan, with a year-on-year increase of 720 billion yuan, indicating a shift towards more liquid deposits[10] Market Trends - In the wake of new housing policies in Beijing, the year-on-year decline in commodity housing sales has narrowed, with second-hand housing sales showing a positive year-on-year growth[17] - Several small and medium-sized banks have lowered deposit rates, with rates for various terms adjusted down by 10 to 20 basis points[14] Risks - Ongoing U.S.-China trade tensions, tariff increases, and global supply chain adjustments pose risks of export volatility and declining corporate profits[3] - Changes in global geopolitical situations and international market fluctuations may continue to impact commodity prices and related industries[3]

Core Insights - In May, the increase in personal deposits in RMB included time deposits, large-denomination certificates of deposit, and agreement deposits, which rose by 30.9 billion, 10.2 billion, and 0.8 billion respectively, showing a year-on-year decrease of 24.5 billion, 0.3 billion, and 0.4 billion [1] - Notice deposits decreased by 14.9 billion, with a year-on-year reduction of 59.6 billion [1] - Demand deposits and structured deposits saw a decrease of 16.7 billion and 2.3 billion respectively, with year-on-year reductions of 41.5 billion and 0.1 billion [1]

Group 1 - In May, the increase in personal fixed deposits in RMB was 30.9 billion yuan, while non-financial enterprises' agreement deposits increased by 36.8 billion yuan [1] - Personal deposits in RMB saw a decrease in demand for notice deposits, which fell by 14.9 billion yuan, and current deposits decreased by 16.7 billion yuan [1] - Non-financial enterprises' agreement deposits and margin deposits increased significantly, with a rise of 36.8 billion yuan and 13.1 billion yuan respectively [1] Group 2 - The total increase in personal fixed deposits, large denomination certificates of deposit, and agreement deposits was 30.9 billion yuan, 10.2 billion yuan, and 0.8 billion yuan respectively, showing a year-on-year decrease [1] - Notice deposits and current deposits experienced significant declines, with notice deposits down by 43.3 billion yuan and current deposits down by 4.5 billion yuan [1] - The overall trend indicates a shift in deposit preferences, with a notable decrease in demand for structured deposits, which fell by 3.5 billion yuan year-on-year [1]