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Huatai Securities: M2 and M1 Growth Surpass Forecasts, Indicating Accelerated Inflows of Residents' Financial Assets into the Stock Market
2025-08-14 /
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Author：小编
In July, the growth of both M1 and M2 money supplies exceeded market expectations, contrasting with the underperformance of new loans and social financing. Huatai Securities' analysis points to a confluence of factors, including shifts in the financing structure, seasonal variations, disruptions from bond replacements, and adjustments in residents' financial management habits. Specifically, residents redeeming financial products have channeled funds back into banks' demand deposits, thereby enhancing M1 growth. Additionally, the influx of funds into the stock market has spurred a reallocation of funds from residents' M1 demand deposits into M2 non-bank deposits.
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