Investment Macro: As the increase in social financing returns, there may be a deviation between M2 and the increase in social financing.

China Merchants' macro research report stated that the growth rates of M2 and M1 are still increasing, with increases of 0.5 and 1 percentage points respectively in July compared to the previous month. For M2, the faster growth rate is mainly related to tail factors and increased fiscal expenditure. Looking ahead, as the growth rate of social financing "turns back", M2 and the growth rate of social financing may diverge.