存款利率迈入“1”时代，存定期还是买理财

Core Viewpoint - The banking industry is experiencing a significant shift in deposit rates, with many banks reducing rates below 2%, leading to a migration of funds from deposits to wealth management products [1][2][3] Group 1: Wealth Management Market Trends - In April, the wealth management market saw a substantial increase, with total assets reaching 31.3 trillion yuan, an increase of 1.39 trillion yuan from the end of the previous year and 2.2 trillion yuan from the previous month [1] - Historically, the second quarter is a crucial period for the expansion of bank wealth management, with April being a key month for growth [1] - Factors driving the growth in April include a stable bond market and a reduction in deposit rates by several small and medium-sized banks, which has attracted more funds into wealth management [1][2] Group 2: Deposit Rate Changes - Since April, many banks, including joint-stock and local small and medium-sized banks, have announced a new round of deposit rate cuts, with fixed deposit rates for both one-year and five-year terms falling below 2% [2] - The decline in deposit rates is reducing the attractiveness of deposits, prompting banks to shift marketing resources towards wealth management products [2][3] Group 3: Performance Benchmark Adjustments - The average performance benchmark for newly issued RMB fixed-income wealth management products in April was 2.97% for the upper limit and 2.27% for the lower limit, with expectations for further declines [3] - The downward adjustment of performance benchmarks is influenced by market rate expectations, regulatory changes, and the prohibition of "manual interest supplementation" [3] - Despite the pressures on product yields, the comparative advantage of wealth management over deposits remains, and the overall scale of wealth management is expected to grow throughout the year [3]