“存款替代”效应凸显，短期限理财成新宠

Group 1 - The core viewpoint of the articles highlights the significant impact of recent interest rate cuts on deposit rates, leading to a shift in investment behavior towards wealth management products as a substitute for traditional deposits [1][2][5] - Major state-owned banks and several joint-stock banks have lowered deposit rates, with one-year fixed deposit rates dropping to 0.95% and many banks entering the "1 era" with rates below 1% [2][3] - The trend of "deposit migration" is expected to intensify, as lower deposit rates make wealth management products more attractive, particularly short-term products like cash management and pure bond products [1][5][6] Group 2 - Investors are increasingly seeking alternatives to traditional deposits, with many considering wealth management products that offer better returns and liquidity [3][4] - The decline in deposit rates is anticipated to increase the difficulty for banks in attracting deposits, while simultaneously directing more funds towards low-risk asset management products [4][6] - The wealth management market has shown growth, with a notable increase in scale, surpassing 31 trillion yuan by mid-May, driven by the comparative advantage of these products over traditional deposits [6][8] Group 3 - The downward adjustment of deposit rates is likely to exert downward pressure on the yields of fixed-income products, including bank wealth management products [8][9] - Cash management products are also experiencing declining yields, with average annualized returns falling to around 1.51% as of the end of April, reflecting the broader trend in the market [9] - The overall yield of wealth management products is expected to continue declining in the long term, influenced by the performance of underlying assets such as bonds [8][9]