谁能承接居民存款外溢？短期看固收，长期看权益

Group 1 - The recent interest rate cut has led to a decrease in deposit rates, with the one-year deposit rate falling to 1.75% from 2% [2] - Major banks, including state-owned and joint-stock banks, have collectively reduced their deposit rates, with some rates dropping below 1% [2][3] - The decline in deposit rates is expected to shift some residents' wealth towards wealth management products, as the gap between deposit and investment returns widens [3][4] Group 2 - The total balance of bank wealth management products increased to 30.95 trillion yuan in April, driven primarily by fixed-income products [3] - Despite the short-term attractiveness of wealth management products, long-term trends indicate that low-risk products may struggle to attract deposits consistently [4] - The demand for capital preservation remains strong among residents, limiting their willingness to invest in riskier financial products [4][5] Group 3 - The first four months of 2025 saw a significant increase in household deposits, totaling 7.83 trillion yuan, compared to 6.71 trillion yuan in the same period of 2024 [5] - The current low-interest environment is prompting a search for alternative investment opportunities, particularly in equity markets [6][10] - The performance of equity-related wealth management products has been poor, with returns for equity products showing a decline of 21.73% in April [8] Group 4 - The public fund market has seen a growth in total assets, reaching 31.92 trillion yuan, with a notable increase in stock ETF investments driven by bottom-fishing sentiment [9] - The key to reversing the current investment sentiment lies in improving the stock market's performance and generating positive returns [10]