公募规模创新高33万亿，银行理财重回31万亿高位，低利率时代谁主沉浮？

Group 1 - The core viewpoint of the article highlights the significant inflow of funds into bank wealth management and money market funds due to risk aversion and the trend of "deposit migration" [2][5] - As of April, public money market funds saw an increase of 662.3 billion yuan, pushing the total public fund scale to a historical high of 33.12 trillion yuan [2][3] - Bank wealth management products have also experienced growth, with a current scale of 31.44 trillion yuan, reflecting a net increase of 2.41 trillion yuan since the end of March [2][6] Group 2 - The public fund scale surpassed 33 trillion yuan for the first time, marking a significant milestone in the asset management industry [2][4] - The competition between public funds and bank wealth management is intensifying, especially as interest rates on demand deposits approach zero, making "deposit replacement" a key competitive advantage for asset management firms [2][8] - The decline in deposit rates, with one-year deposit rates falling below 1%, has led to a reduction of 1.39 trillion yuan in household deposits, while non-bank financial institutions saw an increase of 1.57 trillion yuan [5][6] Group 3 - The growth in public funds is primarily driven by money market funds, which reached a total scale of 13.99 trillion yuan, reflecting a net increase of 662.3 billion yuan [3][4] - Other open-end fund types, particularly fixed-income products, also showed significant growth, with bond funds increasing by 140.2 billion yuan [3][4] - The low interest rate environment has compressed the yield space for money market funds and short-term wealth management products, yet they remain attractive compared to the near-zero returns on demand deposits [6][7]