新增1.19万亿元！资金为何涌向这一领域？

Core Viewpoint - The People's Bank of China reported a significant increase in RMB deposits in May, driven by a surge in non-bank financial institution deposits, which reached a near ten-year high, indicating a shift in asset allocation preferences among residents and enterprises towards higher-yielding non-bank financial products [1][2]. Group 1: Deposit Growth and Structure - In May, non-bank deposits increased by 1.19 trillion yuan, marking the highest growth for the same period in nearly a decade [2]. - Cumulatively, non-bank deposits have risen by 3.07 trillion yuan this year, which is 680 billion yuan more than the same period last year [2]. - The increase in non-bank deposits is attributed to the declining deposit interest rates, prompting a "migration effect" where individuals and businesses prefer to allocate assets through non-bank institutions [2][3]. Group 2: Interest Rate Impact - The continuous decline in deposit rates has led to a shift in asset allocation from traditional bank deposits to higher-yielding financial products such as money market funds and cash management products [2][4]. - Major state-owned banks and joint-stock banks have lowered deposit rates, with the one-year fixed deposit rate reduced to 0.95% [2]. - This trend is expected to persist, as lower deposit rates encourage more funds to flow into consumption and investment activities, enhancing economic vitality and optimizing asset allocation [4][5]. Group 3: Diversification of Asset Allocation - There is a notable shift from "single deposits" to a diversified approach involving "wealth management + equities," driven by the deepening of interest rate marketization [4]. - The changing asset allocation mindset among residents is likely to lead to increased investments in stock markets, bond funds, private asset management products, and insurance savings products [4]. - The ongoing trend of deposit migration is expected to continue, with funds increasingly directed towards money market funds, bank wealth management, bond markets, and stock markets [4][5].