最新数据公布！这些资金流入A股

Core Viewpoint - The financial data for July indicates a significant divergence between resident deposits and non-bank deposits, highlighting a trend of funds migrating from bank deposits to equity markets, referred to as the "deposit migration" phenomenon [1][2]. Group 1: Deposit Trends - In July, non-bank deposits increased by 2.14 trillion yuan year-on-year, while resident deposits decreased by 1.1 trillion yuan, indicating a shift of funds towards non-bank sectors due to strong equity market performance [2]. - The total increase in non-bank deposits from January to July reached 4.7 trillion yuan, reflecting a year-on-year increase of 1.7 trillion yuan, showcasing a clear "see-saw" effect between resident and non-bank deposits [2]. Group 2: Market Dynamics - The strong performance of the equity market has created a siphoning effect, leading to a seasonal increase in asset management products and a notable rise in non-bank deposits [2]. - The current AIAE (All Market Equity Allocation Ratio) indicator is at a relatively low level, suggesting that there is significant room for growth in equity allocation among residents [2]. Group 3: Economic and Market Support Factors - Multiple factors are driving the recent rise in A-shares, including accelerated capital market reforms, improved macroeconomic fundamentals with a GDP growth of 5.3% year-on-year in the first half, and favorable policies aimed at boosting consumer loans [3]. - The emergence of new technology companies and a more relaxed international monetary environment are also contributing to the revaluation of Chinese assets [3]. Group 4: Future Outlook - The trend of "deposit migration" is expected to continue, with more funds moving from low-risk bank deposits to higher-yielding assets like insurance and stocks, which could lead to an upward adjustment in A-share valuations [4]. - The AIAE (adjusted) indicator predicts an annualized return of 7.48% for the entire A-share market over the next three years, starting from June [4].