存款消失1.1万亿：当理发师还没谈论股票时，一场静默的资本迁徙正在发生

Core Viewpoint - A significant shift in capital is occurring as conservative funds move from bank deposits to capital markets, driven by low interest rates and inflation concerns [2][3]. Group 1: Capital Migration - In July, there was a sharp decline in resident deposits by 1.11 trillion, while non-bank financial institution deposits surged by 2.14 trillion, marking a record high [2]. - The movement of funds indicates a collective shift towards capital markets as individuals seek better returns amid low deposit rates and shrinking money market fund yields [3]. Group 2: Market Dynamics - The current trading volume and margin financing balance reflect a burgeoning market, with daily trading volumes reaching 2 trillion and margin financing balances at 2.05 trillion [3]. - Despite this growth, the market is still far from the historical peak trading volume of 3.45 trillion, suggesting that the current capital migration may just be beginning [5]. Group 3: Investor Sentiment - The increase in retail investor discussions about stocks signals a potential risk, yet the growth in new accounts is only at 40% of the levels seen during the 2015 bull market [7]. - The initiation of a Federal Reserve rate cut cycle may further enhance liquidity, indicating that the current capital migration could be in its early stages [7].