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多只债基提高净值精度，最多调至小数点后13位
2 1 Shi Ji Jing Ji Bao Dao·2025-08-20 07:00

Core Viewpoint - The A-share market is experiencing a significant increase in trading volume and a shift of deposits from traditional savings to non-bank financial products, indicating a trend of "deposit migration" driven by rising stock market performance and changing investor preferences [1][2][3]. Group 1: Deposit Migration - In July, RMB deposits increased by 500 billion yuan, with household deposits decreasing by 1.1 trillion yuan and non-bank deposits increasing by 2.14 trillion yuan, highlighting a significant shift in deposit behavior [2][3]. - The increase in non-bank deposits is attributed to a growing interest in equity markets, as investors move funds from fixed-income products to stocks and other financial instruments [3][4]. - Historical patterns show that deposit migration often occurs during periods of low interest rates and rising stock markets, with previous instances noted in 2007, 2009, 2014-2015, and 2021-2024 [4]. Group 2: Market Activity - The A-share market has seen daily trading volumes exceed 2 trillion yuan since August, indicating heightened market activity and investor engagement [4][8]. - The number of new accounts opened on the Shanghai Stock Exchange increased by 26% compared to May, although it remains below the peak levels of October last year [4]. - The recent surge in equity fund launches, with over 70% being equity funds, reflects strong investor confidence and a robust market outlook [8]. Group 3: Fund Redemption and Adjustments - A significant number of funds have adjusted their net asset value precision due to large-scale redemptions, with 54 funds reported to have made such adjustments since July [5][7]. - The redemption wave in fixed-income products is driven by a shift in investor preference towards equities, as well as high concentration of institutional investors in certain bond funds, leading to liquidity management issues [7]. - Fund managers are responding to redemption pressures by increasing the precision of net asset values to mitigate the impact on investors [6][7].