中小银行再降息！存款“搬家”涌入股市？

Group 1 - The core viewpoint is that many small and medium-sized banks are reducing deposit rates due to ongoing pressure on net interest margins, with at least 11 banks announcing rate cuts since August 19, primarily in rural banks from Zhejiang and Jilin provinces, with reductions ranging from 10 to 20 basis points [1][3] - The phenomenon of "inverted" interest rates persists, where longer-term deposit rates are lower than shorter-term rates, indicating a shift in banks' strategies to manage assets and liabilities more effectively [1][4] - The current downward trend in deposit rates is expected to continue, with analysts predicting potential interest rate cuts by the central bank in the fourth quarter, which may further lower loan rates and stimulate financing demand [6][4] Group 2 - The trend of "deposit migration" is accelerating, as evidenced by a significant decrease in household deposits and an increase in non-bank sector deposits, indicating a shift of funds from traditional banks to capital markets for better returns [7][6] - The ongoing decline in deposit rates is leading to increased activity in the capital markets, with residents becoming more active investors as they seek higher yields amid low interest rates [7][6] - Banks are proactively reducing the acceptance of high-interest long-term deposits while increasing short-term deposit rates to alleviate liquidity pressures, reflecting a strategic shift in their asset-liability management [4][6]