Core Viewpoint - CITIC Securities indicates that July financial data shows signs of "deposit migration," likely due to declining deposit yields and the emergence of "profit effect" in capital markets [1] Group 1: Deposit Migration - The migration of funds includes investments in insurance, wealth management, and direct entry into the stock market, with an increasing emphasis on equity assets from insurance and wealth management [1] - CITIC Securities estimates that over 5 trillion yuan may flow out of deposits into "fixed income+" asset management products due to excess savings or maturing deposits [1] Group 2: Market Outlook - In the secondary market, the Shanghai Composite Index has continuously broken a 10-year high and may aim for 3,800 points [1] - Sectors that previously experienced significant adjustments, such as food and beverage and tourism, continue to attract capital [1] - The Tourism ETF (562510) has seen 16 consecutive days of fund subscriptions, while the Food and Beverage ETF (515170) has attracted nearly 500 million yuan in subscriptions over the past 20 days [1]
万亿存款搬家！股市迎增量资金，资金抢筹低位食品饮料
Xin Lang Cai Jing·2025-08-22 02:10