大额存单转让潮再现，“4.65%的利息都不要了”！

Group 1 - The large-denomination certificate of deposit (CD) transfer market has become active again, with significant interest from customers, indicating a potential bullish market sentiment [1][2] - A notable example includes a CD with an original interest rate of 3.85% being transferred at a predicted rate of 4.87% due to substantial discounts offered by the original holder [1] - Analysts suggest that the recent surge in A-shares has prompted some depositors to shift funds from savings to capital markets in search of higher returns, reflecting a changing investment behavior [1][3] Group 2 - Recent data shows that the transfer market for large-denomination CDs is seeing increased activity, with some products offering rates above 3%, attracting more depositors [2] - A specific case highlighted a 3-year CD with a transfer rate of 2.65%, while other offers included rates as high as 4.65%, significantly above the new issuance rates from banks [2][3] - The competitive nature of the transfer market has led to original holders needing to offer discounts to facilitate sales, indicating a shift in market dynamics [3] Group 3 - The current stock market rally is negatively impacting the bond market, leading to a decline in bond prices and consequently affecting the performance of bank wealth management products [4][5] - Data from Puyi Standard indicates that the average annualized yield of bank wealth management products fell to 1.90% in July 2025, a decrease of 72 basis points from the previous month [5] - The overall scale of wealth management products remained stable at 31 trillion yuan, but there is a noticeable trend of residents reallocating wealth from these products to capital markets [6] Group 4 - Historical patterns show that significant shifts in resident deposits have occurred during periods of low interest rates and strong capital market performance, with the current environment suggesting a similar trend [6] - Analysts predict that if risk appetite remains high, the movement of deposits into equity markets will continue, especially as high-interest deposits from previous years reach maturity [6][7] - Despite the current bullish sentiment, retail investor participation is still in its early stages, with institutional investors maintaining strong pricing power in the market [7]