“4.65%利息都不要了！”大额存单转让潮再现

Core Viewpoint - The recent surge in the large-denomination certificate of deposit (CD) transfer market indicates a shift in investor behavior, with many customers moving funds from savings to capital markets in search of higher returns amid a bullish stock market [2][4]. Group 1: Market Dynamics - The large-denomination CD transfer market has become increasingly active, with significant interest from customers, leading to higher transfer rates and competitive pricing [3][4]. - A notable example includes a 3-year CD with a transfer rate of 2.65%, while new issuances offer lower rates, highlighting the disparity in market conditions [3][4]. - The highest transfer rate observed recently reached 4.65%, significantly above the new issuance rate of 2% for similar products [3][4]. Group 2: Investor Behavior - Investors are increasingly reallocating their wealth from traditional savings and financial products to the stock market, driven by the strong performance of equities [5][6]. - The trend of "deposit migration" is evident, with a portion of household wealth shifting towards capital markets, as indicated by the decline in bank wealth management product values [6][7]. - Historical patterns show that low interest rates and strong capital market performance are key drivers of deposit migration, with the current environment reflecting similar dynamics [7]. Group 3: Future Outlook - Analysts suggest that while retail investor participation is still in its early stages, the potential for significant market movements exists if a larger influx of retail capital occurs [7]. - The current market sentiment indicates that if retail investors enter the market en masse, it could lead to accelerated price increases and a potential market peak [7].