押注存款替代、含权类产品，存款搬家下理财市场能否接住“泼天富贵”

Core Viewpoint - The migration of deposits to wealth management products is increasing, driven by lower deposit rates and the search for higher returns, but the wealth management market faces challenges such as market volatility and declining asset yields [1][2][3]. Group 1: Deposit Migration Trends - In July, household deposits decreased by 1.1 trillion yuan, while non-bank institution deposits increased by 2.14 trillion yuan, indicating a shift of funds from traditional savings to other asset classes [2][3]. - The growth rate of household deposits has been declining for three consecutive months, with July's growth rate at 10.3%, down 0.5 percentage points from June [2][3]. - The gap between household deposit growth and M2 growth has narrowed significantly, suggesting a potential confirmation of the deposit migration trend if it falls into negative territory [2][3]. Group 2: Wealth Management Market Dynamics - The scale of bank wealth management products is expected to grow significantly, with estimates suggesting an increase of approximately 2 trillion yuan by July 2025, reaching 32.67 trillion yuan [3][6]. - The average performance benchmark for open-ended wealth management products is 2.27%, while closed-end products average 2.51%, both showing slight declines [5]. - The current market is experiencing an "asset shortage," with declining yields on underlying assets, leading to challenges in meeting investor demand for higher returns [5][6]. Group 3: Product Trends and Investor Behavior - There is a notable shift towards low-volatility and stable short-term fixed-income products as investors seek alternatives to traditional deposits [6][7]. - The popularity of rights-embedded products is increasing, driven by the recent strong performance of the A-share market and the growing demand for enhanced returns [7]. - Cash management products are experiencing negative growth, while open-ended fixed-income products remain the main growth driver due to their liquidity advantages [7].