申万宏源证券：非银存款连创新高 “存款搬家”提速

Core Insights - The central theme of the analysis is the notable shift in financial data released by the central bank, particularly highlighting the phenomenon of "deposit migration" as evidenced by a decline in resident deposits and an increase in non-bank deposits [1] Group 1: Financial Data Analysis - In August, resident deposits experienced a seasonal decline for two consecutive months, marking the first occurrence since 2025 [1] - Non-bank deposits saw an increase of 1.18 trillion, setting a new record for the same period since data collection began [1] - The relationship between resident and non-bank deposits has shown a "seesaw" effect, indicating a change in the asset structure of residents [1]