2 1 Shi Ji Jing Ji Bao Dao·2025-09-18 23:44Core Viewpoint - The trend of "deposit migration" among residents and companies is highlighted, with a significant decrease in resident deposits and an increase in wealth management products due to lower deposit rates and a recovering equity market [1][2]. Group 1: Deposit Trends - In August, new resident deposits decreased by 110 billion yuan, down 600 billion yuan year-on-year, while new non-bank deposits increased by 11.8 billion yuan, up 5.5 billion yuan year-on-year [1]. - The overall scale of listed companies' wealth management has shown a downward trend, with a total subscription amount of 1.10 trillion yuan in the past year, a decrease of 26.17% from the peak of 1.49 trillion yuan in 2022 [2]. Group 2: Wealth Management Preferences - Listed companies are increasingly favoring wealth management products, with a notable shift towards structured deposits and bank wealth management products, which now account for 9.93%, 6.87%, and 2.07% of their investments, respectively [2][4]. - The demand for wealth management among listed companies is driven by the need for stable returns and liquidity, especially as companies mature and experience cash accumulation [3]. Group 3: Market Dynamics - The decline in deposit rates has made bank wealth management products more attractive, with average annualized yields for cash management products at 1.32% and long-term fixed income products at 1.39% [6][7]. - The total investment in structured deposits by listed companies was approximately 681.12 billion yuan, although this has decreased by around 100 billion yuan year-on-year [7]. Group 4: Corporate Financial Strategies - Companies are increasingly focusing on optimizing their capital structure and improving asset return efficiency, necessitating flexible management of idle funds to mitigate liquidity risks [5]. - The recovery in corporate profits is expected to lead to a restoration of the total scale of funds used for wealth management, as net profits for all A-share listed companies rose to 3.21 trillion yuan in the first half of 2025, up 2.23% year-on-year [8]. Group 5: Asset Management Opportunities - Asset management institutions are actively positioning themselves to meet the growing demand for corporate wealth management, with a focus on customized and flexible product offerings [9][10]. - The trend towards institutionalization and professionalization in the listed company wealth management market presents significant opportunities for asset management firms to enhance their competitive capabilities [11].