东吴证券：储蓄进入股市仍在起步

Core Insights - The report from Dongwu Securities indicates that the transformation of general deposits to non-bank deposits is driven by both the "migration" of deposits from residents and enterprises, as well as interbank business activities [1] - It is projected that from July to August 2025, resident term deposits will be the main source of funds entering the market, with a trend of term deposits becoming more liquid [1] - The period from 2025 to 2026 is expected to see a peak in the liquidity transformation of term deposits, influenced by changes in risk appetite and the performance of equity markets [1] Deposit Migration Dynamics - The migration of deposits is characterized by a shift from term deposits to more liquid forms, with a significant focus on the high liquidity phase expected in 2025 to 2026 [1] - The absolute scale of new term deposits from non-financial enterprises and residents peaked between 2022 and 2023, indicating a strong trend towards term deposits during this period [1] - A reduction of 480.1 billion yuan in excess term deposits was observed from June to August 2025, suggesting an ongoing transition towards liquidity, although a large-scale migration may not have fully materialized yet [1]