东吴证券：还有多少存款可以搬家到股市 ？

Core Viewpoint - The large-scale influx of capital into the market has not yet arrived, with a significant peak in high-interest fixed deposits maturing in the next two years [1] Group 1: Market Dynamics - A peak of over 11 trillion yuan in excess fixed deposits is expected to mature in 2025, followed by 4 trillion yuan in 2026, providing substantial potential funds for the market [1] - A "deposit activation" process has begun, driven by the concentration of maturing fixed deposits from Chinese households and enterprises [1] Group 2: Strategic Roadmap - Morgan Stanley proposed a three-phase roadmap to guide savings into the market by restoring confidence, reshaping inflation expectations, and reforming social security [1]