居民存款和非银存款之间的变化是“搬家”到股市？专家解读来了

Core Insights - Recent months have seen a decline in the growth rate of household deposits, while non-bank deposits continue to grow rapidly, indicating a shift in asset allocation rather than a direct correlation between household deposits and stock market movements [1][2] Group 1: Deposit Trends - The growth of household deposits has slowed from previous high levels, while non-bank deposits are experiencing significant growth [1] - The phenomenon of "deposit migration" is characterized by residents reallocating their savings from banks to other assets based on changes in asset return rates [1] Group 2: Asset Reallocation - Over the past 20 years, various asset types such as stocks, real estate, internet financial products, bank wealth management, and funds have served as destinations for the reallocation of household deposits, influenced by changing market conditions [1] - The current increase in non-bank deposits is primarily attributed to the trend of term deposits and an increase in holdings of interbank certificates of deposit [1] Group 3: Market Dynamics - "Deposit migration" is a result of relative changes in yield across different financial markets, rather than a cause of these changes [1] - When expectations for bond and stock yields rise, residents tend to increase their holdings in these assets, leading to a corresponding decrease in other asset types under budget constraints [1][2]