存款搬家延续，理财公司增资潮起

Core Insights - The rapid increase in bank wealth management products is driven by a shift in deposits, with a notable rise in non-bank deposits and a decrease in resident deposits, indicating a trend of residents moving their savings into wealth management products [2][3] Group 1: Market Growth - As of June 2023, the total scale of the bank wealth management market reached 30.67 trillion yuan, reflecting a year-on-year growth of 7.53% [2] - In July 2023, non-bank deposits increased by 2.14 trillion yuan, while resident deposits decreased by 1.11 trillion yuan, highlighting the ongoing trend of "deposit migration" towards wealth management products [2] Group 2: Capital Increase Trends - Wealth management companies have begun a significant capital increase trend, with four companies increasing their registered capital this year alone, surpassing the total number of capital increases in 2022 [3][4] - The registered capital of Xinyin Wealth Management was raised from 5 billion yuan to 10 billion yuan, marking a 100% increase [3] Group 3: Regulatory and Strategic Drivers - The capital increases are driven by regulatory compliance, business expansion, and strategic positioning, as companies must meet specific net capital requirements [4] - The management scale of Xinyin Wealth Management reached 2.32 trillion yuan, growing by 6.34% compared to the end of 2022, necessitating capital supplementation due to increased risk capital consumption [4][5] Group 4: Investment Strategy and Product Diversification - The increase in capital allows wealth management companies to enhance their investment in high-risk assets, such as equity and non-standard assets, thereby expanding their product offerings [6] - Analysts suggest that the capital increase serves as a buffer against potential investment losses, enabling companies to develop a more diverse product matrix [6] Group 5: Future Outlook - Industry experts predict that capital increases will become a normalized action in the coming years as companies enter a new phase of development [7][8] - The trend of "deposit migration" is expected to continue in the medium to long term, driven by a low-interest-rate environment and a shift in residents' asset allocation strategies [7]