Huan Qiu Wang·2025-10-23 08:13Group 1 - The core viewpoint of the article highlights a new wave of deposit rate adjustments among small and medium-sized banks, with significant reductions in three-year and five-year deposit rates, prompting discussions on the future of household asset allocation in a low-interest-rate environment [1][3] - Several small and medium-sized banks have lowered their deposit rates, with some banks reducing rates by as much as 80 basis points, bringing three-year and five-year rates down to around 1.3% and 1.35% respectively [1][3] - The average deposit rates for various terms have continued to decline, with the three-year rate dropping by 0.4 basis points and the six-month rate by 0.2 basis points, indicating a persistent downward trend in deposit rates [4][3] Group 2 - The phenomenon of "deposit migration" has become a focal point, with household deposits increasing by 12.73 trillion yuan in the first three quarters of the year, although there are signs that this trend may be slowing down [5][1] - Analysts caution against concluding that the trend of deposit migration has ended, attributing the September deposit growth to seasonal factors related to bank assessments at the end of the quarter [5][1] - The banking wealth management scale has seen a decline, with a drop of 850 billion yuan in September, but is expected to recover in October due to maturing fixed-term deposits and continued decreases in deposit rates [8][6] Group 3 - The demand for "fixed income plus" wealth management products is gaining attention as a balanced choice for risk and return in the current low-interest-rate environment, with industry leaders advocating for multi-asset and multi-strategy approaches [8][9] - The potential for growth in "fixed income plus" products is significant, with expectations that their scale could exceed 1.4 trillion yuan for the year, driven by the need for higher returns in a low-yield environment [9][8]