“存款活化”大潮开启，银行负债端迎来松绑，布局正当时

Core Viewpoint - The upcoming third quarter of 2025 marks a significant window for the maturity of high-interest deposits, leading many clients to shift their matured funds into higher-yielding wealth management products, which will increase the total market scale of wealth management to 32.13 trillion yuan, a year-on-year increase of 9.42% [1] Group 1: Market Dynamics - The maturity repricing of deposits will positively impact banks' cost structures, directly lowering liability costs and alleviating the pressure from narrowing net interest margins [1] - With the recovery of the capital market, there is an increased willingness among residents to invest their demand deposits into stocks and funds [1] Group 2: Future Projections - According to CITIC Securities, from 2025 to 2026, the repricing of high-interest deposits combined with "deposit activation" is expected to accelerate the decline in existing deposit rates [1] - CITIC Securities estimates that just considering the repricing of time deposits, banks could see a downward adjustment of approximately 30 basis points in liability costs each year [1] Group 3: Investment Opportunities - As banks relieve their liability burdens, their profitability is expected to improve further, suggesting potential investment opportunities in bank ETF funds (515020) and other index investment tools [1] - Market analysts indicate that the current market conditions present an optimal time for strategic investments during dips [1]