CGS(SH:601881) Zheng Quan Ri Bao Wang·2025-11-17 04:39Core Viewpoint - The People's Bank of China reported a significant increase in RMB deposits in the first ten months of the year, with a notable shift towards non-bank financial institution deposits, indicating a trend of "deposit migration" among residents and enterprises [1][2][3] Group 1: Deposit Trends - In the first ten months of the year, RMB deposits increased by 23.32 trillion yuan, with household deposits rising by 11.39 trillion yuan and non-bank financial institution deposits increasing by 6.66 trillion yuan [1] - In October alone, household deposits decreased by 1.34 trillion yuan, while non-bank financial institution deposits increased by 1.85 trillion yuan, reflecting a seasonal pattern observed in previous years [1][2] - Year-on-year comparisons show that in October 2024, household deposits decreased by 0.57 trillion yuan, while non-bank financial institution deposits increased by 1.08 trillion yuan, indicating a recurring trend of deposit migration [2] Group 2: Market Implications - The performance of the capital market is positively influencing the trend of "deposit migration," as indicated by a decrease in household deposit growth rate to 9.69% from 10.17% [3] - The narrowing gap between household deposit growth and M2 growth suggests a shift in savings behavior, with non-bank deposits showing a significant increase, which supports the healthy development of the capital market [3] - The increase in non-bank deposits by 1.85 trillion yuan in October, up by 0.77 trillion yuan year-on-year, is seen as a positive signal for market stability and confidence in China's economic growth [3]