如何理解“存款搬家”？存款非银化路径再明晰，理财“固收+”不只是做加法

Core Viewpoint - The article discusses the trend of "deposit migration" from traditional savings to investment products, particularly in the context of the growing popularity of "fixed income plus" (固收+) products in the financial market, driven by low interest rates and a favorable stock market environment [2][3][7]. Group 1: Deposit Migration Trends - In October, there was a significant decrease in both resident and corporate deposits, amounting to a reduction of 1.34 trillion yuan and 1.09 trillion yuan respectively, while non-bank deposits increased by 1.85 trillion yuan [1]. - The trend of deposit migration is attributed to the expansion of wealth management and asset management products, as well as the high trading activity in the stock market, which has attracted deposits to enter the market [3][4]. - The concept of "deposit migration" is debated, with some experts suggesting it is a reallocation of deposits among different entities rather than a net decrease in total deposits [3][4]. Group 2: Growth of "Fixed Income Plus" Products - "Fixed income plus" products have gained traction, with some achieving annualized returns of 5% to 7%, and the overall market for these products expected to grow by over 1.4 trillion yuan this year [2][7]. - The shift towards "fixed income plus" is seen as a response to the low interest rate environment, with the one-year fixed deposit rate dropping below 1% [7][8]. - The number of investors in wealth management products has significantly increased, with personal investors rising by 10.29 million in the first half of the year, reaching a total of 136 million [5]. Group 3: Strategic Focus on Equity Assets - Financial institutions are increasingly focusing on equity assets within their "fixed income plus" strategies, with a notable shift towards more flexible, equity-like investments [8][9]. - The growth of "fixed income plus" products is expected to continue, with projections indicating that the total scale could exceed 33.5 trillion yuan by 2025 [7]. - Companies are enhancing their product offerings by incorporating diverse strategies, such as multi-asset and quantitative approaches, to improve returns and manage risks [8][12]. Group 4: Balancing Risk and Return - The challenge for wealth management companies is to balance the pursuit of higher returns with the inherent risks associated with more volatile investments [10][11]. - Companies are advised to develop robust risk management frameworks and diversify their asset allocations to mitigate risks [11][12]. - There is a growing acceptance among institutional investors for "fixed income plus" products, indicating a shift in risk tolerance and investment preferences [12].