Core Viewpoint - The article discusses the ongoing decline in deposit interest rates among banks, particularly in the context of a significant amount of deposits maturing in 2026, raising questions about whether these funds will shift to the stock market as banks lower rates to attract deposits [1][2][3]. Group 1: Deposit Rate Changes - Anhui Xin'an Bank has lowered its two-year fixed deposit rate by 10 basis points to 2.25% starting January 16 [1] - Yunnan Tengchong Rural Commercial Bank has reduced its three-month large-denomination certificate of deposit rate to 0.95% [1] - Many small and medium-sized banks have also continued to lower deposit rates, with some entering the "1% era" [1] Group 2: Maturing Deposits - According to CICC, the scale of maturing household deposits is projected to reach approximately 75 trillion yuan by 2026, with 67 trillion yuan of one-year and above deposits maturing [2] - The maturing deposits in 2026 are expected to increase by 12% compared to 2025, with a year-on-year increase of 8 trillion yuan [2] - In the first quarter of this year, the scale of maturing one-year and above household deposits is estimated to be 29 trillion yuan, an increase of about 4 trillion yuan compared to the same period in 2025 [2] Group 3: Investment Behavior and Trends - The typical "deposit migration" path is from large banks to smaller banks, with expectations of reduced marginal pressure in 2026 [3] - Analysts suggest that the current narrative of "deposit migration" does not indicate a substantial change in residents' risk preferences but rather a marginal adjustment in asset allocation in a low-interest-rate environment [3] - The primary destinations for migrated deposits include the stock market, consumption, early mortgage repayment, and various financial products such as bank wealth management and insurance [3]