存款，开始“搬家”了？

Group 1 - The core viewpoint of the article highlights a significant increase in deposits in non-bank financial institutions, with a rise of 6.41 trillion yuan in 2025, representing a 147% increase compared to the previous year, while household deposits grew by only 3% to 14.64 trillion yuan, indicating a trend of "deposit migration" [2] - Non-bank financial institutions include broker margin accounts, bank wealth management, public funds, finance companies, and insurance, suggesting that the influx of deposits is likely being directed towards stock markets, bond markets, and insurance products [2] - The article notes that when the A-share market performs well, non-bank deposits tend to increase significantly, as seen in 2015 and 2021, which correlates with increased trading volumes in the A-share market [2] Group 2 - Recent favorable developments for the A-share market include a 0.25 percentage point reduction in various structural monetary policy tool rates by the central bank, lowering the one-year re-lending rate from 1.5% to 1.25% [5] - The central bank has also decided to increase the quota for re-lending aimed at technological innovation and transformation by 400 billion yuan, bringing the total to 1.2 trillion yuan [6] - This targeted interest rate reduction is expected to lower borrowing costs for commercial banks, potentially leading to lower loan rates for customers, particularly benefiting sectors like technology, consumption, and elderly care [7] - The central bank indicated that there is still room for further rate cuts and reserve requirement ratio reductions this year, which is widely anticipated by the market, alongside expectations of continued rate cuts by the Federal Reserve [7]