2025年非银存款增量创十年新高

Core Viewpoint - The People's Bank of China reported that in 2025, the total increase in RMB deposits reached 26.41 trillion yuan, with significant contributions from non-bank financial institutions and asset management products [2][3][4]. Group 1: Deposit Growth - In 2025, non-bank financial institution deposits increased by 6.41 trillion yuan, marking a year-on-year increase of 3.8 trillion yuan, the highest growth since 2015 [4][5]. - Household deposits grew steadily, adding 14.6 trillion yuan, which is 381.2 billion yuan more than the previous year, indicating that non-bank deposits and household deposits are not mutually exclusive [5][6]. - Non-financial corporate deposits also saw rapid growth, increasing by 2.3 trillion yuan, with demand deposits rising by 5.3 trillion yuan year-on-year [5]. Group 2: Asset Management Products Impact - Asset management products significantly influenced the deposit structure, with 4.6 trillion yuan added to deposits and certificates of deposit in 2025, accounting for 50% of the new underlying assets in asset management products [6][7]. - By the end of 2025, total assets of asset management products reached 119.9 trillion yuan, a year-on-year increase of 13.1% [6]. Group 3: Monthly Performance and Trends - In December 2025, RMB deposits increased by 1.68 trillion yuan, with a year-on-year increase of 3.08 trillion yuan, and the month-end growth rate rose to 8.7% [5][8]. - The M2 balance at the end of December 2025 was 340.29 trillion yuan, growing by 8.5% year-on-year, while M1 growth slowed to 3.8% [8][9]. - The widening M2-M1 gap increased from 3.1 percentage points to 4.7 percentage points, indicating a trend of funds being converted into demand deposits [9].