中信证券：存款是理财过去一年增配最多的资产

Core Viewpoint - Deposits have become the most allocated asset in wealth management over the past year, according to CITIC Securities research [1] Group 1: Deposit Trends - The proportion of cash and bank deposits in bank wealth management has been increasing quarterly since 2025, reaching 28.20% in H2 2025, an increase of 4.30 percentage points compared to H2 2024 [1] - The absolute scale of deposits has reached 10.06 trillion yuan, with a quarter-on-quarter increase of 1.92 trillion yuan in the second half of the year [1] Group 2: Market Conditions - In the first half of 2025, the funding environment is relatively tight, leading to higher non-bank deposit rates, making deposits a more cost-effective option compared to bonds for wealth management subsidiaries [1] - In the second half of the year, due to significant fluctuations in the bond market, institutions have chosen to increase deposit investments to stabilize product net value fluctuations, which has been a key driver of non-bank deposit growth [1]