存款搬家？央行：资金仍回流银行体系

Core Viewpoint - The banking sector is experiencing a shift in deposit structures due to declining deposit interest rates, leading to a phenomenon known as "deposit migration" as customers seek higher-yielding products [1] Group 1: Market Performance - As of February 11, 2026, the CSI Bank Index (399986) increased by 0.30%, with notable gains from Qingdao Bank (up 1.98%), Nanjing Bank (up 1.41%), Qilu Bank (up 1.36%), Qingnong Commercial Bank (up 1.25%), and Zijin Bank (up 1.06%) [1] - The Bank ETF Huaxia (515020) rose by 0.36%, with the latest price reported at 1.69 yuan [1] Group 2: Asset Allocation Trends - The People's Bank of China indicated in the 2025 Q4 "Monetary Policy Execution Report" that both residents and enterprises are increasingly allocating assets towards wealth management and fund products, resulting in a sustained increase in asset management funds raised [1] - Despite the shift towards wealth management products, new assets in these products are primarily directed towards interbank deposits and certificates of deposit, indicating that funds are still returning to the banking system, albeit in a different structure [1] Group 3: Future Outlook - Dongfang Securities anticipates that the banking sector will return to a fundamental narrative in 2026, expressing optimism for absolute returns in the banking sector for that year [1] - The Bank ETF Huaxia (515020) is noted for having the lowest comprehensive fee rate among ETFs tracking the CSI Bank Index (399986), with associated funds A class (008298), C class (008299), and D class (024642) [1]