金融市场温和修复，储蓄和基金总量稳增：金融和理财市场1月报

Market Overview - The macroeconomic environment in China showed a mild recovery in December 2025, with social financing stock reaching 442.12 trillion yuan, a year-on-year increase of 8.3%[9] - The total market capitalization of public funds reached a record high of 37.15 trillion yuan, growing by 0.88% month-on-month and 13.16% year-on-year[44] Savings and Deposits - Resident savings deposits increased significantly, with a monthly increase of 25,850 billion yuan in December, marking a month-on-month growth rate of 1.58% and a year-on-year growth rate of 9.68%[22] - The proportion of demand deposits rose, while the share of time deposits fell to 73.42% in December from 74.04% in November, indicating a shift towards liquidity preference[30] Financial Products - The total number of wealth management products reached 45,172, with a total scale of 31.69 trillion yuan in November, slightly down from October but maintaining a year-on-year growth rate of 6.12%[33] - The public fund market saw a significant rebound in equity funds, with the average return of mixed equity funds reaching 33.19% by the end of December[13] Bond Market - The one-year government bond yield was recorded at 1.337% at the end of December, showing a decline compared to previous months, while the ten-year yield remained stable at 1.872%[10] - The 20-year government bond yield increased by 6.1 basis points to 2.321% at the end of December[10] Cross-Border Wealth Management - The southbound capital flow recorded a net outflow of 16.762 billion yuan, while the northbound flow saw a minimal net inflow of 0.025 billion yuan, indicating an imbalance in cross-border capital movement[25]