［5月21日］指数估值数据(存款利率下降，对股市是利好吗)

Core Viewpoint - The article discusses the impact of declining deposit interest rates on various asset classes, particularly highlighting the potential shift of funds from deposits to equities, bonds, and cash flow assets like dividend stocks. Group 1: Market Overview - The overall market showed a slight increase, maintaining a rating close to 5 stars [1] - Large-cap stocks experienced slightly more gains compared to small-cap stocks [2] - Dividend and value styles performed strongly in the market [3] Group 2: Deposit Rate Changes - Recent reductions in deposit interest rates have been noted, which is favorable for cash flow assets like dividends [4][10] - Major state-owned banks have lowered their deposit rates, with current rates for demand deposits at 0.05% and one-year fixed deposits below 1% [11][12][13] - The total scale of deposits exceeds 300 trillion RMB, significantly larger than the A-share market and bond market [17][18][22][23] Group 3: Fund Flow Implications - The decline in deposit yields is expected to lead to a portion of funds flowing out of deposits into other assets, similar to trends observed in Japan post-1989 [24][25] - Historical context shows that after Japan's asset bubble burst, low interest rates led to a significant shift towards high dividend yield stocks, which eventually helped the market recover [30][31] Group 4: Asset Classes for Fund Flow - Funds may flow into bonds, as their yields, while lower, still exceed deposit rates; for example, five-year government bonds yield an average of 1.55% [34] - The "fixed income plus" products are emerging, combining bonds with equities to enhance returns [36][39] - Cash flow assets, particularly dividend indices, are also attractive, with many offering yields exceeding 4-5%, significantly higher than current deposit rates [44][46] Group 5: Investment Considerations - While deposits offer low risk, the low yields prompt investors to consider assets with higher potential returns, albeit with increased volatility [51] - The growth of dividend and fixed income products is supported by the backdrop of declining interest rates, indicating a shift in investor preferences [52]