存款利率下降，会利好哪些品种？｜第388期精品课程

Core Viewpoint - The article discusses the current state of household asset allocation in China, highlighting the decline in deposit interest rates and the potential shift of funds from deposits to other asset classes such as bonds, "fixed income plus" products, and high-dividend index funds and REITs [4][84]. Summary by Sections Current Deposit Situation - Deposit interest rates have significantly decreased, with current rates at 0.05% for demand deposits, 0.95% for one-year fixed deposits, and 1.25% and 1.30% for three and five-year fixed deposits respectively [4][6]. - The era of low deposit interest rates is acknowledged, with the total amount of household wealth in China estimated at approximately 800-900 trillion yuan, of which bank deposits account for about 300 trillion yuan [5][7]. Asset Allocation Trends - The article notes that the total scale of real estate and deposits far exceeds that of stocks and bonds, indicating a potential future shift where household assets may flow from real estate and savings into stocks and bonds [8]. - The article emphasizes that as long as the long-term returns of other investments exceed those of deposits, funds will likely be attracted to those alternatives [9]. Investment Directions - Bonds: Despite a decrease in yields, bonds such as government bonds still offer higher returns than deposits, with a five-year government bond yielding an average of 1.51% [10][11]. - "Fixed Income Plus": This category includes products that combine fixed income with equities or convertible bonds to enhance returns while managing risk [15][19]. - Cash Flow Assets: High-dividend funds and REITs are highlighted as attractive options, with dividend yields often exceeding 4-5%, significantly higher than current deposit rates [41][52]. Specific Investment Products - The "365-day advisory portfolio" is presented as a suitable investment option, primarily focusing on bond funds to maintain a stable return while utilizing the negative correlation between stocks and bonds to reduce volatility [23][29]. - The "Monthly Salary" investment portfolio is introduced, which aims to provide regular cash flow while balancing stock and bond investments to optimize returns and manage risk [66][78]. Conclusion - The article concludes that as deposit yields continue to decline, more funds will likely flow into bonds, "fixed income plus" products, and high-dividend index funds and REITs, suggesting that the current market conditions are favorable for these investment strategies [84].