大规模的存款搬家，开始出现了？

Core Viewpoint - The article highlights a significant shift in deposit trends, indicating a movement of funds from traditional bank deposits to non-bank financial institutions, driven by the rising interest in the capital market and a more rational approach to investment by residents and enterprises [2][9][10]. Summary by Sections Deposit Data - In August, new corporate deposits increased by 299.7 billion yuan, a year-on-year decrease of 50.3 billion yuan [3]. - New household deposits were 110 billion yuan, down 600 billion yuan compared to last year [3]. - In July, the stock of household deposits was approximately 1.11 trillion yuan, reflecting a year-on-year reduction of 780 billion yuan [4]. Non-Bank Financial Institutions - Non-bank financial institutions, such as brokerages, funds, and insurance companies, saw a significant increase in deposits, with an addition of 1.18 trillion yuan in August, a year-on-year increase of 550 billion yuan [6]. - In July, the increase in non-bank deposits was even higher at 2.14 trillion yuan [7]. - Cumulatively, non-bank deposits increased by 5.87 trillion yuan in the first eight months of the year, marking a historical high for the same period [8]. Fund Movement and Market Sentiment - The outflow of deposits from banks to non-bank institutions suggests a growing interest in the capital market, indicating a large-scale "deposit migration" [9]. - This migration is characterized by a more rational approach, with funds moving towards stable financial products rather than high-risk investments [12]. - Popular products include those with relatively fixed returns, which have attracted significant interest compared to traditional deposits [14]. Market Dynamics - The article notes that the current deposit migration is still in its early stages, with a substantial amount of funds yet to enter the market [16]. - The speed of deposit migration is closely linked to the performance of stock indices, with a notable increase in new account openings in August, reaching approximately 2.65 million, a 35.1% month-on-month increase and a 165% year-on-year increase [19][20]. - The article emphasizes that the attitude of the public towards the capital market is directly correlated with the market's performance [23]. Future Outlook - The potential acceleration of deposit migration will depend on the speed of index increases, with rapid gains likely to encourage more retail investors to enter the market [22][24]. - The article concludes that the current wave of deposit migration is expected to surpass previous instances, driven by a collective effort to restore asset prices and ensure widespread participation in market gains [26][28].