时报观察｜存款流失假象背后：权益投资需构筑“吸引力前提”

Core Viewpoint - The central bank has recently discussed the impact of deposit changes on overall liquidity in its monetary policy report, indicating that the flow of deposits into asset management products largely returns to banks, thus having a limited impact on liquidity [1][2]. Group 1: Deposit Flow and Asset Management - A significant portion of deposits moving to asset management products eventually flows back to banks in the form of deposits, indicating that the change in deposit form does not significantly impact overall liquidity [2]. - In 2025, asset management products are expected to raise funds of 4 trillion yuan from households and 1 trillion yuan from non-financial enterprises, with 4.6 trillion yuan of new deposits and certificates of deposit accounting for 50% of the new underlying assets in these products [2]. Group 2: Future Trends in Financial Asset Allocation - In the short term, the allocation of financial assets by households and enterprises will continue to switch between deposits and fixed-income asset management products [3]. - In the long term, the substantial wealth accumulated by households and enterprises necessitates a broader range of asset categories for investment, with a trend towards reallocating funds from debt assets to equity assets, contingent on the stability of the capital market [3]. - Establishing a long-term mechanism to enhance the inherent stability of the capital market is crucial for promoting healthy development in the capital market and fostering a competitive ecosystem in the asset management industry [3].