"牛市"气息愈发浓厚。今日，上证指数成功突破3800点关口，沪深两市全天成交额达2.55万亿元，再次点燃投资者热情。 "居民存款搬家"成为牛市中备受关注的议题。这一场盛大的资金流动将如何影响资本市场格局和市场走向？ 一边纠结，一边蠢蠢欲动的理 财客户，能否成为牛市的助推器？ "最近我准备提走一点钱，去市场试试机会。"苏州工业园区某国有大行的理财经理张明（化名）告诉记者，其服务多年的一位稳健型理 财"忠实"客户50岁左右的王阿姨准备将部分资金转去炒股。 张明说，"王阿姨以前被伤过，一直不太信任股市，喜欢买低风险理财，大约资金量为1000万元。她买了很多年理财，这两天突然想转走20 万元去炒股。不过，资金大头还留在这里。" 市场情绪高涨时，居民将存款转到资本市场的讨论和期待成为焦点。近期，央行公布的数据显示，2025年7月，居民存款减少1.11万亿元， 而非银存款增加2.14万亿元。种种迹象表明，随着存款利率不断下行、股市赚钱效应显现，越来越多资金 正从低风险、低收益的存款转向 保险、基金、股票等领域。 不会炒股，但在"纠结"中选择加仓试水 一边是不断创新高的股市，另一边是年化收益率不到2%的理财产品。 记者采访 ...

Core Viewpoint - Multiple village banks have recently lowered deposit interest rates, reflecting a response to the downward trend in market interest rates and an effort to manage liability costs to alleviate net interest margin pressure [1][4][5]. Group 1: Deposit Rate Adjustments - Several village banks in regions such as Zhejiang, Guizhou, and Jilin have announced reductions in deposit rates, with decreases ranging from 5 basis points (BP) to 20 BP across various deposit terms, particularly for three and five-year deposits [1][2]. - For example, Jilin Longtan Huayi Village Bank adjusted its interest rates for various deposit types, including a reduction of the one-year fixed deposit rate from 1.70% to 1.60%, and the three-year rate from 1.95% to 1.75%, reflecting a 20 BP decrease [2]. - Other banks, such as Baishan Hunjing Hengtai Village Bank, also made similar adjustments, lowering rates for all fixed-term deposits by 10 BP for terms under two years and 20 BP for three and five-year terms [2][3]. Group 2: Market Trends and Future Expectations - The trend of declining deposit rates is expected to continue, with industry experts predicting a new round of rate cuts in the third and fourth quarters of the year, potentially starting around October [5][6]. - According to a report by Rong360 Digital Technology Research Institute, the average interest rates for various fixed-term deposits have decreased, with the three-month average rate at 0.943% and the five-year rate at 1.531%, showing a downward trend [4]. - Despite the overall decline in deposit rates, some small banks have introduced high-yield products, such as large-denomination certificates of deposit with rates exceeding 2%, which are viewed as short-term strategies rather than sustainable solutions [4][6]. Group 3: Challenges and Strategic Shifts - The ongoing decline in deposit rates poses challenges for small and medium-sized banks, which previously relied on high rates to attract depositors. The loss of this rate advantage necessitates a shift towards differentiated services and product innovation to enhance competitiveness [6]. - Experts suggest that banks should avoid a singular focus on growth and market share, emphasizing the importance of maintaining stable deposit growth while controlling liability costs [6].

【导读】多家村镇银行对存款利率下调，下调幅度最高达20BP 多家村镇银行再次下调存款利率！ 近日，浙江、贵州、吉林等地的多家村镇银行宣布下调存款利率，降幅在5BP~20BP区间，调整范围包 括各期限的存款品类，其中三年、五年期存款下调幅度最大。 在业内人士看来，中小银行此举是为了顺应市场利率下行趋势，通过加强对负债成本管控以缓解净息差 压力。长期来看，存款利率下行仍是趋势所在，且三四季度或有新一轮存款"降息"的可能。 多家村镇银行存款利率下调 8月19日，吉林龙潭华益村镇银行发布公告称，自8月20日起调整存款挂牌利率，调整的范围包括活期存 款、通知存款、定期存款。 不过，值得关注的是，尽管存款利率处于下行趋势，但近期也有个别中小银行推出了年利率2%以上的 大额存单产品，引起市场关注。例如，苏商银行于近期推出了2年期年利率为2.1%、3年期年利率为 2.3%的大额存单产品，认购起点为20万元。 在业内人士看来，这更多是短期阶段性揽储行为，不具备可持续性。尽管短期中小银行可以通过利率较 高的大额存单等产品吸引资金，但也会增加其揽储成本，长期不利于稳健经营。 三、四季度或将开启新一轮"降息" 在个人储蓄定期存款方面 ...

【 导读 】 多家村镇银行对存款利率下调，下调幅度最高达20BP 中国基金报记者 嘉合 多家村镇银行再次下调存款利率！ 近日，浙江、贵州、吉林等地的多家村镇银行宣布下调存款利率，降幅在5BP~20BP区间，调整范围包括各期限的存款品类，其中三年、 五年期存款下调幅度最大。 在业内人士看来，中小银行此举是为了顺应市场利率下行趋势，通过加强对负债成本管控以缓解净息差压力。长期来看，存款利率下行仍 是趋势所在，且三四季度或有新一轮存款"降息"的可能。 多家村镇银行存款利率下调 8月19日，吉林龙潭华益村镇银行发布公告称，自8月20日起调整存款挂牌利率，调整的范围包括活期存款、通知存款、定期存款。 具体来看，该行将活期存款年利率由0.20%调整为0.15%；1天通知存款年利率由0.65%调整至0.55%；7天通知存款年利率由1.05%调整 至0.95%，下调幅度分别为5BP、10BP、10BP。 在个人储蓄定期存款方面，该行对整存整取三个月、六个月、一年、二年、三年、五年全线存款利率进行下调。其中，该行对三个月、六 个月、一年、二年期年化利率下调10BP至1.15%、1.35%、1.6%、1.65%，三年、五年期下调 ...

存款搬家趋势能否持续？券商观点分化 招商证券认为，存款向资本市场迁徙是长期趋势，但短期大量资金流入可能是市场情绪推动，需理性看待。该机 构测算，2025年将有约105万亿元定期存款到期，若部分资金流入股市，可能带来显著流动性影响。 数据显示，7月非银存款同比多增1.39万亿元，而居民存款同比多减7800亿元，形成明显的"跷跷板效应"。浙商证 券首席经济学家李超指出，资本市场回暖与利率下行共同驱动居民存款搬家，形成"存款向非银转移"的趋势。华 西证券宏观联席首席分析师肖金川进一步分析，由于5月存款利率下调，叠加7月股市表现强劲，部分资金从居民 存款流向非银机构，成为股市、债市及期货市场的潜在增量资金。 7月A股市场表现亮眼，上证指数上涨3.74%，沪深两市成交额环比增长46.59%，市场活跃度提升带动券商保证金 存款增长，进一步推高非银存款规模。光大证券指出，7月股市"反内卷"行情形成资金虹吸效应，叠加理财资金季 节性扩容，推动非银存款大幅增加。 M1-M2 剪刀差收窄，资金活化程度提升 7月M1（狭义货币）增速同比上升至5.6%，M2（广义货币）增速升至8.8%，M1-M2剪刀差收窄至-3.2%，显示资 金活 ...

Core Viewpoint - The report from Rong360 Digital Technology Research Institute indicates a continued decline in bank deposit rates, with medium to long-term rates entering the "1 era" and 3-month rates entering the "0 era" [1] Group 1: Deposit Rate Trends - As of June 2025, the average deposit rates for various terms are as follows: 3-month at 0.949%, 6-month at 1.156%, 1-year at 1.287%, 2-year at 1.372%, 3-year at 1.695%, and 5-year at 1.538% [1][2] - The report shows a month-on-month decline in average rates across all terms, with 3-month rates down by 5.5 basis points, 6-month by 5.6 basis points, 1-year by 5.2 basis points, 2-year by 5.6 basis points, 3-year by 1.6 basis points, and 5-year by 3.5 basis points [2] Group 2: Large Certificate of Deposit Rates - For large certificates of deposit, the average rates in June 2025 are: 3-month at 1.179%, 6-month at 1.391%, 1-year at 1.477%, 2-year at 1.462%, 3-year at 1.768%, and 5-year at 1.700% [2] - All terms for large certificates of deposit also experienced a decline, with the 3-month rate down by 5.96 basis points, 6-month by 6.74 basis points, 1-year by 8.39 basis points, 2-year by 18.67 basis points, and 3-year by 30.01 basis points [2] Group 3: Structured Deposit Trends - The average term for RMB structured deposits in June 2025 is 103 days, an increase of 13 days from the previous month, with an average expected middle yield of 1.78%, down by 7 basis points [3] - Different types of banks show varying average terms for structured deposits, with state-owned banks at 70 days, joint-stock banks at 90 days, city commercial banks at 164 days, and foreign banks at 334 days [3] Group 4: Performance by Linked Assets - For structured deposits linked to different assets, the average expected middle yield for those linked to exchange rates is 1.77%, down by 24 basis points, while those linked to gold yield 1.78%, down by 2 basis points [4] - Structured deposits linked to indices, funds, and stocks show an average expected middle yield of 2.00%, which is an increase of 1 basis point, with the highest expected yield at 5.40%, up by 8 basis points [4]

Group 1 - The core viewpoint of the articles highlights a significant increase in household deposits in China, with a balance exceeding 162.02 trillion yuan in the first half of 2025, marking a surge of 10.77 trillion yuan and a growth rate of 7.42% compared to the beginning of the year [2] - The household loan balance increased by only 1.17 trillion yuan to 84 trillion yuan, resulting in a historical peak of "net deposits" reaching 78.02 trillion yuan [2] - The continuous growth of household savings is not a short-term phenomenon, as data shows that from 2017 to 2022, the deposit scale of major state-owned banks rose from 79.31 trillion yuan to 119.24 trillion yuan, with a compound annual growth rate of 8.5% [2] Group 2 - In contrast to the expanding deposit scale, China is experiencing a new round of declining deposit interest rates, with the benchmark interest rate for demand deposits at 0.35% and the three-year fixed deposit rate at 2.75% as of February 2023 [3] - Starting from May 20, 2025, many banks initiated a rate cut, reducing the demand deposit rate from 0.10% to 0.05%, a decrease of 50% [3] - The increase in household deposits, which accounted for nearly 60% of the total deposit increment, indicates a preference for saving over investment or consumption, reflecting a decline in risk appetite and an increase in precautionary savings [3][4] Group 3 - The rising proportion of household deposits and the declining proportion of non-financial corporate deposits are attributed to weakened consumer and housing purchase intentions, leading to an enhanced tendency to save [4] - The cautious behavior of households and the increase in precautionary savings are further emphasized by the decline in corporate revenues, resulting in weak deposit growth for enterprises [4]

Core Viewpoint - The People's Bank of China reported a significant increase in RMB deposits in May, driven by a surge in non-bank financial institution deposits, which reached a near ten-year high, indicating a shift in asset allocation preferences among residents and enterprises towards higher-yielding non-bank financial products [1][2]. Group 1: Deposit Growth and Structure - In May, non-bank deposits increased by 1.19 trillion yuan, marking the highest growth for the same period in nearly a decade [2]. - Cumulatively, non-bank deposits have risen by 3.07 trillion yuan this year, which is 680 billion yuan more than the same period last year [2]. - The increase in non-bank deposits is attributed to the declining deposit interest rates, prompting a "migration effect" where individuals and businesses prefer to allocate assets through non-bank institutions [2][3]. Group 2: Interest Rate Impact - The continuous decline in deposit rates has led to a shift in asset allocation from traditional bank deposits to higher-yielding financial products such as money market funds and cash management products [2][4]. - Major state-owned banks and joint-stock banks have lowered deposit rates, with the one-year fixed deposit rate reduced to 0.95% [2]. - This trend is expected to persist, as lower deposit rates encourage more funds to flow into consumption and investment activities, enhancing economic vitality and optimizing asset allocation [4][5]. Group 3: Diversification of Asset Allocation - There is a notable shift from "single deposits" to a diversified approach involving "wealth management + equities," driven by the deepening of interest rate marketization [4]. - The changing asset allocation mindset among residents is likely to lead to increased investments in stock markets, bond funds, private asset management products, and insurance savings products [4]. - The ongoing trend of deposit migration is expected to continue, with funds increasingly directed towards money market funds, bank wealth management, bond markets, and stock markets [4][5].

Core Viewpoint - The availability of long-term large-denomination certificates of deposit (CDs) is decreasing, and the interest rate advantages are minimal compared to regular fixed-term deposits [2][3][4] Group 1: Market Trends - Major banks, including the six state-owned banks, have removed 5-year large-denomination CDs from sale, with some even discontinuing 3-year products [2][3] - The highest interest rate for 3-year large-denomination CDs among state-owned banks is currently 1.55%, which is equivalent to the rate for 3-year fixed-term deposits [3] - Many banks are now offering only 1-year CDs, and the interest rates for large-denomination CDs have aligned with those of regular fixed-term deposits [2][4] Group 2: Customer Behavior - Customers are increasingly seeking alternative investment products, particularly among younger demographics, as they express dissatisfaction with current interest rates [5][6][7] - The total scale of the wealth management market in China has exceeded 31 trillion yuan, indicating a shift towards low-risk asset management products [6] Group 3: Banking Sector Dynamics - The net interest margin for commercial banks has narrowed to 1.43%, down from 1.52% in the previous year, due to lower loan yields and increased competition for deposits [8] - Banks are adjusting their deposit rates and product offerings to reduce funding costs, which may lead to a further decline in long-term deposit products [8][9] - Despite the reduction in long-term products, some banks may retain a portion of these offerings to attract customers, although their overall proportion will decrease [9]

Core Viewpoint - The article discusses the recent marketing strategies employed by banks to attract customers through the distribution of Labubu blind boxes, highlighting the pressures banks face in a declining interest rate environment and the regulatory risks associated with such practices [2][11][15]. Group 1: Marketing Strategies - Banks have launched promotional activities offering Labubu blind boxes to customers who deposit a minimum of 50,000 yuan for at least three months [2][5]. - Some bank employees have resorted to using their personal commissions to purchase Labubu boxes to give away to clients, indicating a high level of competition among bank staff to meet performance targets [4][6][8]. - The popularity of Labubu among younger customers has made it an attractive incentive for banks to use in their marketing efforts [11]. Group 2: Regulatory Concerns - Regulatory guidelines prohibit banks from using gifts or other non-compliant marketing methods to attract deposits, and there have been instances of banks facing penalties for such practices [2][16]. - The article notes that several banks have already halted these promotional activities due to regulatory scrutiny [3][11]. Group 3: Market Context - The overall trend of declining deposit interest rates has intensified competition among banks, leading to innovative yet potentially risky marketing strategies [12][17]. - The People's Bank of China has recently lowered the Loan Prime Rate (LPR), contributing to the downward pressure on deposit rates and increasing the urgency for banks to retain customers [11][12]. Group 4: Future Implications - Experts suggest that while short-term incentives like gift promotions may yield immediate results, they could lead to customer attrition once the novelty wears off, emphasizing the need for banks to adopt sustainable and compliant strategies for customer retention [15][18]. - There is a call for banks to focus on enhancing service quality and product offerings rather than relying on non-compliant methods to attract deposits [18].