Group 1: Deposit Migration Identification - Deposit migration is identified when the growth rate of resident deposits declines for more than three consecutive months and is lower than the M2 growth rate[1] - Historical data shows that since 1996, there have been seven rounds of deposit migration in China[1] Group 2: Types of Deposit Migration - The seven rounds of deposit migration can be categorized into three types: institutional reform-triggered, yield-chasing, and confidence-restoration[2] - The second and third rounds were driven by institutional reforms, with significant capital market reforms occurring during these periods[2] Group 3: Economic Context and Asset Performance - During institutional reform-triggered periods, both stock and real estate markets experienced significant increases, while interest rates and long-term bond yields rose sharply[4] - In yield-chasing periods, stock market gains were limited, but the real estate market saw notable increases, with long-term bond yields rising moderately[4] Group 4: Current Economic Indicators - Recent financial data indicates a significant increase in non-bank deposits year-on-year, while resident deposits have decreased sharply[3] - The current macroeconomic policy shift aims to stabilize economic downturn risks, which may lead to a confidence restoration type of deposit migration[4]