Core Insights - The People's Bank of China released financial data for the first three quarters, revealing a significant increase in RMB deposits, with a total increase of 22.71 trillion yuan [1] - The phenomenon of "deposit migration" is attributed to residents reallocating their savings based on changes in asset return rates, rather than a straightforward movement into the stock market [1][2] - Non-bank financial institutions saw a notable increase in deposits, primarily due to the rise in time deposits and increased holdings of interbank certificates of deposit [1][2] Group 1: Deposit Trends - In the first three quarters, deposits from non-bank financial institutions increased by 4.81 trillion yuan, but there was a significant drop in September compared to previous months [1] - By the end of September, household deposits grew by 12.73 trillion yuan, a substantial increase from 9.77 trillion yuan at the end of August [1] - The earlier assumption that the increase in non-bank deposits indicated a shift of household funds into the stock market was deemed overly simplistic, as September data showed a rebound in household deposits [2] Group 2: Financial Institution Insights - Non-bank deposits are not solely related to margin deposits but include various financial institutions holding interbank certificates of deposit [2] - Banks are expanding their liabilities through non-bank deposits, particularly during periods of high government bond issuance, which has been a trend in July and August [3] - Some banks, especially local banks, have significantly increased their interbank deposits to meet funding needs during this period [3] Group 3: Wealth Management Products - The stock of bank wealth management products saw a seasonal decline at the end of September, decreasing by 1284.71 billion yuan to 30.82 trillion yuan [4] - Sales of equity-linked products have increased but have not experienced explosive growth, indicating a stable market environment [5] - The proportion of index-linked products in the structure of purchased equity-linked funds is relatively high, while direct investments in specific stock market sectors are less popular [6]