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Core Viewpoint - The article highlights a significant shift in capital flow from bank deposits to the A-share market, driven by declining deposit rates and a strong stock market performance, leading to increased investor confidence and participation [2][3][5]. Group 1: "Deposit Migration" in Progress - Resident deposits have decreased by 1.1 trillion yuan, indicating a clear trend of funds moving from banks to brokerage margin accounts [6]. - In July, non-bank deposits increased by 2.14 trillion yuan, while the total resident deposits reached 160 trillion yuan, with nearly 75% being time deposits [6]. - The upcoming maturity of a large volume of time deposits between 2025 and 2026 is expected to release substantial funds into the stock market, enhancing liquidity [6]. Group 2: Surge in A-share Account Openings - In July, approximately 1.9636 million new A-share accounts were opened, marking a year-on-year increase of 70.54% and a month-on-month increase of 19.27% [7]. - The majority of new accounts were opened by individual investors, particularly younger generations (those born in the 1990s and 2000s), who are becoming a significant force in the market [7][8]. - Factors driving this surge include market performance, policy support, low interest rates, and innovations in trading channels that make it easier for young investors to participate [8]. Group 3: Transition from "Speculative Market" to "Allocation Market" - The reduction in household deposits and the increase in new accounts create a closed loop, with a significant portion of funds likely flowing into wealth management and then back into the stock market [9]. - The influx of new accounts suggests a potential shift in market dynamics, where retail investors may transition from speculative trading to long-term investment strategies, such as ETF investments [10]. - The presence of younger investors may increase market volatility in the short term but could also foster innovation and development in the capital market [10].