Group 1 - The A-share market continues to show volatility, with the ChiNext index down by 0.8% as of 14:10, while the ChiNext ETF (159915) saw a net subscription exceeding 20 million units [1] - Analysts suggest that the ongoing important meetings regarding economic issues and policies are leading the market to factor in certain expectations for policy stimulus, which is beneficial for high-elasticity assets and new productivity assets [1] - The growth-oriented stocks have shown signs of recovery compared to last week, with increased attention on the ChiNext index, which consists of 100 stocks with large market capitalization and good liquidity, where over 90% of the weight is in strategic emerging industries [1] Group 2 - The latest scale of the ChiNext ETF (159915) exceeds 100 billion yuan, making it the largest among all ChiNext-related ETFs, with a management fee rate of only 0.15% per year, providing investors with a low-cost opportunity to capture growth in the technology sector [1]

Core Viewpoint - The article discusses the impact of declining interest rates on deposits and the potential flow of funds into the stock market as high-yield deposits mature in the coming years [2][3][4]. Group 1: Interest Rate Trends - From 2022 to 2024, the RMB is entering a declining interest rate cycle, with bond and deposit rates continuously decreasing [2]. - By 2024, the 10-year government bond yield is expected to drop to around 1.6%, with deposit yields also falling to low levels [2]. Group 2: Maturing Deposits - A significant amount of high-yield deposits, amounting to tens of trillions, will mature between 2025 and 2026 [3]. Group 3: Fund Flow into Stock Market - It is unlikely that all maturing deposit funds will flow into the stock market due to the low-risk preference of depositors [5]. - Based on the risk profile, approximately 2.5 to 5 trillion RMB of the maturing deposits may flow into the equity market, while the majority will remain in stable assets like deposits or government bonds [5]. - This potential inflow is significant compared to the total A-share market size of 100 trillion RMB, as it could match the scale of domestic index funds developed over 20 years [5].