Group 1 - The core viewpoint is that a significant "deposit activation" process is underway in China, driven by the maturation of high-interest fixed deposits, leading to a shift towards more liquid forms of savings and non-bank deposits [1][11] - According to Dongwu Securities, from July to August 2025, non-bank deposits are expected to increase by 3.03 trillion yuan, with 1.42 trillion yuan attributed to the "migration" of deposits from residents and non-financial enterprises [1][6] - The report indicates that a substantial amount of fixed deposits will mature in 2025 and 2026, with 22.28 trillion yuan and 9.4 trillion yuan expected to mature respectively, including 11.08 trillion yuan and 4.05 trillion yuan of "excess" fixed deposits [1][11] Group 2 - Morgan Stanley suggests a gradual release of household savings potential through a three-phase roadmap, starting with guiding 6-7 trillion yuan of excess fixed deposits into risk assets over the next 2-3 years [2][15] - The second phase aims to reshape inflation expectations and release 30 trillion yuan of savings for consumption over the next 6-8 years, while the final phase focuses on long-term social security reforms to lower the overall savings rate [2][15] - The increase in non-bank deposits is driven by multiple factors, including the transfer of deposits by residents and enterprises, expansion of interbank business by banks, and conversion of other deposits not included in broad money statistics [3][6]