摘要 2017 年至 2022 年，居民存款快速增长，2022 年达 17.8 万亿元峰值， 增速从 1.1%升至 17.4%。2023 年起增速回落，预计 2025 年降至 10%左右。房地产市场下行和资管产品收益下降是存款增长的主要驱动 因素。 金融监管收紧和资管新规落地导致部分资金回流银行存款。央行推进存 款利率市场化改革，2022 年 9 月至 2025 年 5 月，五年期定存利率累 计下调 135 个基点，短端利率下调 60 个基点，促使资金流向理财产品 等。 随着存款利率下调和资本市场收益增强，居民投资偏好多元化，青睐理 财产品、货币基金等类货币金融产品。债券、股票等风险资产在 2024 年相对收益提升，也吸引部分资金流入。 2017/2018 年是居民金融资产配置的重要拐点，现金存款配置比例上 升，2022 年占比达 85%，表明财富回流存款端。2023 年以来，金融 产品和资管产品投资比例回升至 31%，但仍低于 2014-2017 年水平， 存款类配置比例维持在 70%左右。 Q&A 近年来我国居民存款的变化趋势如何？具体有哪些阶段性的特征？ 从 2018 年开始，我国居民存款进入了一个持续 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The introduction of an ESG negative screening mechanism in the ChiNext Composite Index aims to promote high-quality development of the index [2] - The new Green Finance Directory clarifies the support direction for green trade and consumption, while a mandatory national standard for electric bicycles has been released to enhance product quality supervision [2][3] - The EU has simplified the application standards for sustainable finance classification, easing the reporting burden on small and medium-sized enterprises [3] - The ISSB has initiated the revision of the SASB sustainable development reporting standards to enhance compatibility and international applicability [3] Summary by Sections 1. Monthly Research Summary - The ChiNext Composite Index has introduced an ESG and risk dual exclusion mechanism to promote high-quality index development [2] - The latest Green Finance Directory has been released, clarifying the support direction for green trade and consumption [2] - A mandatory national standard for electric bicycles has been published to strengthen product quality supervision and accelerate battery recycling [2] - Various green electricity policies have been intensively introduced by central and local departments, covering multiple areas of development, issuance, and consumption [2] 2. Key Policy Tracking Domestic Policy Tracking - The ChiNext Composite Index has implemented a dual exclusion mechanism for ESG and risk, enhancing the quality and investability of index samples [24] - The People's Bank of China and other ministries have released a new version of the Green Finance Directory, which includes green trade and consumption projects for the first time [26] - A mandatory national standard for electric bicycles has been issued to strengthen product quality supervision and accelerate battery recycling [27] - Various departments have introduced green electricity policies, establishing a rigid constraint system for green electricity consumption [33] International Policy Tracking - The EU has simplified the application standards for sustainable finance classification, reducing the compliance burden for enterprises [3] - The ISSB has started revising the SASB sustainable development reporting standards to improve their applicability [3] 3. Market Data Tracking - In July 2025, the total issuance of ESG bonds in China reached 732.56 billion yuan, a year-on-year increase of 76.22% [4] - The global ESG fund market saw a net inflow of approximately 4.9 billion USD in Q2 2025, rebounding from a net outflow of 11.8 billion USD in the previous quarter [4][22] - The carbon market in China recorded a trading volume of 10.7554 million tons in July 2025, with an average transaction price of 73.24 yuan per ton [4]

作者：招商银行研究院 零售客群部 私人银行部 | | 本期要点摘要 | | --- | --- | | □ 顾 | 近１月 2025 年以来 | | 固收产品 | 含权债基>中长期债基>短债基金>高等级同 含权债基 > 高等级同业存单指基 > 短债基金 | | 收益回顾 | 业存单指基>现金管理 >中长期债基 > 现金管理 | | | 近一个月资金面先紧后松,中美经贸会议- 1月偏强震荡，2月-3月中旬债市大幅回 | | | 度抬升市场风险偏好,伊以冲突等事件带动 | | 债市回顾 | 调,4月初债市快速走强后转为偏强震荡,5 避险情绪回升,资金与情绪驱动债市先跌后 | | | 月下旬经历微幅回调，6月重回偏强运行。 | | | 活长。 | | | 1、5月理财产品存量规模进一步回升。 | | 行业事件 | 2、5 月 23 日，国家金融监督管理总局发布《银行保险机构资产管理产品信息披露管理办 | | 跟踪 | 法（征求意见稿）》，允许资产管理产品不披露业绩比较基准，披露则应明确业绩比较基准 | | | 的选择原因、测算依据或计算方法等信息。 | | 展望 | 短期(1个月维度) 中期(3-6个月维度) | ...

Core Viewpoint - The joint release of the "Policies and Measures to Accelerate the Construction of a Science and Technology Financial System" aims to support high-level technological self-reliance through 15 policy measures across seven areas, including monetary credit, capital markets, and technology insurance [1] Group 1: Financial Support Mechanisms - The "345" science and technology financial service system includes a policy system, product supply system, and professional organization system, with a loan balance for high-tech enterprises reaching 17.7 trillion yuan, a 20% year-on-year increase [2] - Four pilot projects are designed to support technology enterprises in obtaining long-term and patient capital, including a financial asset investment company equity investment pilot with a signed intention amount exceeding 380 billion yuan [2][3] - The system emphasizes the roles of five types of financial institutions, with policy banks providing long-term, low-interest financing, and commercial banks focusing on technology innovation as a key support area [3] Group 2: Technology Insurance Development - Technology insurance serves as a "shock absorber" and "stabilizer" for key core technology breakthroughs and future industry development, with cumulative risk protection exceeding 1 trillion yuan since the pilot began [4] - Recent policy changes allow insurance funds to invest in unlisted equity of strategic emerging industries, with risk factors for investments in technology enterprises adjusted to enhance capital adequacy [4][5] - The financial regulatory authority is working on high-quality development policies for technology insurance to optimize the service system and enhance risk compensation and funding leverage [5] Group 3: Strengthening Financial Institutions - The "Policies and Measures" document is a comprehensive policy framework aimed at directing more financial resources towards technological innovation, enhancing the quality and efficiency of science and technology financial services [6] - Financial institutions are encouraged to integrate science and technology financial services into their strategic planning and establish independent management mechanisms [6][7] - There is a focus on developing a differentiated evaluation system for technology financial services, emphasizing technology talent and research capabilities, while promoting digital transformation in service operations [7]

Core Viewpoint - The "Nansha Financial 30 Measures" aims to enhance financial support for the Nansha area, positioning it as a key node in the Guangdong-Hong Kong-Macao Greater Bay Area's high-quality development and international financial hub [1][2]. Group 1: Financial Support Measures - The measures are structured around seven dimensions, including improving financial services for innovation and entrepreneurship, enhancing financial services in social welfare, developing specialized financial services, promoting cross-border financial cooperation, and ensuring supportive measures [2][3]. - The initiative is a strategic deployment to accelerate the construction of major cooperation platforms in the Greater Bay Area, aligning with the "Greater Bay Area Development Plan Outline" [2]. Group 2: Innovation and Entrepreneurship - A primary focus is on enhancing financial services for innovation and entrepreneurship, supporting the construction of technology innovation industrial cooperation bases [3]. - Specific measures include supporting financial institutions in innovating bill discount products and increasing financing support for eligible enterprises [3]. Group 3: Cross-Border Financial Services - The plan emphasizes the development of cross-border asset management centers and encourages the use of RMB for international shipping fees [4][5]. - It aims to facilitate cross-border payment services and credit financing, including expanding the range of banks for Hong Kong and Macao residents to open accounts [7]. Group 4: Commodity Futures and Insurance - The establishment of a commodity futures delivery center is proposed to enhance the integration of spot and futures markets, contributing to the pricing power of commodities [6]. - The measures also include the development of cross-border insurance products tailored for residents in the Nansha area [6].