9月以来，下调存款利率的地方中小银行队伍持续扩大。9月25日，河南洛阳农商行、洛宁农商行等多家 银行宣布下调人民币存款利率，调整范围覆盖活期存款、通知存款和各期限定期存款等产品，最高降幅 达35个基点（BP）。与此同时，记者获悉，近期零售存款的流失较为明显。而做好财富管理，以做大 管理客户资产规模（AUM）来减缓存款流失带来的负面影响，成为众多银行当前主要策略。从"比价效 应"上看，年化收益率接近2%至3%的现金管理类、固收类银行理财产品，以及混合型、股票型基金产 品的可观表现，也让不少银行客户改变投资思路，纷纷买入。（人民财讯） 超额收益回归 机构大举增持主动权益基金 随着A股市场持续回暖，基金赚钱效应显现。蚂蚁基金最新数据显示，该平台上已有2.15亿基金投资者 累计实现盈利。与此同时，机构投资者今年上半年加仓主动权益类基金和被动权益类基金的迹象明显。 上半年末，机构持有主动权益类基金的资产规模较去年末增加541亿元，基金份额增加271亿份。（中证 报） 基金经理赌博被抓？西部利得基金首次发声 近期，"有基金经理赌博被抓"的消息传得沸沸扬扬。9月25日，西部利得基金就此事件回复称，经与解 文增本人确认及审慎 ...

| | | 年利率(%) | | --- | --- | --- | | 一、活期存款 | | 0.10 | | 二、整存整取定期存款 | | | | 三个月 | | 1.400 | | 半年 | | 1.500 | | 1 | 年 | 1.500 | | 11 | 年 | 2.100 | | 11 ] | संद | 2.300 | | Fi | 年 | 2.100 | | i í 协定存款 | | 0.750 | | 四、通知存款 | | | | - 天 | | 0.700 | | 七天 | | 1.250 | （编辑：朱紫云 审核：何莎莎 校对：颜京宁） 近日，上海华瑞银行官网公告称，将于2025年9月26日起调整人民币存款挂牌利率。具体来看，活期存 款年利率调整为0.1%；整存整取定期存款三个月期、半年期、一年期、二年期、三年期、五年期年利 率分别调整为1.4%、1.5%、1.5%、2.1%、2.3%、2.1%；协定存款为0.75%；通知存款一天、七天利率 分别调整为0.7%、1.25%。 中经记者 郭建杭 北京报道 ...

一、 宏观数据速览 投资咨询业务资格：证监许可【2011】1778 号 资讯早班车 资讯早班车-2025-09-25 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20250715 | 2025/06 | GDP:不变价:当季同比 | % | 5.20 | 5.40 | 4.70 | | 20250831 | 2025/08 | 制造业 PMI | % | 49.40 | 49.30 | 49.10 | | 20250831 | 2025/08 | 非制造业 PMI:商务活 动 | % | 50.30 | 50.10 | 50.30 | | 20250915 | 2025/08 | 社会融资规模增量:当 | 亿元 | | 25668.00 11307.00 | 30323.00 | | | | 月值 | | | | | | 20250912 | 2025/08 | M0(流通中的现金):同 比 | % | 11.70 | 11.80 | 12.20 | | 202509 ...

Core Viewpoint - The Federal Reserve has announced a 25 basis point reduction in the federal funds rate to a range of 4% to 4.25%, with potential further cuts expected by the end of the year, leading to discussions on cross-border asset allocation, particularly the comparison of returns between RMB and USD deposits [1][3]. Group 1: Interest Rate Dynamics - The U.S. has been in a rate hike cycle while China has been lowering rates, resulting in an expanding interest rate differential between the two countries [3]. - Current annualized interest rates for one-year USD deposits have exceeded 5%, significantly higher than those for RMB deposits, prompting investors to convert RMB to USD for savings [3]. - The Fed's rate adjustments influence interbank lending costs, which will gradually affect deposit rates, but there is a lag of a few days before these changes are reflected in deposit rates [3]. Group 2: Currency Exchange Risks - Comparing interest rates alone is insufficient; exchange rate fluctuations significantly impact actual returns for domestic investors who ultimately convert earnings back to RMB [5]. - Historical data shows that if the USD depreciates, the interest income may be offset or even negated by currency losses, as seen in the potential scenario where the offshore RMB rate depreciates from 7.1 to 6.3 [5]. - Since April, the USD has depreciated from 7.43 to 7.1, with a cumulative depreciation of 4.4%, indicating increased currency risk for investors [5]. Group 3: Investment Strategy Recommendations - Investors holding maturing USD deposits should consider converting back to RMB after maturity to avoid early withdrawal penalties [7]. - New investors should carefully assess risks before converting to USD solely based on interest rate differentials, as the potential for USD depreciation could lead to losses [7]. - A dynamic evaluation framework is essential, focusing on interest rate differentials, exchange rate trends, inflation expectations, and diverging monetary policies [7]. Group 4: Asset Allocation Considerations - Existing funds can be held until maturity, while new investments must balance interest income against currency risk to avoid potential losses [9]. - For domestic investors whose primary consumption currency is RMB, excessive holding of USD assets may lead to a situation of "earning interest but losing capital" [9]. - A rational assessment of currency risk is crucial, especially during sensitive periods of monetary policy shifts, to align return expectations with risk tolerance [9].

8月份，人民币存款增加3923亿元，同比多增2960亿元。其中，住户存款增加79亿元，同比少增369亿 元；非金融企业存款增加948亿元，同比多增172亿元；财政性存款减少440亿元，同比多减277亿元；非 银行业金融机构存款增加2780亿元，同比多增2858亿元。外币存款增加23亿美元，同比少增19亿美元。 人民财讯9月17日电，央行上海总部发布2025年8月上海货币信贷运行情况，8月末，上海本外币存款余 额23.47万亿元，同比增长8.6%，增速比上月末高1.2个百分点。人民币存款余额22.2万亿元，同比增长 8.7%，增速比上月末高1.4个百分点；外币存款余额1788亿美元，同比增长7%，增速比上月末低1.3个百 分点。 ...

Monetary Statistics - As of the end of August, the broad money supply (M2) reached 331.98 trillion yuan, reflecting a year-on-year growth of 8.8% [1] - The narrow money supply (M1) stood at 111.23 trillion yuan, with a year-on-year increase of 6% [1] - The currency in circulation (M0) amounted to 13.34 trillion yuan, showing a year-on-year growth of 11.7% [1] - In the first eight months, a net cash injection of 520.8 billion yuan was recorded [1] Loan Statistics - By the end of August, the total loans in both domestic and foreign currencies reached 273.02 trillion yuan, marking a year-on-year increase of 6.6% [1] - The balance of RMB loans was 269.1 trillion yuan, with a year-on-year growth of 6.8% [1] - In the first eight months, RMB loans increased by 1.346 trillion yuan [1] - Household loans rose by 711 billion yuan, with short-term loans decreasing by 372.5 billion yuan and medium to long-term loans increasing by 1.08 trillion yuan [1] - Corporate loans increased by 1.222 trillion yuan, with short-term loans rising by 382 billion yuan and medium to long-term loans increasing by 738 billion yuan [1] - Foreign currency loans totaled 55.17 billion USD, showing a year-on-year decline of 7.1% [1] Deposit Statistics - As of the end of August, total deposits in both domestic and foreign currencies reached 329.96 trillion yuan, with a year-on-year growth of 8.8% [2] - The balance of RMB deposits was 322.73 trillion yuan, reflecting a year-on-year increase of 8.6% [2] - In the first eight months, RMB deposits increased by 2.05 trillion yuan [2] - Household deposits rose by 977 billion yuan, while non-financial corporate deposits increased by 610.6 billion yuan [2] - Foreign currency deposits amounted to 102 billion USD, with a year-on-year growth of 19.4% [2] Interbank Market Activity - In August, the total transaction volume in the interbank RMB market reached 202.68 trillion yuan, with an average daily transaction of 9.65 trillion yuan, a year-on-year increase of 16.8% [2] - The average weighted interest rate for interbank borrowing was 1.4%, lower than the previous month and the same period last year by 0.05 and 0.37 percentage points, respectively [2] - The average weighted interest rate for pledged repos was 1.41%, also lower than the previous month and the same period last year by 0.05 and 0.38 percentage points, respectively [2] Cross-Border RMB Settlement - In August, the cross-border RMB settlement amount under the current account was 1.47 trillion yuan, with goods trade, services trade, and other current items accounting for 1.11 trillion yuan and 0.36 trillion yuan, respectively [3] - The cross-border RMB settlement for direct investment was 0.61 trillion yuan, with outbound direct investment and foreign direct investment amounting to 0.24 trillion yuan and 0.37 trillion yuan, respectively [3]

Core Insights - In August, the People's Bank of China reported an increase of 20.5 trillion yuan in RMB deposits for the first eight months of the year [1] - Non-bank deposits remain a major support in the M2 category, while household deposits are significantly below seasonal levels, possibly due to rising equity markets prompting a shift in household savings [1] Summary by Category Deposit Trends - Non-bank deposits increased by 1.2 trillion yuan in August, which is 550 billion yuan more than the same period in 2024, continuing a high growth trend since July [1] - Household deposits saw a net increase of only 110 billion yuan in August, which is 600 billion yuan less than the same month last year [1] Market Dynamics - 2023 is characterized as a "big year" for time deposits, with a current peak in the maturity of these deposits, suggesting a potential shift of household savings into more liquid forms such as securities due to favorable equity market sentiment [1]

Group 1: Monetary Statistics - As of the end of August, the broad money supply (M2) reached 331.98 trillion yuan, reflecting a year-on-year growth of 8.8% [1][2] - The narrow money supply (M1) stood at 111.23 trillion yuan, with a year-on-year increase of 6% [1][2] - The currency in circulation (M0) amounted to 13.34 trillion yuan, showing a year-on-year growth of 11.7% [1][2] - A net cash injection of 520.8 billion yuan occurred in the first eight months [2] Group 2: Loan Statistics - The total balance of RMB loans reached 269.1 trillion yuan by the end of August, with a year-on-year growth of 6.8% [3] - In the first eight months, RMB loans increased by 1.346 trillion yuan [3] - Household loans rose by 711 billion yuan, with short-term loans decreasing by 372.5 billion yuan and medium to long-term loans increasing by 1.08 trillion yuan [3] - Corporate loans increased by 1.222 trillion yuan, with short-term loans up by 382 billion yuan and medium to long-term loans up by 738 billion yuan [3] Group 3: Deposit Statistics - The total balance of RMB deposits reached 322.73 trillion yuan by the end of August, reflecting a year-on-year growth of 8.6% [4] - In the first eight months, RMB deposits increased by 2.05 trillion yuan [4] - Household deposits rose by 977 billion yuan, while non-financial corporate deposits increased by 610.6 billion yuan [4] Group 4: Interbank Market Activity - The average weighted interest rate for interbank RMB lending in August was 1.4%, down 0.05 percentage points from the previous month and 0.37 percentage points from the same period last year [5] - The total transaction volume in the interbank RMB market reached 202.68 trillion yuan in August, with an average daily transaction of 9.65 trillion yuan, marking a year-on-year increase of 16.8% [5] Group 5: Cross-Border RMB Settlement - In August, the cross-border RMB settlement amount for current account transactions was 1.47 trillion yuan, with goods trade accounting for 1.11 trillion yuan [6] - The direct investment cross-border RMB settlement amount was 0.61 trillion yuan, with outbound direct investment at 0.24 trillion yuan and foreign direct investment at 0.37 trillion yuan [6]

Group 1: Monetary Statistics - The broad money supply (M2) increased by 8.8% year-on-year, reaching 331.98 trillion yuan by the end of August [2] - The narrow money supply (M1) grew by 6% year-on-year, totaling 111.23 trillion yuan, while the currency in circulation (M0) rose by 11.7% to 13.34 trillion yuan [2] - A net cash injection of 520.8 billion yuan occurred in the first eight months of the year [2] Group 2: Loan Statistics - The total balance of RMB loans reached 269.1 trillion yuan, with a year-on-year growth of 6.8%, and an increase of 13.46 trillion yuan in the first eight months [3] - Household loans increased by 711 billion yuan, with short-term loans decreasing by 372.5 billion yuan and medium to long-term loans increasing by 1.08 trillion yuan [3] - Corporate loans rose by 12.22 trillion yuan, with short-term loans increasing by 3.82 trillion yuan and medium to long-term loans increasing by 7.38 trillion yuan [3] Group 3: Deposit Statistics - The total balance of RMB deposits reached 322.73 trillion yuan, growing by 8.6% year-on-year, with an increase of 20.5 trillion yuan in the first eight months [5] - Household deposits rose by 9.77 trillion yuan, while non-financial corporate deposits increased by 610.6 billion yuan [5] - Foreign currency deposits amounted to 1.02 trillion USD, reflecting a year-on-year growth of 19.4% [6] Group 4: Interbank Market Activity - The average weighted interest rate for interbank RMB lending was 1.4%, lower than the previous month and the same period last year [7] - The total transaction volume in the interbank RMB market reached 202.68 trillion yuan in August, with a daily average transaction of 9.65 trillion yuan, marking a year-on-year increase of 16.8% [7] - The average weighted interest rate for pledged bond repos was 1.41%, also lower than the previous month and the same period last year [7] Group 5: Cross-Border RMB Settlement - The cross-border RMB settlement amount for current account transactions was 1.47 trillion yuan in August, with goods trade accounting for 1.11 trillion yuan [8] - Direct investment cross-border RMB settlement amounted to 0.61 trillion yuan, with outbound direct investment at 0.24 trillion yuan and foreign direct investment at 0.37 trillion yuan [8]

人民网北京9月12日电 (记者罗知之)据中国人民银行网站消息，2025年8月金融统计数据报告显示，8月 末，广义货币(M2)余额331.98万亿元，同比增长8.8%。此外，前八个月人民币存款增加20.5万亿元。 广义货币增长8.8% 8月末，广义货币(M2)余额331.98万亿元，同比增长8.8%。狭义货币(M1)余额111.23万亿元，同比增长 6%。流通中货币(M0)余额13.34万亿元，同比增长11.7%。前八个月净投放现金5208亿元。 前八个月人民币贷款增加13.46万亿元 8月末，本外币贷款余额273.02万亿元，同比增长6.6%。月末人民币贷款余额269.1万亿元，同比增长 6.8%。 前八个月人民币贷款增加13.46万亿元。分部门看，住户贷款增加7110亿元，其中，短期贷款减少3725 亿元，中长期贷款增加1.08万亿元；企(事)业单位贷款增加12.22万亿元，其中，短期贷款增加3.82万亿 元，中长期贷款增加7.38万亿元，票据融资增加8778亿元；非银行业金融机构贷款增加1227亿元。 8月末，外币贷款余额5517亿美元，同比下降7.1%。前八个月外币贷款增加96亿美元。 8月末，本外币存 ...