在今年存款利率持续下行、大量高息定存集中到期的双重压力下，年初银行揽储呈现出分化态势。一边 是国有大行"按兵不动"，战略性放弃价格战，转而通过资产提升活动争夺客户的综合金融资产；另一边 是城商行、农商行逆势上调存款利率，甚至推出"存款送路费"等花式营销。这一"冷"一"热"的背后，既 是银行业净息差收窄下的现实抉择，也是从"规模扩张"向"财富管理"转型的缩影。 储户：从"抢存单"到"问理财" 春节过后，往往是银行揽储的黄金窗口期，但今年一线从业者感受到的却是另一番景象。华南地区一股 份行理财经理向记者坦言："客户对传统定期存款热情明显下降，更多人开始咨询理财、固收+等替代 产品。"这一微观变化，折射出今年"开门红"的深层转向。 中国人民银行最新发布的金融数据印证了这一趋势：1月住户存款增加2.13万亿元，但与2025年同期相 比，同比少增3.39万亿元；而非银行业金融机构存款则同比多增2.56万亿元。中国银河证券研报进一步 指出，居民存款增速与M2增速差值时隔7年半首次转负，这意味着居民资金正从单纯存款需求向多元资 产配置迁移。 这一现象的背后是存款利率持续下行。有储户对记者展示了2023年的存单——当时三年期 ...

● 本报记者 石诗语 "2026年我们将着力强化财富管理与综合金融服务能力，提升中收对营收的支撑。做大财富管理、资产 托管、投行等轻资本业务，优化收入结构，应对息差压力。"某股份行北京分行相关负责人向中国证券 报记者表示。 这一变化也直接体现在银行基层考核导向的调整中。"今年已明确调整了零售考核指标，比较明显的变 化是，存款的指标权重和任务量下降了，理财、基金、保险、信托等产品的销售任务增加了，私行客户 的拉新和AUM提升任务加重。"某国有大行北京地区某支行零售业务负责人说。 此外，组织架构的调整也成为银行加码财富管理的重要举措。去年12月，交通银行（601328）副行长周 万阜在出席活动时表示，交行在总行层面已成立财富管理部，进一步强化财富金融特色，提升客户服务 能力。 息差承压倒逼转型 谈及银行加大财富管理业务布局的原因，业内人士认为，净息差持续承压，倒逼银行盈利模式转型，推 动银行盈利结构从"利息依赖型"向"多元均衡型"转变，增强盈利稳定性和抗周期能力。同时，随着居民 财富持续积累，由储蓄为主转向多元资产配置的进程已然开启，财富管理市场前景广阔。 国家金融监督管理总局最新披露数据显示，2025年四季度商 ...

来源：@华夏时报微博 华夏时报记者 张萌 卢梦雪 北京报道 春节假期刚过，银行网点迎来了一波存款高峰。 "开工第一天就来存钱，没想到人这么多。"在上海工作的"90后"小宇拿着过年剩下的现金准备存入银行。他常去 的那家网点大厅里人头攒动，等候区的座位早已坐满。排队的人群中，以中老年人为主，也有不少家长带着孩子 来存压岁钱。柜员不得不提高嗓门询问："有没有办其他业务的？可以到这边来！"但响应者寥寥，绝大多数客户 都是来存款的。 付一夫向记者表示，银行普遍将一季度视为全年业务的"开门红"阶段，抢占这一窗口期对全年业绩至关重要。当 前环境下，银行更倾向于通过"资产配置礼"而非单纯提高存款利率来吸引资金，原因有二：一方面，存款利率已 处于较低水平且持续下行，单纯靠利率竞争空间有限且会进一步压缩银行息差；另一方面，"资产配置礼"能够引 导客户资金从存款转向理财、基金、保险等多元产品，既有助于银行提升中间业务收入，也能通过资产配置服务 增强客户黏性，符合零售业务向财富管理转型的大趋势。 排队间隙，小宇被大厅里一块醒目的"资产配置有礼"宣传板吸引，他顺手扫码看了看活动详情。"现在定存利率不 高，不如先把钱转入理财，把银行送的 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 要点 存款如何"搬家"，是居民部门根据自身情况综合考虑各金融资产的风险性、收益性和流动性之后的选择 结果。 责任编辑：杨红卜 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作者 | 谢亚轩招商证券研发中心负责人 以银行定期存款方式形成的数十万亿规模的居民财富在2026年陆续到期，考虑存款利率下降至低位和资 本市场日趋活跃的现实，有研究认为会有一定规模的到期银行存款"搬家"去购买股票、债券、基金、保 险等金融产品。银行存款是否会"搬家"，搬多少，搬到哪里去，有许多不同观点。本质上，这是中国居 民部门资产选择特别是金融资产选择的问题。 中国社科院国家资产负债表研究中心负责编制中国非金融企业部门资产负债表，根据国民经济核算体系 的原则，中国居民部门的金融资产主要包括：通货和存款、债券、股票和股权、证券投资基金份额（包 括银行理财产品）、保险（社会保险和商业保险）五大类，2022年末占比分别为50.2%、8.8%、 19.5%、11.7%和9.8%。换言之，如果我们不考虑居民部门的银行存款选择购买房地产或者黄金等实物 ...

Core Viewpoint - The article discusses the potential "migration" of bank deposits as a significant portion of household wealth matures in 2026, influenced by low deposit rates and an increasingly active capital market [1][7]. Group 1: Financial Asset Structure - As of the end of 2022, the financial assets of Chinese households were composed of cash and deposits (50.2%), bonds (8.8%), stocks and equity (19.5%), securities investment funds (11.7%), and insurance (9.8%) [2][8]. - The choice of whether to "migrate" deposits is fundamentally about the selection of financial assets based on risk, return, and liquidity considerations [2][8]. Group 2: International Comparisons - Research indicates that by 2024, the financial asset structure of U.S. households will be significantly different, with cash and deposits at 11.2%, bonds at 4.5%, stocks and investment funds at 55.3%, and insurance and pensions at 27.8% [3][9]. - The comparison with developed countries shows that cash and deposits in countries like the UK, Japan, and Germany remain above 30%, suggesting that the U.S. model may not be applicable to China [3][9]. Group 3: Demographic and Economic Influences - Aging population trends in China are expected to increase the preference for low-risk assets, as older individuals tend to favor safer investments [4][10]. - Low interest rates are prompting households to seek higher returns, but the method of achieving this—whether through direct stock investments or indirect methods like insurance and funds—remains uncertain [4][10][11]. Group 4: Market Performance Correlation - Historical data shows that the proportion of household stock holdings correlates with long-term stock market performance, with increases in stock fund holdings observed in the U.S., Japan, and Germany from 2013 to 2024 [5][11]. - The stability of stock and equity holdings among Chinese households is crucial for achieving a sustained bullish market [5][11].

（文章来源：经济日报） 近期，北京密云法院审理一起退保纠纷，引起大众关注。一客户在保险公司业务员的诱导下购买了一份 保险，本以为是短期理财，一段时间后才发现，本金要到客户105岁时才能取出。法院最终判定，业务 员明知客户的投保需求是短期理财，却故意隐瞒核心条款，该行为构成欺诈。由此警示行业，保险公司 出售的本质是信任，若此类纠纷屡屡发生，客户投保反而需要"冒险"，影响的是行业的长远发展。行业 应规范出售保险产品的流程，诚信经营，并探索更加有效的纠纷和矛盾解决机制。消费者在购买保险 时，也要注意查看合同内容，谨慎决策。 ...

2026年春节，年轻人的年货清单正在悄然变"硬核"。他们不再只满足于囤零食与装饰品，而是将黄金、 纪念币、银行理财和保险等投资理财产品纳入"购物车"。无论是选购金饰、金条，追求一份看得见的踏 实，还是线上抢购限量发行的马年纪念币钞，他们开始用"资产"装点年味，让投资理财成为春节消费的 新选择。 这份崭新的新春"理"物背后，是现代理财观念与传统习俗的融合，既传承了为家纳福的仪式感，更实现 了对个人成长与家庭资产的守护。这不仅是消费方式的升级，更是为明天美好生活提前储备一份底气的 新年俗。 统筹：魏倩 张骄 作者：张骄 吴诗婷 黄坤 何奎 周亮 何治民 设计：滕陵 上海证券报出品 策划：黄蕾 【纠错】 【责任编辑:谷玥】 ...

Investment Insights - The report discusses the significant upcoming maturity of approximately 67 trillion yuan in household time deposits in 2026, primarily formed after 2020 due to residents' precautionary savings amid uncertainties, with a notable shift from high interest rates above 3% to a low-rate environment where mainstream renewal rates are below 2% [9][15][27] - The potential reallocation of these funds is a focal point of market discussions, as it could impact the preservation and appreciation of household wealth and influence various financial asset prices [9][27] Fund Flow Directions - The report identifies three main directions for the funds from maturing deposits: 1. Renewal of deposits, which remains a default choice for most savers despite low interest rates, as consumption and housing purchases are not expected to dominate in the short term [2][15] 2. Early mortgage repayment, as the current mortgage rates exceed deposit and low-risk investment returns, leading to a high early repayment rate in RMBS, although this is not the primary direction for the funds [17] 3. Investment in both low-risk assets (such as bank wealth management products, bond funds, and insurance) and risk assets (like equity funds and the stock market), with the latter being the most debated potential direction for "deposit migration" [2][15][17] Asset Performance Influence - The ultimate direction of the maturing deposit funds towards low-risk or risk assets will depend on the actual performance of various asset classes, as funds inherently seek to chase better-performing assets and withdraw from underperforming ones [19][27] - Historical market trends indicate that funds tend to rotate based on asset performance, with recent trends showing simultaneous movements in both bond and stock markets due to significant allocations through "fixed income plus" strategies [19][27] Central Bank Perspective - The report highlights that funds from maturing deposits are likely to flow back into the banking system, albeit in a different form, as they transition from household deposits to non-bank institutional deposits [3][20][26] - By the end of 2025, over 80% of asset management products are expected to be directed towards fixed-income assets, with a significant portion returning to bank deposits, indicating a structural change rather than a mass exodus from the banking system [3][20][26]

Core Viewpoint - The traditional "deposit gift" activities in banks are diminishing due to stricter regulations and a shift towards asset management strategies, with banks focusing on enhancing their asset management scale (AUM) rather than merely attracting deposits through gifts [1][7]. Group 1: Changes in Banking Activities - Many banks have reduced traditional "deposit gift" activities, opting instead for incentive mechanisms that comply with regulations, such as point systems for new deposits [1][7]. - The atmosphere for the "opening red" season is less vibrant this year compared to previous years, attributed to regulatory pressures and a lack of urgency in attracting deposits [1][7]. - Banks are increasingly emphasizing asset enhancement strategies, moving away from the concept of merely attracting deposits [1][8]. Group 2: Incentive Programs - Some banks are offering point-based rewards for new deposits, where customers can exchange points for household items and small appliances, but the overall incentive strength is limited [2][3]. - The threshold for receiving gifts varies significantly between banks, with some requiring higher new deposit amounts for more valuable items [3][6]. - Despite the introduction of these incentive programs, customer engagement remains low, with few customers participating in these activities [3][6]. Group 3: Regulatory Environment - The regulatory environment has become stricter, with explicit prohibitions against using gifts to attract deposits, leading to a decline in such practices [6][7]. - Recent regulatory measures have reinforced the ban on deposit gifts, pushing banks to adapt their strategies accordingly [6][7]. - The shift towards compliance has resulted in a transformation of traditional activities into point redemption and rights acquisition, rather than direct gifts linked to deposits [7][8]. Group 4: Market Trends - The banking sector is experiencing a shift towards asset diversification, with customers increasingly considering investments in financial products beyond traditional deposits [8]. - The trend of rising stock market activity is leading to a more dynamic approach to deposits, with customers showing a willingness to diversify their financial portfolios [8].

经济观察网截至2025年12月11日，浙江东方（600120）金融控股集团股份有限公司股价单日下跌 1.78%，成交额2.65亿元，换手率1.27%，总市值207.66亿元。近期主力资金呈净流出状态，技术面呈现 区间震荡特征。 股票近期走势 当日换手率偏低，反映交投活跃度一般；主力资金净流出2363.97万元，占成交额比例较小。 业绩经营情况 2025年前三季度，公司实现营业收入54.12亿元，同比下降22.34%；归母净利润8.00亿元，同比增长 91.22%。资产总计582.17亿元，归属于母公司所有者权益163.81亿元。 业务进展情况 公司主营业务涵盖信托、期货、保险、融资租赁等金融投资，概念板块包括量子科技、创投、参股券商 等。2025年第三季度，公司完成对杭州联合农村商业银行股份的收购，预计2025年度因此产生非经常性 收益约1.3亿元。 未来发展 公司尚未披露2025年全年财报的具体发布日期，按惯例预计在2026年第一季度公布。作为浙江省国资背 景的金融控股平台，公司可能持续围绕科技金融、长三角一体化等政策方向调整业务。 以上内容基于公开资料整理，不构成投资建议。 ...