据上述网友发布的聊天记录截图显示，网点12月1日存款有活动，每年1万，连5年能给您送电器或者购 物卡，2万的话能送您一个整羊，40-45斤，要别的也行，可以换成购物卡，活动力度挺大，要想攒钱挺 合适的。 "送米、面、鸡蛋我觉得还能理解，送整只羊真的是是令人震撼了！""送羊真的可以吸引人来存钱 吗？"11月30日，有网友发帖称，内蒙古包头有银行搞送羊促销活动，他脑补了"一手存钱一手提羊"的 画面。 来源：网友发帖 来源：网友发帖 据上述网友发布的聊天记录截图显示，网点12月1日存款有活动，每年1万，连5年能给您送电器或者购 物卡，2万的话能送您一个整羊，40-45斤，要别的也行，可以换成购物卡，活动力度挺大，要想攒钱挺 合适的。 极目新闻记者注意到，有许多网友表示出对此促销活动的兴趣，并求存款地址。不过也有网友提醒，是 每年2万元连续存5年，10万元才送羊。这应该不是存款，而是保险理财类产品。记者私信上述网友，暂 未获回复。 记者多方渠道了解到，内蒙古包头市固阳县的中国邮政储蓄银行有上述促销活动。据其中一家支行的工 作人员了解情况后回复记者：顾客购买1万元的保险理财产品，可送冰柜；购买2万元的保险，可送价值 1 ...

Core Insights - A significant shift in deposit behavior is occurring, with over 1.1 trillion RMB withdrawn from banks in July, indicating a trend of "deposit migration" among the public [3][4][5] - The decline in bank deposit interest rates is a primary driver of this migration, with rates for savings accounts falling below 0.3% and three-year fixed deposits around 1.25% [4][5][6] - Non-bank financial institutions are seeing a substantial increase in deposits, with a rise of 1.65 trillion RMB in July, highlighting a clear shift in where individuals are placing their funds [3][4] Deposit Migration Trends - The average decrease in household deposits in July exceeded the average growth from 2018 to 2024, showcasing an unprecedented scale of withdrawal [4] - The banking wealth management market has become a major beneficiary of this trend, with a total scale exceeding 30 trillion RMB, particularly in fixed-income products [5][6] - The stock market has also attracted significant investment, with the A-share market experiencing a notable increase in trading activity and new account openings [7][8] Investment Shifts - Public funds, especially bond funds, are gaining popularity, with average yields surpassing 4%, making them attractive compared to traditional bank deposits [9][10] - Insurance financial products are also performing well, with some companies reporting investment returns exceeding 5%, appealing to long-term investors [10][11] Regional Differences - There are notable regional disparities in deposit migration, with higher per capita deposits in first-tier cities, but a more active migration behavior observed in these areas due to greater financial literacy [12] Banking Response - In response to the outflow of deposits, banks are implementing various strategies, including promoting their own wealth management products and innovating product offerings to retain customers [13] Future Outlook - The trend of deposit migration is expected to continue, driven by ongoing interest rate marketization and an increasing acceptance of investment risks among residents [15][16]

Core Viewpoint - The Chinese real estate market is undergoing significant changes in 2025, leading families to face critical decisions about whether to hold onto properties or liquidate assets for cash [1][6]. Macro Background - The real estate market has entered an adjustment phase, with over half of new residential prices in 70 major cities declining month-on-month in the first half of 2025. While first-tier cities saw a slight year-on-year increase of 1.2%, third and fourth-tier cities experienced a price drop of 5.8% [1]. - The national birth rate fell to 9.56 million in 2024, the lowest since 1949, indicating a diminishing population dividend that impacts housing demand. The national housing vacancy rate reached 21%, with some third and fourth-tier cities exceeding 30% [1]. Value of Holding Property - Real estate retains value as a physical asset that can hedge against inflation, with first-tier city core properties appreciating at an annual rate of 3.5%, outpacing the 2.1% CPI increase in Q1 2025 [2]. - The scarcity of quality assets remains, with a 15% year-on-year reduction in residential land supply in Shanghai for 2025, indicating potential long-term value in high-demand areas [2]. Cash Holding Value - The value of holding cash is increasing, with 10-year treasury yields at 3.1% and bank deposit rates between 2.8% and 2.5%, while wealth management products offer returns over 4% [3]. - The national household leverage ratio reached 70.5% in 2025, indicating high repayment pressure on indebted families. A cash reserve equivalent to 3-6 times annual income is recommended for financial stability [3]. Asset Allocation Insights - A survey of 5,000 households suggests that young families should limit their first home down payment to 70% of total assets, while middle-aged families should aim for a balanced asset allocation of 40% in real estate, 40% in financial assets, and 20% in cash [4]. - The choice of city is crucial, with first and strong second-tier cities experiencing a net inflow of 970,000 residents, while third and fourth-tier cities face a net outflow of 1.62 million [4]. Market Dynamics - The real estate market is shifting to a phase of stock competition, with expected sales of 1.23 billion square meters in 2025, a 34% decline from the peak in 2021. Factors such as location, quality, and functionality are becoming key to property value retention [5]. - The average mortgage rate in 2025 is 4.1%, higher than most investment product yields, prompting high-debt families to consider early repayment or reducing leverage [6]. Conclusion - The decision to "hold property" or "hold cash" is not binary. The real estate market is entering a rational development phase, emphasizing housing's residential nature over speculative investment [6][8].

Group 1: Futures Market Impact - The futures market experienced a significant downturn, particularly in coking coal, which fell to its limit due to position limits, affecting overall market sentiment [1] - Major commodities such as coking coal, glass, and soda ash saw substantial declines, with coking coal dropping by 11% to 1100.5, and glass down by 9% to 1223 [2] - The decline in the futures market has negatively impacted A-shares, particularly in sectors like coal and steel, which saw the largest drops [3] Group 2: Insurance and Banking Sector Response - Despite the downturn in the futures market, the banking and insurance sectors showed resilience, with insurance companies benefiting from a recent decrease in various financial product rates [3] - The China Insurance Association reported a new booking interest rate of 1.99%, which has led to a favorable environment for insurance companies [3][4] Group 3: Subsidy Policy and Market Sentiment - A new subsidy policy was announced, providing 3600 yuan per year for families with children under three years old starting from January 1, 2025, which is seen as a positive step despite being lower than subsidies in developed countries [6] - The announcement of the subsidy did not lead to immediate pricing in the maternal and infant sector, indicating that the market's expectations were exceeded [5][6] Group 4: International Trade Relations - Recent developments in international trade negotiations, particularly between the U.S. and the EU, may have implications for China, as the Chinese government has expressed strong opposition to any agreements that compromise its interests [7] - The U.S. has reached an agreement with the EU to increase tariffs from 10% to 15%, which could affect China's trade strategy moving forward [7]