Core Viewpoint - The recent surge in A-shares has led to an increase in the "migration" of deposits from banks to investment products, driven by the desire for higher returns in the capital market [2][4][5]. Group 1: Deposit Migration Trends - A significant number of clients are transferring large deposits to banks that offer direct connections to securities investment accounts, or are choosing to invest in funds and other financial products instead of renewing deposits [2][5]. - The People's Bank of China reported a net increase of 500 billion yuan in RMB deposits in July, but household deposits decreased by 1.1 trillion yuan, indicating a shift towards non-bank financial institutions [4]. - The decline in household deposits is attributed to the capital market's recovery and falling interest rates, which have widened the yield gap between deposits and investment products [4][5]. Group 2: Bank Strategies and Challenges - Banks are under pressure to retain deposits, with retail staff being urged to promote precious metals and other financial products to keep personal clients' funds [5][8]. - The recent stock market rally has intensified the competition for deposits, leading banks to explore corporate accounts to offset the loss of retail deposits [8][9]. - Some banks are struggling to attract corporate deposits as businesses prefer to invest in the stock market rather than keeping funds in low-yielding bank accounts [8][9]. Group 3: Brokerage Firms' Response - Brokerage firms are experiencing increased client acquisition due to the stock market's performance, but this has also led to heightened competition among brokers [9][10]. - Wealth management departments in brokerages are seeing a surge in business, with many employees meeting or exceeding their performance targets due to the influx of client funds into investment products [10][11]. - The competitive environment has prompted some brokers to engage in aggressive tactics, such as commission price wars, to retain high-net-worth clients [9][13].