Core Viewpoint - The data from January indicates a significant shift of bank deposits towards asset management products, with a notable increase in non-bank financial institution deposits while household deposits have decreased compared to the previous year [2][3]. Group 1: Deposit Trends - In January, RMB deposits increased by 8.09 trillion yuan, with household deposits rising by 2.13 trillion yuan and non-financial enterprise deposits increasing by 2.61 trillion yuan [2]. - Compared to January of the previous year, household deposits increased by 5.52 trillion yuan, while non-financial enterprise deposits decreased by 206 billion yuan [2]. - The shift indicates that the decrease in household deposits largely converted into deposits at non-bank financial institutions, which increased by 2.56 trillion yuan year-on-year [2]. Group 2: Asset Management Products - The primary channel for the conversion of household deposits into non-bank institution deposits is through financial institutions' asset management products, particularly bank wealth management products [3]. - In January, the scale of bank wealth management products decreased by approximately 114.2 billion yuan, remaining stable compared to the end of 2025, which is significantly lower than the seasonal growth trends of previous years [3]. - Public fund issuance saw a significant increase, with a total issuance scale of approximately 120.21 billion yuan in January, representing a year-on-year increase of 39.28% [3]. Group 3: Impact on Banking Structure - The transformation of deposits into asset management products does not lead to an outflow from the banking system; however, it alters the structure of bank liabilities, potentially increasing the cost of liabilities and decreasing deposit stability [4][5]. - Regular term deposits are more stable and less risky compared to interbank deposits, which are subject to higher credit risk and liquidity demands [5][6]. - The volatility of interbank deposit rates is higher, and they tend to be more sensitive to market conditions compared to regular term deposits, which are influenced by central bank rates and market competition [6]. Group 4: Implications for Banks - The decline in deposit rates since 2024 aims to reduce banks' liability costs and stabilize net interest margins, but this has inadvertently increased the cost of liabilities and reduced deposit stability [6]. - Banks need to enhance their liability management to ensure reliable funding sources, diverse structures, and alignment with assets to mitigate the risks associated with the changing deposit landscape [6].

居民存款同比少增、非银存款同比多增现象在1月持续。 今年1月，人民币存款同比大幅多增。居民存款同比少增、非银存款同比多增现象在1月持续。 数据显示，1月人民币存款同比多增3.8万亿，存款开门红增长势头较好；其中，在去年同期低基数及年 初权益市场牛市行情影响下，非银存款新增1.5万亿，同比多增2.6万亿，而居民存款新增2.1万亿，同比 少增3.4万亿。 自2025年以来，居民存款增速逐步回落、非银存款持续多增的现象备受市场关注。这一存款结构的调 整，既反映出居民财富从传统存款向资管产品迁移的趋势，也让各方对银行体系流动性状况的关注日益 增加。 非银存款多增持续 数据显示，1月人民币存款增加8.09万亿元。其中，居民存款增加2.13万亿元，非金融企业存款增加2.61 万亿元，财政性存款增加1.55万亿元，非银行业金融机构存款增加1.45万亿元。 与往年相比，1月人民币存款新增规模大幅高于2025年同期的4.32万亿，且处于近年最高位置。居民存 款较2025年同期少增3.39万亿，非银金融存款则较2025年同期多增2.56万亿。 1月非银存款多增现象是多重因素共同作用的结果。去年同期低基数以及年初股市活跃吸引居民存 ...

1月非银存款多增现象是多重因素共同作用的结果。去年同期低基数以及年初股市活跃吸引居民存款入 市成为推动非银存款增长的重要力量。 招商证券研究报告认为，2024年12月1日实施的同业存款利率新规直接导致2025年1月非银存款大幅多 减，构成了低基数效应。叠加当前积极的资本市场走势带动居民存款向非银存款搬家，最终表现为居民 存款同比少增和非银存款同比多增。 自2025年以来，居民存款增速逐步回落、非银存款持续多增的现象备受市场关注。这一存款结构的调 整，既反映出居民财富从传统存款向资管产品迁移的趋势，也让各方对银行体系流动性状况的关注日益 增加。 非银存款多增持续 数据显示，1月人民币存款增加8.09万亿元。其中，居民存款增加2.13万亿元，非金融企业存款增加2.61 万亿元，财政性存款增加1.55万亿元，非银行业金融机构存款增加1.45万亿元。 与往年相比，1月人民币存款新增规模大幅高于2025年同期的4.32万亿，且处于近年最高位置。居民存 款较2025年同期少增3.39万亿，非银金融存款则较2025年同期多增2.56万亿。 居民存款同比少增、非银存款同比多增现象在1月持续。 今年1月，人民币存款同比大幅多增 ...

根据报告，2025年末，资管产品配置同业存款和存单共计28.7万亿元，同比增长18.9%，全年累计增加 4.6万亿元，占资管各类新增底层资产的五成左右，比重较上年同期提升超过20个百分点。 中国人民银行日前发布的报告显示，2025年末资管总资产余额合计120万亿元，同比增长13.1%。资管 产品规模快速增长，新增资产主要投向同业存款和存单。 报告强调，随着我国金融市场不断深化，直接融资加快发展，融资渠道更加丰富，居民储蓄资产在银行 存款与资管产品等金融资产之间的配置与选择会更加多元。（记者吴雨） ...

中国人民银行日前发布的报告显示，2025年末资管总资产余额合计120万亿元，同比增长13.1%。 资管产品规模快速增长，新增资产主要投向同业存款和存单。 报告强调，随着我国金融市场不断深化，直接融资加快发展，融资渠道更加丰富，居民储蓄资产在 银行存款与资管产品等金融资产之间的配置与选择会更加多元。（记者吴雨） 【纠错】 【责任编辑:吴京泽】 根据报告，2025年末，资管产品配置同业存款和存单共计28.7万亿元，同比增长18.9%，全年累计 增加4.6万亿元，占资管各类新增底层资产的五成左右，比重较上年同期提升超过20个百分点。 ...

Core Viewpoint - The article highlights a significant trend of residents shifting their savings from traditional bank deposits to asset management products, driven by recent financial data and changing market conditions [2][6]. Group 1: Financial Data Overview - In January, household deposits increased by 2.13 trillion yuan, non-financial enterprise deposits rose by 2.61 trillion yuan, and non-bank financial institution deposits grew by 1.45 trillion yuan [2][3]. - The broad money supply (M2) reached 347.19 trillion yuan, with a year-on-year growth of 9%, while the narrow money supply (M1) was 117.97 trillion yuan, growing by 4.9% [3][4]. - Compared to the same period in 2025, non-bank deposits increased significantly by 2.56 trillion yuan, while household deposits saw a decrease of 3.39 trillion yuan [4][5]. Group 2: Analysis of Deposit Trends - Analysts note that the acceleration of household deposit migration is evident, with the growth rate of household deposits turning negative for the first time in 7.5 years [5]. - The difference between household deposit growth and M2 growth is -1.82 percentage points, indicating a significant shift in savings behavior [5]. - The trend of residents moving their savings to non-bank financial institutions reflects a broader movement towards asset management products [6][7]. Group 3: Future Implications - The upcoming maturity of a large volume of household fixed-term deposits, estimated between 30 trillion to 70 trillion yuan, is expected to influence where these funds will be allocated, particularly towards equity markets [6][7]. - Analysts suggest that while there may be a flow of funds into low-risk assets, the actual movement into riskier assets like equities will depend on market conditions [7][8]. - The potential for continued adjustment in asset allocation between stocks and bonds is anticipated, especially in light of fixed asset investment trends and economic growth expectations [8].

Core Viewpoint - The recent data from the central bank indicates a significant shift in household deposits towards non-bank financial institutions, reflecting an acceleration in the trend of residents moving their savings from traditional deposits to asset management products [1][4][12]. Group 1: Financial Data Overview - In January, household deposits increased by 2.13 trillion yuan, non-financial corporate deposits rose by 2.61 trillion yuan, and deposits in non-bank financial institutions grew by 1.45 trillion yuan [1][8]. - The total balance of broad money (M2) reached 347.19 trillion yuan, with a year-on-year growth of 9%, while narrow money (M1) stood at 117.97 trillion yuan, growing by 4.9% [8][9]. - Compared to the same period in 2025, non-bank deposits increased by 2.56 trillion yuan year-on-year, while household deposits decreased by 3.39 trillion yuan [1][9]. Group 2: Analysis of Deposit Trends - Analysts from various brokerages agree that the data indicates an acceleration in the migration of household deposits, with the growth rate of household deposits declining sharply [3][10]. - The difference between the growth rates of household deposits and M2 has turned negative for the first time in 7.5 years, indicating a significant shift [10][11]. - The increase in non-bank deposits is attributed to both a low base effect from previous self-regulation in interbank deposit pricing and a potential shift of household savings towards the stock market [2][9]. Group 3: Wealth Migration to Asset Management Products - There is a growing discussion regarding the reallocation of deposits as a large volume of fixed-term deposits is set to mature, estimated to be between 30 trillion and 70 trillion yuan by 2026 [4][12]. - By the end of 2025, deposits in non-bank financial institutions are projected to reach 34.6 trillion yuan, marking a 22.8% year-on-year increase, the highest in a decade [12]. - The balance of asset management products sourced from households and enterprises is expected to grow to 56.3 trillion yuan by the end of 2025, reflecting a 9.7% increase [12]. Group 4: Market Implications - Despite the migration of deposits, analysts caution that this does not necessarily imply a significant influx of capital into the equity market, as much of the funds may flow into low-risk assets rather than riskier investments [5][13]. - The expected path of fund flow is projected to be from household deposits to non-bank deposits, then to financial products, and finally into the bond and stock markets [6][13]. - Analysts suggest that the liquidity in the equity market will depend on various macroeconomic indicators, and the sentiment may shift as the high point of deposit maturity pressure approaches in early 2026 [13][14].

Core Viewpoint - The recent financial statistics from the central bank indicate a significant shift in household deposits towards non-bank financial institutions, reflecting a broader trend of wealth migration from traditional savings to asset management products [2][6][7]. Group 1: Financial Data Overview - In January, household deposits increased by 2.13 trillion yuan, while non-financial corporate deposits rose by 2.61 trillion yuan, and deposits from non-bank financial institutions grew by 1.45 trillion yuan [1][3]. - The total balance of broad money (M2) reached 347.19 trillion yuan, with a year-on-year growth of 9%, while narrow money (M1) stood at 117.97 trillion yuan, growing by 4.9% [3][4]. Group 2: Deposit Migration Trends - Compared to the same period in 2025, non-bank deposits increased by 2.56 trillion yuan, while household deposits decreased by 3.39 trillion yuan, indicating a clear trend of "deposit migration" [2][4]. - Analysts noted that the decline in household deposits and the increase in non-bank deposits are influenced by factors such as the timing of the Spring Festival and a shift in investment preferences towards the stock market [4][5]. Group 3: Asset Management Product Migration - The discussion around the "massive maturity of deposits" has led to speculation about where these funds will be reallocated, with estimates suggesting that between 3 trillion to 7 trillion yuan of household time deposits will mature in 2026 [6][7]. - By the end of 2025, the balance of deposits in non-bank financial institutions is projected to reach 34.6 trillion yuan, marking a 22.8% year-on-year increase, which reflects the ongoing trend of deposit migration [6][7]. Group 4: Market Implications - Analysts express caution regarding the potential impact of deposit migration on the equity market, suggesting that the primary destination for matured deposits may be low-risk assets rather than high-risk equities [7][8]. - The outlook for 2026 indicates that if household investment remains stable, funds may flow from household deposits to non-bank deposits, and subsequently into financial products like funds and insurance, before reaching the bond and stock markets [7][8].

智通财经记者 陈月石 今年1月，人民币存款同比大幅多增，居民存款则同比少增，非银存款同比多增，"存款搬家"现象在1月 持续。 中国人民银行公布的1月金融数据显示，1月人民币存款增加8.09万亿元。其中，住户存款增加2.13万亿 元，非金融企业存款增加2.61万亿元，财政性存款增加1.55万亿元，非银行业金融机构存款增加1.45万 亿元。 浙商证券指出，1月人民币存款同比多增3.8万亿，存款开门红增长势头较好；其中，非银存款新增1.5万 亿，同比多增2.6万亿，主因年初权益市场牛市行情；居民存款新增2.1万亿，同比少增3.4万亿，存款搬 家现象持续。 本 期 编 辑 邢潭 中金公司在报告中指出，1月居民存款增加2.13万亿元，同比少增3.39万亿元，非银存款增加1.45万亿 元，同比多增2.56万亿元，低利率下居民投资更偏向理财产品；1月企业存款增加2.61万亿元，同比多增 2.82万亿元，企业结汇规模较高支撑企业存款增长。1月M1同比增速从去年12月的3.8%升至4.9%，企业 结汇叠加春节偏晚影响，M1同比增速有所回升；1月M2同比增速从去年12月的8.5%升至9.0%，受企业 结汇和非银存款支撑，广义货币 ...

Group 1 - The central bank reported that as of the end of January 2026, the total social financing stock was 449.11 trillion yuan, reflecting a year-on-year growth of 8.2%, indicating support for stable growth in the real economy [5][6] - The broad money supply (M2) increased by 9.0% year-on-year, significantly outpacing the nominal GDP growth rate, which suggests a moderately loose monetary policy is in place to support economic stability [5][6] - In January 2026, new loans in renminbi amounted to 4.71 trillion yuan, a decrease of 420 billion yuan year-on-year, with residential loans contributing 456.5 billion yuan, showing an increase in both short-term and medium-to-long-term loans [5][6] Group 2 - In January 2026, residential deposits decreased by 3.39 trillion yuan year-on-year, while non-bank financial institutions saw an increase of 2.56 trillion yuan in deposits, indicating a shift in deposit allocation among residents [6][7] - The discussion around the maturity of over 50 trillion yuan in fixed deposits has led to a trend of "deposit migration," where residents are reallocating their savings towards higher-yielding assets [6][7] - Analysts suggest that the ongoing low growth rate of residential deposits compared to M2 indicates a potential shift of funds towards enterprises, government, or non-bank financial sectors, with implications for capital market dynamics [6][7]