摘要 2017 年至 2022 年，居民存款快速增长，2022 年达 17.8 万亿元峰值， 增速从 1.1%升至 17.4%。2023 年起增速回落，预计 2025 年降至 10%左右。房地产市场下行和资管产品收益下降是存款增长的主要驱动 因素。 金融监管收紧和资管新规落地导致部分资金回流银行存款。央行推进存 款利率市场化改革，2022 年 9 月至 2025 年 5 月，五年期定存利率累 计下调 135 个基点，短端利率下调 60 个基点，促使资金流向理财产品 等。 随着存款利率下调和资本市场收益增强，居民投资偏好多元化，青睐理 财产品、货币基金等类货币金融产品。债券、股票等风险资产在 2024 年相对收益提升，也吸引部分资金流入。 2017/2018 年是居民金融资产配置的重要拐点，现金存款配置比例上 升，2022 年占比达 85%，表明财富回流存款端。2023 年以来，金融 产品和资管产品投资比例回升至 31%，但仍低于 2014-2017 年水平， 存款类配置比例维持在 70%左右。 Q&A 近年来我国居民存款的变化趋势如何？具体有哪些阶段性的特征？ 从 2018 年开始，我国居民存款进入了一个持续 ...

一直以来，国内居民都爱存钱。资料显示：2025年上半年，中国居民银行存款暴增10.77万亿元，创下历史性新高！而近些年，银行获批解散的情况越来越 多。数据显示，2022年全年仅有43家小银行撤并，2023年增至77家，2024年飙升至204家，而2025年仅前5个月，已有184家中小银行获批复合并或解散，数 量达到去年同期的7倍之多，几乎接近去年全年的总量。 导致银行解散和重组的原因主要有三个：第一，一些大型银行之前是小银行的大股东。而在激烈的市场竞争下，为了更好开展业务，就把这些小银行解散， 然后对这些小银行进行重组，并让其成为大银行旗下的分支机构。这样一来，大银行的资源就能得到更好的整合，能够快速提升其在市场上的竞争力。 第二，现在银行之间的竞争日趋白热化，而中小银行为了能够更好的生存和发展下去，就只能几家银行合并在一起"抱团取暖"，成立一家大型银行。事实 上，新成立的大型银行无论是在市场竞争方面，还是抵御风险的能力都会有明显的提升。 第三，一些中小银行因经营不善，长期处于亏损状态，只能宣布解散。然后再由大型银行来进行收购和重组。而解散了的中小银行，就成为了大型银行的分 支机构。 而对于越来越多的中小银行 ...

这个问题到现在是众说纷纭，反正怎么说看似都对。牛市涨到后面就是一场又一场的心理和情绪博弈。 但是一个牛市想要保持持久，光有情绪是不够的，还是需要低下头来看看影响牛市的宏观基本面和政策。 尤其是政策氛围，鼓励和不鼓励，刺激和不刺激，差别就非常大。 今年下半年影响牛市走势的有一个非常关键的因素，需要大家持续去追踪。 又一次见证历 史，大A拿出了六亲不认的步伐，在昨天冲破3800点。 上证指数上涨1.35%，深指上涨2.07%，创业板上涨3.36%，涨势凶猛得吓人。 身在其中，好久没见过这种架势了，这种上涨涨得人焦虑，感觉每时每刻挣得都是刀口舔血的钱。 横亘在咱们股民心里的一个小问号，时不时的就跳出来。 这一次的牛市，是不是真的不一样？ 大洋彼岸美联储在9月份能不能降息，会对我们这轮牛市的进程和波动造成比较大的影响。 这几天围绕着美联储能不能降息的博弈，真的是惊心动魄一波三折。 特朗普力推美联储降息，一再朝美联储施加压力。前一段他刚刚提名了斯蒂芬.米兰出任美联储理事，这两天又用房贷资料的问题逼另一个美联储 理事库克辞职。同时加大了对鲍威尔的攻击力度。 看似美联储9月降息已经是板上钉钉的事儿，但是现在传出来美联储要公 ...

【 导读 】 保险资金 同时增加债券和股票配置 ，" 哑铃型 " 配置策略更加突出 见习记者 储是 受到 储蓄需求持续、"报行合一"政策深化实施等多重积极因素驱动，保险业核心指标保持稳 步上涨态势。 金融监管总局近日发布 了 二季度银行业保险业主要监管指标数据 。 截至上半年末，保险业 总资产规模同比增长9.2%，上半年总保费收入同比增长5.1% 。上半年保费的增长主要由寿 险所驱动，数据显示，1月~6月人身险公司保费收入增速为5.4%，较1月~5月的3.3%增速明 显走扩。 投资端， 截至2025年二季度末，保险资金运用余额达36.23万亿元，同比增长17.39%，较 2025年 年初 增长 8.9% ； 环比 增长 3.7% 。 其中，人身险公司的资金运用余额为32.60 万亿 元 ，较年初 增长 8.9% ； 财产险公司的资金运用余额为2.35万亿 元 ，较年初 增长 5.7% 。 保险资金运用余额 突破36万亿元，主要配置方向仍是债券， 大力加仓股票。 银行存款和非 标 则 继续被 保险资金 减配 。 保险资金大力 加仓 权益市场 ，截至二季度末，人身险和财产险公司 （行业资金 合计 占比 达96.5 ...

Core Viewpoint - The insurance industry in China has seen a significant increase in the scale of fund utilization, surpassing 36 trillion yuan by the end of Q2 2025, marking a year-on-year growth of 17.4% [1] Group 1: Fund Utilization Scale - By the end of Q2 2025, the total fund utilization balance of insurance companies reached over 36 trillion yuan, with property insurance companies holding 2.35 trillion yuan and life insurance companies holding 32.6 trillion yuan [1] - The balance of investments in stocks and securities investment funds by life and property insurance companies reached 4.73 trillion yuan, reflecting a 25% increase compared to the same period in 2024 [2] Group 2: Equity Investment Trends - The proportion of equity investments has been steadily increasing, with life insurance companies investing 4.35 trillion yuan in stocks and securities investment funds, a 25.7% year-on-year increase, accounting for 13.34% of their total fund utilization [2] - Property insurance companies invested 379.2 billion yuan in stocks and securities investment funds, representing 16.16% of their total fund utilization, showing a significant increase [2] Group 3: Stock Investment Growth - The enthusiasm for stock investments among insurance companies has rapidly increased, with life insurance companies holding 2.87 trillion yuan in stocks, accounting for 8.81% of their total fund utilization, up 1.8 percentage points year-on-year [3] - Property insurance companies held 195.5 billion yuan in stocks, representing 8.33% of their total fund utilization, an increase of 1.84 percentage points year-on-year [3] Group 4: Bond Investments - The total balance of bond investments by insurance companies reached 17.87 trillion yuan by the end of Q2 2025, a significant increase of 1.9 trillion yuan from the end of 2024, making it the largest investment category [5] - Life insurance companies held 16.92 trillion yuan in bonds, accounting for 51.90% of their total fund utilization, while property insurance companies held 945.5 billion yuan, representing 40.29% [5] Group 5: Changes in Investment Strategy - The recent tax policy changes regarding bond interest income are not expected to alter the fundamental role of bonds as a stabilizing asset for insurance companies, which continue to prioritize long-duration bonds in their investment strategies [6] - Analysts suggest that insurance companies may shift towards investment products with better tax advantages or higher returns, while maintaining a focus on absolute returns in equity investments [6]

Core Viewpoint - The insurance industry in China has seen a significant increase in fund utilization, with the total balance surpassing 36 trillion yuan as of Q2 2025, reflecting a year-on-year growth of 17.4% [2]. Group 1: Fund Utilization Overview - As of Q2 2025, the fund utilization balance of property insurance companies reached 2.35 trillion yuan, while life insurance companies held 32.6 trillion yuan [2]. - The total investment in stocks and securities investment funds by both life and property insurance companies amounted to 4.73 trillion yuan, marking a 25% increase compared to the same period in 2024 [3][4]. Group 2: Equity Investment Trends - The proportion of equity investments has been steadily increasing, with life insurance companies investing 4.35 trillion yuan in stocks and securities investment funds, a 25.7% increase year-on-year, representing 13.34% of their total fund utilization [4]. - Property insurance companies invested 379.2 billion yuan in stocks and securities investment funds, accounting for 16.16% of their total fund utilization, showing a significant increase [4]. - The rise in equity investment is attributed to several factors, including stock market gains, a low-interest-rate environment, and regulatory policies encouraging long-term investments [5]. Group 3: Bond Investment Dynamics - The total balance of bond investments by both life and property insurance companies reached 17.87 trillion yuan, a substantial increase of 1.9 trillion yuan from the end of 2024, making it the largest investment category [8]. - Life insurance companies held 16.92 trillion yuan in bonds, representing 51.90% of their total fund utilization, while property insurance companies held 945.5 billion yuan, accounting for 40.29% [8]. - The recent tax policy changes regarding bond interest income are not expected to alter the fundamental role of bonds as a stable investment for insurance funds [9]. Group 4: Decline in Bank Deposits - The proportion of investments in bank deposits has been declining, with life insurance companies holding 8.02% and property insurance companies holding 17.24% of their total fund utilization in bank deposits as of Q2 2025 [9]. Group 5: Future Investment Outlook - Analysts suggest that insurance funds may shift towards investments with better tax advantages or higher returns, with a continued emphasis on equity investments in the long term [10].

Core Viewpoint - The significant outflow of resident deposits, amounting to 1.11 trillion yuan in July 2025, indicates a shift in investment behavior and highlights the need for policy guidance to direct funds towards the real economy to prevent asset bubbles [1][8]. Group 1: Deposit Outflow and Market Impact - The outflow of deposits has disrupted the previously high levels of bank deposits, with funds primarily flowing into the A-share market, which saw a surge in non-bank financial institution deposits by 2.14 trillion yuan in July, marking a year-on-year increase of 1.39 trillion yuan, the highest in a decade [3]. - The stock market experienced significant gains, with the Shanghai Composite Index rising by 3.74%, the Shenzhen Component Index by 5.20%, and the ChiNext Index by 8.14% in July [3]. - Trading volumes in the Shanghai and Shenzhen markets reached new highs for the year, exceeding 15.6 trillion yuan and 21.4 trillion yuan, respectively, reflecting unprecedented market enthusiasm [3]. Group 2: Fund Allocation Trends - Public funds attracted substantial investments, with the total scale of public funds reaching 34.39 trillion yuan by the end of June 2025, marking the ninth historical high since early 2024 [3]. - Bond funds saw the most significant growth, increasing by 507.8 billion yuan in June, while stock and mixed funds grew by 148.3 billion yuan and 121.3 billion yuan, respectively [3]. - Bank wealth management products also gained traction, with a market size of 30.67 trillion yuan as of June 2025, offering a 2.12% annualized return, which is significantly higher than the 0.95% return on one-year fixed deposits from major state-owned banks [4]. Group 3: Consumer Behavior and Loan Repayment - A portion of the outflowed deposits was directed towards early mortgage repayments, with personal housing loan balances decreasing by 852 billion yuan in the first seven months of 2025 [6]. - Consumer demand has rebounded, particularly in the mid-to-low-end markets such as dining, entertainment, and tourism, with domestic tourism reaching 3.08 billion trips in the first half of 2025, a year-on-year increase of 18.5% [6]. - Total tourism revenue surpassed 3.2 trillion yuan, and outbound tourism increased by over 40%, reaching 89.5 million trips, indicating a strong recovery in consumer spending [6]. Group 4: Changing Investment Preferences - The diminishing yield advantage of bank deposits is evident, with bank wealth management products and dividend stocks offering returns above 2%, compared to just 0.95% for one-year fixed deposits [9]. - Residents are diversifying their asset allocation strategies, opting for a mix of low-risk, medium-risk, and high-risk investments to balance risk and return [11].

Core Insights - The phenomenon of "deposit migration" in China's financial market reflects a significant shift of residents' funds from traditional bank deposits to non-bank financial institutions, driven by low deposit interest rates and attractive stock market performance [1][2][5] Group 1: Deposit Migration Dynamics - In July 2025, residents' deposits decreased by 1.11 trillion yuan, a year-on-year drop of 780 billion yuan, while non-bank financial institutions saw an increase of 1.39 trillion yuan, marking a near ten-year high [1] - The decline in bank deposit attractiveness is attributed to a continuous drop in interest rates, with many small and medium banks reducing rates by 10 to 40 basis points since April, leading to annualized rates below 2% [1][2] - The stock market's strong performance in July, with over 2 million new stock accounts opened, indicates a growing participation of ordinary citizens in equity investments [2][3] Group 2: Changing Investment Landscape - The diversification and convenience of investment channels have contributed to this trend, with mobile technology enabling easy access to various investment products [2][3] - A shift in the public's financial mindset is evident, as individuals now recognize that idle funds equate to depreciation due to inflation and rising living costs [2][5] - The younger generation, particularly those born after 2000, shows a higher acceptance of investment, actively engaging in the stock market and driving new investment trends [3][5] Group 3: Policy and Economic Implications - Recent monetary policy changes, including a reduction in loan market quotation rates and deposit rates by major banks, have further encouraged the flow of funds into alternative investment channels [3][5] - The "deposit migration" phenomenon is seen as a "seesaw effect" between resident deposits and non-bank deposits, where declining bank deposit yields push funds towards higher-yielding investments [5] - This shift is expected to enhance liquidity in the stock market, expand asset management for fund companies, and increase premium income for insurance firms, indicating a transformative impact on the financial ecosystem [5][7] Group 4: Future Outlook - The trend of "deposit migration" is likely to persist in the short term due to ongoing low bank deposit rates and deepening capital market reforms [7] - As the financial market matures, wealth management for residents is anticipated to become more diversified and professional, with bank deposits remaining a key option for risk-averse investors [7][9] - The overall societal impact of this shift is positive, promoting market activity, improving resource allocation efficiency, and creating more wealth opportunities for the public [9]

Core Insights - Recent data from the central bank indicates a significant outflow of deposits, with a reduction of 1.11 trillion yuan in July 2025, which is 780 billion yuan more than the same period last year [1][11] - Industry experts predict that the trend of deposit outflow may continue in the short term, with an expected annual increase in resident deposits falling below 1 trillion yuan [1] Group 1: Deposit Outflow Trends - The outflow of deposits is primarily directed towards the A-share market, with non-bank financial institution deposits surging by 2.14 trillion yuan, marking a ten-year high [5] - The Shanghai Composite Index rose by 3.74%, while the Shenzhen Component Index and the ChiNext Index increased by 5.20% and 8.14%, respectively, due to the influx of funds into the A-share market [5] - Public funds have also seen significant growth, with the total scale reaching 34.39 trillion yuan by the end of June 2025, marking the ninth historical high since early 2024 [7] Group 2: Investment Shifts - A substantial portion of the outflow has been directed towards public funds, particularly bond funds, which saw a growth of 507.8 billion yuan in June 2025 [7] - Bank wealth management products have attracted deposits, with the market size reaching 30.67 trillion yuan by the end of June 2025, despite declining yields [9] - The annualized yield of bank wealth management products stands at 2.12%, significantly higher than the 0.95% yield of one-year fixed deposits from major state-owned banks [9] Group 3: Consumer Behavior - There is a notable trend of residents using their deposits for early mortgage repayments, with personal housing loan balances decreasing by 852 billion yuan in the first seven months of 2025 [9] - Consumer spending has also increased, particularly in the mid-range sectors such as dining, entertainment, and tourism, with domestic tourism reaching 3.2 trillion yuan in revenue [9]

Group 1 - The core point of the article is the recent tax policy changes affecting various investment products, particularly the reintroduction of value-added tax (VAT) on interest income from newly issued government bonds, local bonds, and financial bonds starting from August 8 [8][10]. - The new tax policy is expected to generate additional revenue for the government, estimated to be in the hundreds of millions due to the VAT on these bonds [8][10]. - The article outlines the tax implications for different investment types, including stocks, bonds, funds, and bank deposits, emphasizing that most retail investors will not be significantly impacted by these changes [31][32]. Group 2 - For bonds, newly issued government bonds will now incur a VAT of 3% to 6%, which may affect the net returns for investors holding bond funds [8][10]. - Stocks have different tax rates based on holding periods, with A-shares having a tiered tax rate from 0% to 20%, while overseas stocks are subject to a flat 20% personal income tax [12][14]. - Investment funds and bank deposits currently remain exempt from personal income tax, with the latter's exemption dating back to 2008 [22][30]. Group 3 - The article highlights that insurance payouts are exempt from personal income tax, aligning with the principle of insurance as a protective measure [27][29]. - The tax treatment of various investment products is summarized in a table, providing a clear overview of how different types of income and capital gains are taxed [7][33]. - The article encourages long-term investment strategies, noting that the tax policies favor holding investments over short-term trading [31][32].