中性假设下，机构预测2026年险资的全年股基增量资金估计约7133亿元。 加仓叠加市值上涨，超38万亿元险资正上演一轮权益增配行情。 金融监管总局近期发布的2025年四季度保险公司资金运用情况表数据显示，截至2025年末，保险行业资 金运用余额达38.5万亿元，较年初同比增加15.7%。其中，险资配置核心权益资产（股票+证券投资基 金）规模较年初大幅增加1.6万亿元，达5.7万亿元。其中股票增加1.31万亿元，基金增加2900亿元，在 产寿险公司的险资大类配置中占比超15%。 "（险资的）权益配置维持在历史高位。"华创证券金融业研究主管、首席分析师徐康表示。 而2026年险资对权益资产的增配兴趣或将继续。中国银行保险资产管理业协会近期发布的保险机构2026 年资产配置展望调查结果（下称"调查结果"）显示，股票和证券投资基金是2026年保险机构普遍看好的 境内投资资产，超过六成的保险机构有意愿适度或微幅增加股票投资。 险资投资余额增速创五年新高 相对而言，险资近两年在核心权益配置上的比例提升得更为明显，股票配置比例已连续六个季度环比增 加。 金融监管总局数据显示，截至2025年末，保险行业资金运用余额达38.5 ...

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].

较25Q3增长2.7%，延续稳健增长，债券及银行存款占比有所提升，权益类资产中股票持平、基金与长 股投占比略有下降。截至25Q4末，股票+基金+长股投比例达23.0%，较上年末提升2.6pct，对应规模合 计增加1.97万亿元，其中2025Q4单季新增约997亿元。分项来看，股票及基金规模合计5.7万亿元，占比 15.4%，全年新增1.60万亿元，四季度新增1,101亿元。1）债券：人身险与财产险公司合计配置债券占 比50.4%，较上年末/25Q3分别+0.9pct、+0.1pct，Q4单季增配幅度明显低于往年同期（23Q4、24Q4债券 占比分别环比提升1.2、1.1pct），利率震荡下险资阶段性放缓长久期债券增配节奏。2）股票：占比 10.1%，较25Q3基本持平，较上年末提升2.5pct；规模较25Q3及上年末分别增长1135亿和1.31万亿。四 季度配置增量有限，一方面受季节性因素影响，Q4保费流入占全年比重约10%，新增资金规模相对较 小；另一方面，权益市场震荡背景下，预计部分险企择机兑现浮盈。3）基金：占比5.3%，较25Q3下降 0.2pct，较上年末小幅提升0.1pct；规模较25Q3减少34 ...

Core Viewpoint - After the Spring Festival, individuals are concerned about how to effectively manage their year-end bonuses and red envelopes to ensure stable growth of their wealth, emphasizing the importance of avoiding traps in seemingly attractive bank deposit products [1] Group 1: Principles to Follow - The "two don'ts" principle advises against being lured by high interest rates and small gifts, as these may indicate non-deposit products that carry risks of capital loss [2] - It is recommended to avoid concentrating all funds in one bank to mitigate risks, suggesting a strategy of diversifying deposits across 2-3 banks, keeping each bank's total deposits within the 500,000 yuan insurance limit [2] - The "three do's" principle focuses on selecting the right methods for maximizing savings [2] Group 2: Choosing the Right Deposit Method - Selecting the appropriate deposit method based on the intended use of funds is crucial, with options including demand deposits, time deposits, and large-denomination certificates of deposit, each with different interest rates and flexibility [3] - Implementing a laddering savings strategy is advised, where funds are divided into multiple parts and deposited in varying terms to balance yield and liquidity, ensuring access to funds while maximizing interest [3] Group 3: Ensuring Safety of Deposits - Recognizing the deposit insurance mark is essential for safeguarding funds, as it indicates that deposits up to 500,000 yuan in a single bank are protected under the Deposit Insurance Regulations [4] - It is important to differentiate between deposit products and other financial products, as only deposits are covered by insurance, while investments in funds or insurance products are not [4] Group 4: Additional Tips - Individuals are encouraged to personally handle all deposit transactions and safeguard sensitive information to prevent theft [5] - It is advised not to focus solely on interest rates but to consider liquidity and inflation, potentially incorporating low-risk products like government bonds or money market funds for slight growth [6] - Keeping track of deposit receipts and transaction records is recommended for easy access and verification [6] Conclusion - Saving money is a vital method for individuals to protect their wealth, especially after the Spring Festival when they may have idle funds. Adhering to principles of selecting the right methods, planning effectively, recognizing insurance marks, and avoiding high-risk temptations can lead to both safety and reasonable returns [7]

Core Viewpoint - The article discusses the varying definitions of what constitutes a "wealthy person," emphasizing the importance of not only bank savings but also other assets like real estate and investments in determining wealth status [3][4]. Group 1: Definitions of Wealth - Different perspectives exist on what defines a wealthy individual, with some arguing that real estate and investment holdings should be included alongside bank savings [3]. - Others contend that in the current market, the liquidity of assets like real estate is low, making cash savings a more reliable measure of wealth [4]. Group 2: Wealth Levels - The article categorizes wealthy individuals into three levels based on their bank savings: - **Lower Middle-Class Wealthy**: A household should have at least 300,000 yuan in savings to be considered part of this group, as the average savings per capita in China is 97,000 yuan [6]. - **Middle-Class Wealthy**: Individuals need to have savings of over 1 million yuan, with only 0.1% of the population meeting this criterion, which is seen as a significant milestone for many [6][7]. - **High Net-Worth Individuals**: This group is defined as having savings of over 6 million yuan, qualifying them for exclusive services from private banks [8]. Group 3: Financial Security - Having 1 million yuan in savings allows individuals to alleviate financial anxiety and provides a safety net in case of job loss, especially for retirees [6][7]. - High net-worth individuals focus on asset preservation and growth rather than immediate financial survival, often utilizing tailored investment strategies from private banking services [10].

Core Viewpoint - The rapid growth of non-bank financial institution deposits in China reflects a significant shift in the financial landscape, driven by factors such as the deepening of financial market reforms, the demand for wealth management, and the challenges posed to banks' liquidity management and profitability strategies [1][5]. Group 1: Non-Bank Deposit Growth - By the end of 2025, the balance of deposits in non-bank financial institutions reached 34.6 trillion yuan, a year-on-year increase of 22.8%, marking the highest growth in a decade [1]. - The increase in non-bank deposits is attributed to a "deposit migration" phenomenon, where residents and enterprises reallocate funds from traditional bank deposits to higher-yielding financial products like wealth management and funds [2][3]. - The balance of asset management products sourced from households and enterprises reached 56.3 trillion yuan by the end of 2025, growing by 9.7% year-on-year, indicating a clear trend of wealth migration from traditional deposits to asset management products [3]. Group 2: Impact on Banking Sector - The rapid growth of non-bank deposits has altered the liability structure of banks, with household and enterprise deposits decreasing in proportion while non-bank deposits are on the rise [6]. - Non-bank deposits are characterized by higher volatility and uncertainty compared to traditional deposits, necessitating enhanced liquidity management by banks [7]. - The increase in non-bank deposits poses challenges to banks' net interest margins and profitability, as the decline in deposit rates does not match the decrease in asset yields [7][8]. Group 3: Risk Management and Regulatory Response - The rise of non-bank deposits requires banks to expand their risk management frameworks to include monitoring of the asset management industry and systemic risks in financial markets [8]. - The People's Bank of China has accelerated the improvement of macro-prudential management frameworks, indicating a heightened focus on systemic risks associated with non-bank financial institutions [8]. - Banks are advised to enhance their liquidity risk management systems and conduct regular stress tests to prepare for potential scenarios of rapid deposit migration [15][16].

据《摩洛哥外交报》2月10日报道，摩洛哥央行数据显示，截至2025年底，摩洛哥银行存款总额达 1367.7亿美元，同比增长7.5%。其中，居民存款978.7亿美元，增长5.9%，企业存款260.5亿美元，增长 10%。 ...

保险资金运用余额继续快速增长 1）2025年末保险行业资金运用余额达38.5万亿元，较年初+15.7%，较Q3末+2.7%，全年增速为2021年 以来最高水平，该行认为主要受负债端保费规模持续较快增长带动。2）人身险公司投资规模为34.7万 亿元，占行业的90.1%。投资规模较年初+15.7%，较Q3末+2.8%。财产险公司投资规模为2.4万亿元，占 行业的6.3%。投资规模较年初+8.8%，较Q3末+1.2%。 2025全年"股票+基金"增加1.6万亿，Q4单季增加1101亿 1）2025年末产、寿险公司"股票+基金"合计余额5.7万亿元，其中股票3.73万亿元，基金1.97万亿元。 2025年股票+基金规模较年初大幅增加1.6万亿元，其中股票增加1.31万亿元，基金增加2899亿元，该行 认为除新增资金外，股价上涨和基金净值提升也有较大影响。2）Q4单季"股票+基金"规模增加1101亿 元，其中股票增加1135亿元，基金减少34亿元。3）从占总投资规模比重看，2025年末股票+基金合计 占比15.4%，较年初提升2.6pct，但较Q3末下降0.1pct。其中，股票占比10.1%，较年初/Q3分别提升 2. ...

当今，中国居民普遍将房产投资与银行存款视为主要的财富增值途径。相关数据显示，房产在中国家庭总资产中占据了高达77%的惊人比例，其余的金融资 产则仅占23%。这深刻反映出，我国众多家庭将大部分财富的重心置于房地产领域。与此同时，居民储蓄余额已达134.98万亿元，若均摊至14.12亿人口，人 均存款额约为9.56万元。这一数字侧面印证了中国居民普遍具有较高的储蓄意愿。 然而，近期有业内资深人士发出预警，指出十年之后，房产和存款的价值都将面临大幅缩水，日益变得不那么"值钱"，并建议大家提前规划应对。 房产的贬值隐忧： 首先，让我们深入探讨房产价值下滑的原因。 一方面，中国房价已连续上涨了二十余载。尽管近两年各地楼市出现了一轮调整，但当前许多城市的房价，依然存在不同程度的资产泡沫，其价格水平已远 远脱离了当地居民的实际收入能力。在此背景下，未来几年房价极有可能经历一个从投资属性向居住属性的回归过程，逐渐挤压泡沫，并更加紧密地与居民 的收入水平挂钩。 另一方面，历经多年的疫情洗礼，不少家庭的收入锐减甚至遭遇失业，购房能力受到了严重侵蚀，已难以支撑当前的高企房价。同时，如今的家庭购房行为 也日趋理性，不再像疫情前那样盲 ...