Market hot talks about "moving" deposits in the first quarter, insurance becomes an important direction for attracting funds.

Recently, the financial statistics for the first quarter have been released, showing that deposits in non-banking financial institutions increased by 2.03 trillion yuan, a year-on-year increase of 1.72 trillion yuan, reaching a historical high. In contrast, household deposits increased by 7.68 trillion yuan, a year-on-year decrease of 1.54 trillion yuan. Securities Times reporters found through cross-checking multiple data that the massive "migration" of deposits that was widely discussed in the market does not seem to have flowed into bank wealth management products, as the scale of bank wealth management products fell by over 1 trillion yuan in the first quarter. Equity-focused mutual funds have also experienced significant shrinkage, while FOF shares and scale both increased. On the insurance front, there has been a focus on the sales of dividend insurance products through bancassurance channels, leading to a significant increase in premium income. It can be seen that while household deposits have decreased slightly and financial investments have increased, funds are shifting from bank balance sheets to the non-banking sector. However, it is not necessarily entering the stock market, as this still depends on returns and profitability. Research by Guosen Securities' banking team suggests that household deposits are not concentrated in a few specific products, but are diversely distributed, with insurance becoming an important avenue for fund absorption.