Zhongjin: The possibility exists that newly deposited funds from non-banking financial institutions may flow more towards the stock market.

CICC's review of July financial data: The active financial investment or significant increase in non-bank deposits is an important supporting factor. A prominent feature in July is the significant increase in deposits from non-bank institutions. In July, new deposits from non-bank institutions reached 2.14 trillion yuan, an increase of 1.39 trillion yuan year-on-year. This is not the first time this year that there has been a significant increase in deposits from non-bank financial institutions, as in April this year, new deposits from non-bank financial institutions also set a record high for the past 10 years. This may reflect the increasing activity of private sector financial investment in the context of declining deposit rates. Considering the rise in government bond yields and the decline in bond prices in July, the relative attractiveness of fixed income assets is relatively weak, which may lead to more of the new deposits from non-bank financial institutions flowing into the stock market.