CITIC Securities: It is expected that more than 5 trillion yuan will flow out of deposits and be invested in "fixed income +" and other asset management products.

The research report from CITIC Securities believes that the financial data for July shows signs of "deposit migration", which may be attributed to a decline in deposit returns and the emergence of the "money-making effect" in the capital market. The destination of these funds includes investment in insurance, wealth management, and direct entry into the stock market, with an increasing emphasis on equity assets from insurance funds and wealth management. Looking ahead, whether from the perspective of excess savings or maturity of deposits, it is expected that more than 5 trillion yuan will flow out of deposits and be invested in "fixed income +" and other asset management products.