Huachu Securities interprets the financial data for August: Residents' savings may be shifting.

The People's Bank of China released financial data for August on the 12th, showing that RMB deposits increased by 20.5 trillion yuan in the first eight months. Huachuang Securities stated that within the M2 sub-items, non-bank deposits remain the main support, while household deposits are significantly lower than seasonal levels, partially reflecting the impact of residents moving their deposits after equity gains. By sector, driven by the recovery of the equity market, non-bank deposits in August increased by 1.2 trillion yuan, exceeding 550 billion yuan more than the same period in 2024, continuing the high growth trend since July; household deposits increased by 110 billion yuan in the current month, 600 billion yuan less than the same period last year. 2023 was a "good year" for fixed-term deposit growth, and currently may be a peak period for fixed-term deposits nearing maturity. The high spirits in the equity market may drive residents to move their deposits into securities demand deposits and other financial products.