Zhong Jin: In August, the year-on-year growth of household deposits decreased by 600 billion yuan, possibly due to the movement of deposits entering the stock market.

The China Golden Securities stated that in August, resident deposits increased by 600 billion yuan less year-on-year, speculating that this may be related to some long-term fixed deposits not being renewed after maturity, entering the stock market in an active capital market environment. Analysts such as Lin Yingqi stated in their report that in August, non-bank deposits increased by 1.18 trillion yuan, an increase of 550 billion yuan compared to the same period last year. Considering that the size of wealth management products in August increased by about 150 billion yuan less than the same period last year, it is speculated that the high increase in non-bank deposits is mainly due to the migration of resident deposits to securities margin accounts and equity mutual funds. In August, the number of new A-share accounts reached 2.65 million, an increase of 35% from July. The daily trading volume of A-shares reached 2.25 trillion yuan, exceeding that of September 2024 and June 2015, possibly confirming the trend of residents entering the market with their deposits.