: The trend of deposit migration continues, but the pace is slowing.

The Zhongjin Research Report stated that we use the year-on-year changes in non-bank deposits to depict the progress of deposit migration. The increase in non-bank deposits may come from three sources: physical deposits entering securities margin and equity products accounts; physical deposits entering fixed-income products accounts; and creation of deposits through non-bank loans. Considering that the growth rate of fixed-income asset management products has been continuously declining in recent months and the incremental scale of non-bank loans is relatively small, the migration of deposits to the equity market may be the main reason. In August, non-bank deposits increased by 550 billion yuan year-on-year, with the incremental scale decreasing compared to July, but still maintaining an increasing trend. In August, the scale of bank wealth management products only increased by around 140 billion yuan year-on-year, proving that the migration of deposits to fixed-income products is not the main cause of the rise in non-bank deposits.