CITIC Securities: The acceleration of household deposit migration has not yet fully occurred, but has entered the budding stage.

The Shanghai Composite Index (SHCOMP) broke through 3800 points today. From the perspective of funds, many believe that this is related to the relocation of household savings. According to data from the People's Bank of China, household deposits in July decreased by 780 billion yuan compared to the same period last year, while non-bank deposits increased by 1.39 trillion yuan. At least 10 securities firms have issued research reports stating that financial data in July shows that the "relocation of household savings" may have already begun, with the trend becoming more apparent in the second half of 2025, contingent upon improvement in the fundamentals of the equity market. According to Shenwan Hongyuan Securities, the relocation of household savings has not yet accelerated on a comprehensive scale but has entered its early stages. By constructing an index of the "degree of relocation of household savings" and excluding the impact of stock price fluctuations, it can be seen that although this index has not deteriorated further, it is still running at historically low levels, indicating that the trend of household funds shifting towards the stock market is just beginning and requires more accumulation of profit-making effects to accelerate.