Zhongjin: Looking ahead, the trend of residents moving deposits is expected to continue.

CICC pointed out that in the future, the trend of residents' deposit migration is expected to continue. The current market is relatively active, and the profit-making effect is still ongoing. Non-bank deposit growth still has room for upward movement compared to historical highs. According to CICC's banking research department, the potential amount of funds that residents may invest in the market is estimated to be around 5-7 trillion yuan, but the actual market entry situation depends on various factors such as macroeconomic conditions, policy expectations, and external environment. If the short-term trading volume increases rapidly, short-term fluctuations may intensify, but generally do not affect the medium-term trend. In terms of allocation, refer to sectors that have had relatively good performance during previous deposit migration phases, and focus on: 1. Sectors with high prosperity and validated performance, such as AI/computing power, innovative drugs, military industry, and non-ferrous sectors; 2. Brokerage and insurance industries that have high performance elasticity and directly benefit from increased market activity; 3. Sectors that benefit from policies like "anti-internal competition," such as photovoltaic industry.