Dongwu Securities: Deposit current trend in 2025 may drive stock market liquidity improvement

According to Jinshi data, Dongwu Securities research report pointed out that the trend of deposit current in 2025 is obvious, and the "moving" of deposits for residents and enterprises has driven the increase of non-bank deposits. The current rate of fixed deposits may drive capital to increase allocation of equity assets and improve stock market liquidity. From July to August 2025, residents' excess fixed deposits decreased by 480.1 billion yuan, but the climax of large-scale deposit current or "moving" deposits has not yet arrived. If the profit-making effect of the stock market increases, the yield advantage of equity-oriented funds will continue to drive funds to the stock market.