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<p>The CICC report discusses the trend of deposit migration and market misinterpretations, pointing out that "massive" deposits maturing do not equate to all household savings, emphasizing the need to consider the impact of wealth management products. The report analyzes the high growth of household deposits from 2022 to 2023 and its reasons, suggesting that the concept of excess savings is more important, and predicts that household savings propensity will remain high in 2025, indicating that risk appetite has not significantly changed</p>

- The report discusses the narrative surrounding the massive maturation of deposits in 2025, highlighting common market misconceptions and the trend of deposit migration.  
- It emphasizes that while approximately 67 trillion yuan in deposits will mature, the actual movement of funds indicates stable risk preferences, with most funds remaining in the banking system.  
- The analysis concludes that the narratives of deposit migration do not necessarily imply a shift in risk appetite, as the actual direction for excess savings remains largely in consumption, property purchases, and loan repayments.

CICC: The "narrative" and reality of deposit migration