Report Overview: February Credit Income and Expenditure Statement: Both corporate time deposits and personal time savings deposits show a trend of migration from small and medium-sized banks to large banks, increasing the deposit pressure on small and medium-sized banks, and the bond allocation intensity is marginally slowing down.
Liabilities: Time deposits migrating from small and medium-sized banks to large banks
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Corporate Deposits: A year-on-year decrease of 3.2 trillion yuan. By type, demand deposits decreased by 2.1 trillion yuan year-on-year, likely mainly due to the misalignment effects of the Spring Festival month; time deposits increased by 89.5 billion yuan year-on-year, with large banks and small and medium-sized banks increasing by 253.1 billion yuan and decreasing by 163.6 billion yuan year-on-year, respectively, indicating a flow of corporate time deposits from small and medium-sized banks to large banks.
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Personal Deposits: A year-on-year increase of 2.5 trillion yuan, with demand savings deposits and time savings deposits increasing by 2.7 trillion yuan and decreasing by 303.7 billion yuan year-on-year, respectively. The trend of time savings deposits migrating from small and medium-sized banks to large banks continues, with large banks and small and medium-sized banks increasing by 165.2 billion yuan and decreasing by 468.9 billion yuan year-on-year in February.
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Non-bank Deposits: A year-on-year decrease of 1.3 trillion yuan, with large banks and small and medium-sized banks decreasing by 695.3 billion yuan and 613.7 billion yuan year-on-year, respectively.
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Financial Bonds: A year-on-year decrease of 333.7 billion yuan, with large banks and small and medium-sized banks decreasing by 108.8 billion yuan and 224.9 billion yuan year-on-year, respectively.
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From the changes in the deposit structure of various types of banks:
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Large Banks: A net inflow of deposits of 1.8 trillion yuan in a single month, a year-on-year decrease of 369 billion yuan, with personal deposits, corporate deposits, and non-bank deposits net increasing by 1.5 trillion yuan, decreasing by 1.2 trillion yuan, and increasing by 1.3 trillion yuan, respectively, accounting for 55.5%, 31.7%, and 12.4% of the deposit stock structure, with changes of +0.3pct, -1.1pct, and +0.7pct compared to the previous month.
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Small and Medium-sized Banks: A net decrease of deposits of 118.4 billion yuan in a single month, a year-on-year decrease of 1.9 trillion yuan. Historical data shows that small and medium-sized banks have also experienced net outflows of deposits in a single month, such as a net decrease of 301.3 billion yuan in April 2025 and a net decrease of 326.2 billion yuan in July 2024. The future net outflow of deposits from small and medium-sized banks remains to be observed. Personal deposits, corporate deposits, and non-bank deposits net increased by 1.5 trillion yuan, decreased by 1.9 trillion yuan, and increased by 171.5 billion yuan, respectively, accounting for 50.7%, 36.8%, and 12.0% of the deposit stock structure, with changes of +1.0pct, -1.2pct, and +0.1pct compared to the previous month.
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Assets: Significant decrease in bill financing for large banks, reduction in bond allocation for small and medium-sized banks
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<li>Loans: A year-on-year decrease of 136.2 billion yuan, with large banks and small and medium-sized banks decreasing by 95.9 billion yuan and 40.3 billion yuan year-on-year, respectively.</li>
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By type, short-term loans, medium to long-term loans, and bill financing decreased by 215.2 billion yuan, increased by 311.6 billion yuan, and decreased by 230 billion yuan year-on-year, respectively. In February, bill discounting continued to decline, with large banks showing a more significant reduction; in February, large banks and small and medium-sized banks decreased their bill discounting by 197.4 billion yuan and 32.6 billion yuan year-on-year, respectively
2) Bond Investment: Year-on-year increase decreased by 276.9 billion yuan, with large banks increasing by 415.5 billion yuan and small and medium-sized banks decreasing by 692.4 billion yuan year-on-year. Under the increased pressure on deposit collection for small and medium-sized banks, the bond allocation intensity has marginally slowed down.
Investment Suggestions: In 2026, the investment focus for the banking sector should grasp three main lines: 1) Look for targets with expected performance growth or sustained high growth; 2) Pay attention to banks with expectations of convertible bonds converting into stocks; 3) The dividend strategy is still expected to continue.
Risk Warning: Economic recovery is less than expected; bank asset quality deteriorates beyond expectations.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OUHl-YOgsf48Im4IRx7Ib1HIso-ncK99fGAW1yM1NB-8IAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OUHl-YOgsf48Im4IRx7Ib1HIso-ncK99fGAW1yM1NB-8IAA/641"/>
Source of Report
The above content is excerpted from the securities research report published by Guotai Junan Securities.
Report Name: Migration of fixed deposits to large banks, decrease in bond allocation intensity of small and medium-sized banks — 202602 Credit Income and Expenditure Table; Report Date: 2026.03.18 Report Authors:
Ma Tingting (Analyst), Registration Number: S0880525100001
Chen Huiqin (Analyst), Registration Number: S0880525100003
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中证银行

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The research report from Cathay Securities and Haitong Securities indicates that the credit income statement for February 2026 shows a trend of both corporate and personal time deposits migrating to large banks. Small and medium-sized banks are facing increased pressure to attract deposits, and the intensity of bond allocation is weakening. Corporate time deposits decreased by 3.2 trillion yuan year-on-year, while personal time savings deposits increased by 2.5 trillion yuan year-on-year. The net inflow of deposits for large banks was 1.8 trillion yuan, while small and medium-sized banks experienced a net decrease of 118.4 billion yuan. The outflow of deposits from small and medium-sized banks will need further observation in the future

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Cathay Securities | Banks: Time deposits are migrating to large banks, and the bond allocation efforts of small and medium-sized banks are decreasing — 202602 Credit Income and Expenditure Statement