Guotai Junan Securities: The money-making effect of the stock market further stimulates residents' deposit relocation, which is a positive signal worthy of market attention.

China Galaxy Securities stated that financial data this month shows that the wealth effect of the stock market further drives residents to transfer their deposits, which is a positive signal worth market attention. In our financial data interpretation report for September, we emphasized that "the financial data for September shows that the behavior of residents transferring deposits to non-bank institutions appears to have paused on the surface, but it is actually due to the base disturbance of rapid deposit transfers in September last year. We believe that the transfers have not been paused and we need to continue observing further data."