According to the latest statistics from the central bank, by the end of November 2019, the balance of RMB deposits of Chinese households had reached 79.78 trillion yuan, of which 28.33 trillion yuan was current deposits alone. On the whole, the potential market capital of household savings is very sufficient.
Risk appetite is expected to improve
According to statistics from third-party institutions, the proportion of domestic urban household assets in real estate is over 70%, while the proportion of financial assets is only slightly higher than 10%, among which the proportion of household assets in stocks and funds is less than 2%. It can be seen that the allocation proportion of domestic urban households in stocks and funds is very low, while the allocation proportion of real estate assets is high. Of course, residents saving into the market is not an overnight success. For example, the long-term bull short bear long in the history of A-share makes individual investors need to re recognize the current Chinese stock market, which are the problems that residents need to solve when saving into the market. However, on the whole, the current Shanghai composite index is around 3000 points, and the expected return on investment and dividend return of a shares are more expected than that of large assets such as real estate.
Shanghai minority investment analysis shows that the value-added of domestic real estate in the past 20 years is the most important source of wealth growth of residents. But judging from the situation in 2019, the yield of real estate and stock market has a relatively obvious gap. From the perspective of expected profits of enterprises and dividends of listed companies, at present, investors simply hold the stock assets of Shanghai and Shenzhen 300 index fund, which represents the average level of the market. Theoretically, they can get far more returns than other assets such as real estate. At this stage, real estate assets have lost the environment of continuous and substantial increase, and the stock market with strong internal income will obviously gradually attract more external funds such as residents savings.
In addition, Hongshang asset and other private placements pointed out that under the background of macroeconomic stabilization, the banks structural deposit and cash management financial management supervision were strictly enforced, and the managements policies to promote the residents savings into the market were favorable, and the market risk preference was expected to continue to improve. The spring market and potential high efficiency of A-share market should be expected.
Source: editor in charge of China Securities News: Ren Hui, nbj9607