居民存款同比少增、非银存款同比多增，1月“存款搬家”背后发生了什么？

\u003cdiv class=\"rich_media_content\"\u003e\u003c!--NO_AD_ERROR_2--\u003e\u003cp\u003e今𻂉月，人民币存款同比大幅多增，居民存款则同比少增，\u003c!--VERTICAL_CARD_BEGIN_0--\u003e非银存款\u003c!--VERTICAL_CARD_END_0--\u003e同比多增，“\u003c!--VERTICAL_CARD_BEGIN_1--\u003e存款搬家\u003c!--VERTICAL_CARD_END_1--\u003e”现象𶞑月持续。\u003c/p\u003e\u003cp\u003e中国人民银行公布񊄩月金融数据显示，1月人民币存款增𳩈.09万亿元。其中，住户存款增𳩂.13万亿元，非金融企业存款增𳩂.61万亿元，财政性存款增𳩁.55万亿元，非银行业金融机构存款增𳩁.45万亿元。\u003c!--NO_AD_0--\u003e\u003c!--EOP_0--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_0--\u003e\u003cp\u003e\u003c!--SECURE_LINK_BEGIN_0--\u003e浙商证券\u003c!--SECURE_LINK_END_0--\u003e指出，1月人民币存款同比多𷘯.8万亿，存款开门红增长势头较好；其中，非银存款新𷘭.5万亿，同比多𷘮.6万亿，主因年初权益市场牛市行情；居民存款新𷘮.1万亿，同比少𷘯.4万亿，存款搬家现象持续。\u003c!--NO_AD_1--\u003e\u003c!--EOP_1--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_1--\u003e\u003cp\u003e\u003c!--SECURE_LINK_BEGIN_1--\u003e方正证券\u003c!--SECURE_LINK_END_1--\u003e指出，1月“存款搬家”现象是多重因素共同作用结果：1）开年大量定期存款到期后，部分存款被再配置为资管产品，驱动银行同业存款占比上升，但需要注意的是银行负债结构的变化不影响流动性情况，当前社会融资环境较为宽松；2）春节错位影响，去𻂉月已实现企业到居民的存款流动，推高了居民存款基数，并也拉低了企业存款基数，因而今𻂉月企业—居民也出现了存款跷跷板现象；3）1月资本市场活跃、保险销售高增也支撑了非银存款增长。\u003c!--AI_MID_AD_0--\u003e\u003c!--NO_AD_2--\u003e\u003c!--EOP_2--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_2--\u003e\u003cp\u003e\u003c!--SECURE_LINK_BEGIN_2--\u003e中金公司\u003c!--SECURE_LINK_END_2--\u003e在报告中指出，1月居民存款增𳩂.13万亿元，同比少𷘯.39万亿元，非银存款增𳩁.45万亿元，同比多𷘮.56万亿元，低利率下居民投资更偏向理财产品；1月企业存款增𳩂.61万亿元，同比多𷘮.82万亿元，企业结汇规模较高支撑企业存款增长。1月\u003c!--VERTICAL_CARD_BEGIN_2--\u003eM1同比增速\u003c!--VERTICAL_CARD_END_2--\u003e从去�月񊄫.8%升񑎂.9%，企业结汇叠加春节偏晚影响，M1同比增速有所回升；1月\u003c!--VERTICAL_CARD_BEGIN_3--\u003eM2同比增速\u003c!--VERTICAL_CARD_END_3--\u003e从去�月񊄰.5%升񑎇.0%，受企业结汇和非银存款支撑，广义货币同比增速继续回升。后续来看，预计人民币汇率预期偏强继续支撑结汇需求释放，人民币存款有望保持较快增长。\u003c!--NO_AD_3--\u003e\u003c!--EOP_3--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_3--\u003e\u003cp\u003e中国人民银行�年四季度货币政策报告的专栏中谈及了“存款搬家”这一现象。专栏表示，从社会整体角度看，即使部分存款转向理财、资管产品，大部分也是投向同业存款和存单，最终会回流到银行体系，实际上更多是银行存款结构的改变，不影响流动性总量。长远看，随着我国金融市场不断深化，投资渠道更加多元化，居民会根据不同的资产收益，在存款与其他资产之间合理调整资产配置，未来居民资产摆布也可能更加灵活。\u003c!--NO_AD_4--\u003e\u003c!--EOP_4--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_4--\u003e\u003cstyle\u003e.rich_media_content{--news-tabel-th-night-color: #444444;--news-font-day-color: #333;--news-font-night-color: #d9d9d9;--news-bottom-distance: 22px}.rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}.rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}.rich_media_content{color:var(--news-font-day-color);font-size:18px}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]):not(.qn-editor-copy){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content{color:var(--news-font-night-color)}}.data_color_scheme_dark .rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}.data_color_scheme_dark .rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}.data_color_scheme_dark .rich_media_content{color:var(--news-font-night-color)}.data_color_scheme_dark .rich_media_content{font-size:18px}.rich_media_content p[data-exeditor-arbitrary-box=image-box]{margin-bottom:11px}.rich_media_content\u003ediv:not(.qnt-video),.rich_media_content\u003esection{margin-bottom:var(--news-bottom-distance)}.rich_media_content hr{margin-bottom:var(--news-bottom-distance)}.rich_media_content .link_list{margin:0;margin-top:20px;min-height:0!important}.rich_media_content blockquote{background:#f9f9f9;border-left:6px solid #ccc;margin:1.5em 10px;padding:.5em 10px}.rich_media_content blockquote p{margin-bottom:0!important}.data_color_scheme_dark .rich_media_content blockquote{background:#323232}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content blockquote{background:#323232}}.rich_media_content ol[data-ex-list]{--ol-start: 1;--ol-list-style-type: decimal;list-style-type:none;counter-reset:olCounter calc(var(--ol-start,1) - 1);position:relative}.rich_media_content ol[data-ex-list]\u003eli\u003e:first-child::before{content:counter(olCounter,var(--ol-list-style-type)) '. 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