> 数据图表请问一下个人存款定期化趋势延续，企业资金相对活化2026-3-2个人存款定期化趋势延续，企业资金相对活化◼ 个人存款定期化趋势延续。市场上曾广泛探讨存款搬家情景，但当前个人存款定期化特征仍延续，基于风险配置需求，居民仍有转高息定存的动机。存款增长放缓过程中，各机构获取资金特征分化，如国有行在网点广布和综合牌照齐全背景下，具有广义存款竞争优势（包括一般存款+同业存款），而中小行存款增长主要依赖于化债资金回流及信贷派生。该分化体现了资金在不同类型银行间的重新配置特征，即大行在不具有价格优势的情况下，更依赖于综合化经营能力，而中小行存款增长更依赖于企业的流动性改善。图10：各类行存款增长有所放缓，大行与中小行资金属性呈现分化20.0%16.0%12.0%8.0%4.0%0.0%2022 2023Q1 2023H1 2023Q3 2023 2024Q1 2024H1 2024Q3 2024 2025Q1 2025H1 2025Q3国有股份城商农商全部表5：个人存款定期化趋势仍延续，企业资金相对活化时间个人活期个人定期企业活期企业定期2026-022026-012025-122025-112025-102025-092025-082025-072025-062025-052025-042025-032025-022025-012024-122024-112024-102024-092024-082024-072024-062024-052024-042024-032024-022024-0126.3%26.3%26.6%26.0%26.0%26.5%25.8%26.0%26.5%25.6%25.7%26.6%26.4%27.7%27.3%26.7%26.5%26.8%26.7%26.9%27.4%27.1%27.0%27.8%27.9%28.4%73.7%73.7%73.4%74.0%74.0%73.5%74.2%74.0%73.5%74.4%74.3%73.4%73.6%72.3%72.7%73.3%73.5%73.2%73.3%73.1%72.6%72.9%73.0%72.2%72.1%71.6%27.5%28.6%28.3%27.3%27.1%26.9%26.5%26.5%27.8%26.2%26.0%27.4%26.1%25.6%27.0%25.7%25.4%25.5%25.8%26.4%27.9%27.4%28.4%31.3%30.8%31.7%72.5%71.4%71.7%72.7%72.9%73.1%73.5%73.5%72.2%73.8%74.0%72.6%73.9%74.4%73.0%74.3%74.6%74.5%74.2%73.6%72.1%72.6%71.6%68.7%69.2%68.3%资料来源：Wind，华源证券研究所资料来源：Wind，华源证券研究所15华源证券综合其他
