CITIC Securities: Recently, global funds have increased their allocation to risky assets.

According to the research report of CITIC Construction Investment, global risk appetite has recently increased, with more net inflows of funds into US large-cap balance, large-cap growth, and global large-cap stock funds; while US and global mid- and small-cap style stock funds still have more net outflows. US fixed-income funds have received the most net inflows of funds, but the monthly net inflow size has decreased. QDII ETFs related to the Hang Seng Technology have received more funds inflows, while the Hang Seng Index has seen minor outflows of funds. Overall, there has been an increase in global risk asset allocation, with continued increasing investment interest in emerging markets and a preference for large-cap styles.