UBS Securities: The upward trend of A shares seems to have started to stimulate adjustments in the asset allocation of the residential sector.

UBS Securities stated that the upward trend in the A-share market seems to have begun to drive adjustments in the asset allocation of residents' major categories, while signs of overheating in individual investor sentiment have not been observed. Recently, the growth of bond funds has slowed down, while the size of money market funds has declined for two consecutive months, indicating that residents' wealth is gradually moving from a focus on secure deposits and financial products to the stock market. In terms of the channels for residents' deposits to enter the market, individual investors' funds are generally flowing into small-cap stocks, and although broad-based ETFs are being redeemed by investors, industry-themed ETFs continue to receive net inflows.