李蓓曝关键信号：美元相关资产不确定性上升，结汇比例明显提升，说明实业不再一致看好美元资产

Core Insights - The 2025 Analyst Conference highlighted a significant shift in asset allocation preferences among high-net-worth individuals and business owners in China, driven by increasing uncertainty in U.S. policies and concerns over the long-term credibility of the U.S. dollar [1] Group 1: Asset Allocation Trends - Since the Trump administration, there has been a noticeable decline in the preference for U.S. dollar assets among Chinese high-net-worth individuals and business owners, with a marked increase in the willingness to convert currency back to yuan [1] - Historical data indicates that over the past decade, particularly before 2024, China's monthly current account surplus (including trade and services) exceeded actual currency conversion amounts by approximately $20 billion, leading to an accumulation of over $2 trillion in unconverted funds [1] - In 2025, a significant change occurred where the willingness to convert currency has risen, although full conversion has not yet been achieved [1] Group 2: Driving Factors - The two main drivers behind this shift are the ongoing uncertainty in U.S. policies since Trump's presidency and growing concerns regarding the long-term credibility of the U.S. dollar [1] - This change in asset allocation preferences is interpreted as an important indicator of global capital flows, reflecting a diminishing attractiveness of U.S. dollar assets [1]