中金：看好保险、固收+、私募基金的资金流向增量

Group 1 - The report from CICC indicates a positive outlook on insurance demand growth, particularly from the bancassurance channel, with the characteristics of participating insurance providing stable returns becoming increasingly rare. The transformation of bank wealth management is expected to drive product growth, and the trend of increased insurance premium income since the beginning of the year is already evident [1] - The banking wealth management sector has a clear positioning advantage, but attention is needed on the net value fluctuation pressure following the smoothing of valuation adjustments. Some investors still have unrealistic expectations regarding the actual risks of wealth management products, with a projected growth rate of 8-12% for wealth management in 2026 [1] - In a low interest rate environment, the deepening of capital market reforms is expected to enhance the cost-effectiveness of fixed income plus products. The formal draft of the fund sales fee reform also ensures liquidity for individual holders of bond funds (7-day no redemption) [1] Group 2 - In the mid-to-high risk investment category, there is optimism about the continued prosperity of private equity funds, primarily benefiting from weakened real investment driving the business climate of private equity and the profitability of quantitative private equity. However, the direct flow of funds from deposit migration into the stock market and allocation to actively managed mixed equity funds requires support from household balance sheets [1] - With the reduction of liquidity compensation for time deposits, the demand for allocation in money market funds is also expected to continue [1]