多元“长钱”构建A股资金新生态

Core Viewpoint - In 2026, China's capital market is experiencing a significant influx of diverse funds, driven by three main engines: public funds, insurance capital, and foreign investment [1][2][3] Group 1: Public Funds - The public fund market has shown a notable recovery, with over 6.3 billion yuan raised from stock ETFs since January 12, 2026, and 14 equity funds established with a total issuance of 0.961 billion yuan [1] - The shift in market funding structure indicates a growing risk appetite among residents, with low-fee, high-transparency ETF products becoming a key entry point for individual investors [1] Group 2: Insurance Capital - Insurance funds are steadily increasing their market presence, with a total investment in stocks and securities funds reaching 5.59 trillion yuan by the end of Q3 2025, accounting for 14.92% of the total assets under management, a new high since 2022 [2] - Regulatory support, such as the reduction of risk factors for stock investments, is encouraging insurance companies to enhance their equity investment [2] Group 3: Foreign Investment - There is a confirmed trend of continuous foreign capital inflow, with 50.6 billion USD entering the Chinese stock market in the first ten months of 2025, significantly surpassing the total of 11.4 billion USD for the entire year of 2024 [3] - Major foreign institutions express optimism about China's economy and capital market, indicating that foreign capital is likely to continue flowing into the market due to attractive valuations and structural growth opportunities [3] Group 4: Channels for Fund Inflow - The acceleration of household savings conversion into investments is expected to bring an additional 5.4 trillion to 12 trillion yuan to the A-share market by 2030 [3] - The long-term layout of the pension system is establishing a core channel for "long money" to enter the market, enhancing the appeal of long-term capital [3] - Improved return capabilities of listed companies are fundamentally increasing the market's attractiveness for long-term funds [3] Group 5: Future Outlook - A new funding ecosystem in the A-share market is emerging, characterized by more long-term capital, longer investment horizons, and better returns [4] - Increased participation of long-term capital is expected to stabilize irrational market fluctuations and enhance resource allocation efficiency [4] - The shift towards long-term investment logic will support technological innovation and industrial upgrades, benefiting the market, enterprises, and investors [4]