今日视点：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 issuance market has notably rebounded, with over 6.3 billion yuan in stock ETFs issued 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 recovery in residents' risk appetite, with low-fee, high-transparency ETF products becoming key entry points for individual investors [1] Group 2: Insurance Capital - Insurance capital is steadily increasing its 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 investment balance, a new high since 2022 [2] - Regulatory support, such as the reduction of risk factors for stock investments by the National Financial Regulatory Administration, encourages insurance funds to increase equity investments [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, including Morgan Stanley and UBS, express optimism about China's economy and capital market, indicating a sustained inflow of foreign capital based on valuation attractiveness and structural growth opportunities [3] Group 4: Channels for Market Growth - The acceleration of residents' savings conversion into investments is expected to bring an additional 5.4 trillion to 12 trillion yuan to the A-share market by 2030 [4] - The long-term layout of the pension system is establishing a core channel for "long money" to enter the market, enhancing the stability of capital allocation [4] - Improved return capabilities of listed companies are increasing the market's attractiveness for long-term funds, contributing to a new funding ecosystem characterized by more long-term capital and better returns [4]