胡润报告：高净值人群未来一年对黄金投资的净增长意向达15%，对A股的净减少意向为3%

Core Insights - The report by Hurun Research Institute indicates a significant shift in investment preferences among high-net-worth individuals in China, with a notable increase in gold investment intentions and a decline in real estate investments [1][5]. Investment Preferences - High-net-worth individuals show a net increase intention of 15% for gold investments, while intentions for overseas investments stand at 7%, and both fund and insurance investments at 6% [1]. - Real estate investment intentions reflect a net decrease of 21%, with art and collectibles also seeing a reduction of 10% in investment intentions [1]. - The net decrease intention for A-shares is 3%, while bank deposits and wealth management products show a slight net increase intention of 1% [1]. Changes Over Time - Since 2020, there has been a clear shift in investment preferences, with gold investment intentions reaching a new high this year, while real estate investment intentions have dropped to their lowest point in 2024 [1]. - The net decrease intention for art and collectibles is at 9.8%, marking the highest level of reduction intentions in nearly seven years [1]. Overseas Investment Trends - 84% of surveyed high-net-worth individuals are considering overseas investments, with the highest enthusiasm among those under 35 years old, while those over 45 show the least enthusiasm [5]. - The net increase intention for U.S. stock investments is 17%, and for Hong Kong stocks, it is 10%, indicating a strong inclination to increase holdings [5]. - Real estate investment intentions abroad show a net decrease of 6%, reflecting a clear trend towards reducing exposure in this area [5]. Preferred Overseas Investment Locations - The most favored overseas investment location remains Hong Kong at 43%, with a slight increase of 2 percentage points from last year, followed by the U.S. at 26%, which also saw a small rise [7]. - Investment enthusiasm for Southeast Asia (Singapore, Malaysia, Thailand) and EU countries has significantly declined, with both regions dropping 14 percentage points in ranking [7]. Overseas Asset Allocation - The average proportion of overseas assets among high-net-worth individuals is 15%, which is a slight decrease of 1.1 percentage points from the previous year [9][10]. - Respondents from first-tier cities have a slightly higher overseas asset proportion (16%) compared to those from new first-tier cities (15%) [10]. - Ultra-high-net-worth individuals have a much higher overseas asset proportion of 26%, with those having investable assets over 50 million reaching 30% [10].