资产负债表修复系列5：居民资产负债表修复行至何处

Group 1 - The overall recovery of existing actively managed public funds has reached 95% since the peak of the last bull market. A 5% increase in the equity fund index could correspond to a 5% rise in the Shanghai Composite Index to around 3800 points [3][17][26] - New funds have surpassed their initial average net value as of July 24, with an overall net return average of 2%. Old funds have recovered to 88% of the previous bull market peak [3][27][28] - The scale of thematic funds among the 3 trillion new funds is 500 billion, with sector allocations of 40% in consumer, 31% in manufacturing, and 19% in pharmaceuticals. New thematic funds are under greater pressure, having recovered to 94% of their initial net value average [3][30][31] Group 2 - The stability of the stock and real estate markets is crucial for improving residents' income. The bull market has facilitated the transfer of excess savings into the stock market, creating a positive feedback loop [4][12][13] - Compared to real estate, the stock market is a key foundation for the future recovery of residents' balance sheets and enhancement of property income. The current structure of second-hand housing transactions limits the consumption of residents' savings [12][13][36] - The adjustment in the stock and real estate markets over the past three years has been the main reason for the shrinkage of residents' balance sheets. Stabilizing these markets can effectively restore residents' confidence and income [12][13][36]