战略数据研究|专题报告：开门红下的资金展望：保险、理财及外资

Group 1: Market Overview - The A-share market experienced a strong upward trend in the first week of 2026, benefiting from the "deposit migration" effect, which is expected to provide ample liquidity for insurance and wealth management institutions[1] - Global funds are likely to diversify away from high-valued US stocks due to RMB appreciation and geopolitical fluctuations, with foreign capital expected to shift towards A-shares and Hong Kong stocks[1] Group 2: Wealth Management Insights - As of Q3 2025, the wealth management scale reached approximately CNY 32.13 trillion, with equity products only accounting for about CNY 700 billion, or 0.22%[5] - The low proportion of equity products is attributed to constraints on the liability side, low customer risk appetite, and the need for improved investment research capabilities[5] Group 3: Insurance Fund Allocation - By Q3 2025, insurance fund management balances grew by approximately CNY 4.2 trillion, with equity holdings increasing by about CNY 1.2 trillion, representing around 28% of the total increase[6] - It is projected that insurance funds will contribute over CNY 1.2 trillion to the capital market in 2026, driven by new accounting standards and a shift towards high-dividend equity assets[22] Group 4: Foreign Capital Trends - In Q4 2025, northbound funds increased their holdings in over 1,600 stocks, with significant increases in the electronics and chemical sectors, while household appliances saw continuous reductions[8] - The total market value of northbound holdings was approximately CNY 2.59 trillion by the end of Q4 2025, remaining stable compared to Q3 2025[54]