居民财富配置转型：解锁消费增长与产业创新路径

Core Viewpoint - The article emphasizes the need for a shift in household wealth allocation towards risk financial assets to enhance property income and achieve wealth preservation and appreciation, which is essential for boosting consumer spending and driving technological and industrial innovation supported by the capital market [1][2]. Group 1: Consumer Spending and Property Income - The decline in consumer spending growth is linked to the decrease in property income growth, with retail sales growth falling to 3% in September 2025, indicating ongoing pressure on consumption [5][6]. - From 2021 to 2024, urban residents' property income growth dropped from 10.2% to 2.2%, further declining to 1.7% in the first three quarters of 2025 [5][6]. - The significant drop in wealth, with stock market losses around 10 trillion yuan and real estate value declines of 50-60 trillion yuan, has exerted downward pressure on consumption [6]. Group 2: Wealth Structure and Financial Assets - In 2025, property income accounted for 8.1% of total household income in China, lower than the U.S. (20%) but higher than Japan (3-4%), Germany (5-7%), and the UK (6-8%) [8]. - The structure of household wealth is heavily dominated by real estate, which constitutes about 60% of total assets, significantly higher than in the U.S. (25%) and Japan (36%) [8]. - The low proportion of risk financial assets (17%) compared to low-risk assets (83%) indicates a need for a shift in investment strategies to enhance property income [12][15]. Group 3: Challenges in Financial Asset Allocation - The preference for low-risk assets is influenced by historical trends of rising property prices and the perception of real estate as a safer investment compared to stocks [17][18]. - The long-term returns of A-share companies have not matched China's rapid economic growth, leading to lower investor confidence in stock investments [18]. - High market volatility has significantly reduced the returns for retail investors, highlighting the need for a more stable investment environment [19]. Group 4: Strategies for Improvement - To improve household wealth allocation, it is essential to enhance the long-term profitability of listed companies and shift their focus towards shareholder returns [21][22]. - Expanding investment options for residents in risk financial assets through pension reforms and encouraging participation in stock markets can help diversify asset allocation [23][24]. - Stabilizing the real estate market is crucial to prevent further declines in property values, which could hinder the shift towards risk financial assets [26].