Group 1 - The core viewpoint of the articles highlights the significant performance of technology sectors, particularly driven by AI narratives, which have opened new investment opportunities for investors [1][2][4] - The BoShi Fund has established a comprehensive product matrix covering the entire technology industry chain, achieving remarkable results with a 99.59% return on the Sci-Tech Innovation Board from September 30, 2024, to September 30, 2025, significantly outperforming the benchmark [1][7] - The fund's products, such as BoShi Digital Economy Mixed A and BoShi Semiconductor Theme Mixed A, have also seen substantial returns, with performance figures exceeding 100% over the same period [1][6] Group 2 - The technology sector has emerged as a "main force" in the A-share market from October 15, 2024, to October 15, 2025, with significant gains in automotive, electronics, and communication sectors [2][4] - BoShi Fund's technology-themed funds are divided into two main directions: one focusing on high-growth technology companies to capture alpha returns, and the other on specific technology sectors to deeply explore industry opportunities [4][5] - The BoShi Special Value A fund targets core technology sectors such as new energy, AI, and semiconductors, demonstrating high returns and effective risk control [5][6] Group 3 - The BoShi Sci-Tech Innovation Board fund primarily invests in companies listed on the Sci-Tech Innovation Board and can also invest in Hong Kong stocks, providing investors with opportunities in both A and H shares [6][7] - The fund has maintained a high stock holding ratio, consistently above 85%, allowing it to capitalize on the upward momentum in the equity market [6][7] - The top holdings of the BoShi Sci-Tech Innovation Board fund are concentrated in leading companies within the consumer electronics and semiconductor sectors, indicating a strategic focus on high-quality stocks [7][8] Group 4 - The investment team at BoShi Fund, led by experienced professionals, employs a systematic approach to capture investment opportunities in the rapidly evolving technology landscape [8][9] - The team emphasizes a bottom-up investment strategy, focusing on industry trends, competitive advantages, and reasonable valuations to identify growth opportunities [9][10] - BoShi Fund has significantly increased its investment in technology companies, with the total market value of its technology investments growing by approximately 50% over the past five years [11][12]

Core Insights - The total scale of public funds in China reached 36.74 trillion yuan by the end of September 2025, marking a 7% increase from the second quarter of the year and a 14.56% increase year-on-year [1][2][5] Fund Management Landscape - As of September 2025, there are 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions with public qualifications [1] - The top ten fund managers account for 41.31% of the total market scale, with their combined asset value reaching 15.06 trillion yuan, reflecting a trend of "the strong getting stronger" [5][7] Fund Type Performance - In the third quarter of 2025, various fund types, except for bond funds, experienced growth. Notably, overseas investment funds saw the highest growth rate at 33.18%, followed by stock funds at 25.3% [2][4] - The total scale of stock funds reached 5.94 trillion yuan, while mixed funds reached 3.91 trillion yuan, and money market funds totaled 14.40 trillion yuan [4][5] ETF and Active Fund Trends - Tools that capture market trends, such as thematic ETFs and cross-border ETFs, have become highly sought after, with several funds seeing net subscriptions exceeding 10 billion units in the third quarter [10] - Some actively managed equity funds also attracted significant net subscriptions, although their "capital-absorbing" capacity was lower than that of ETF products [11] Redemption Trends - Despite the overall market expansion, there is a notable trend of investors cashing out, particularly in sectors that have seen recent rebounds. For instance, several ETFs experienced significant reductions in fund shares during the third quarter [12][14][15]

Group 1 - The core viewpoint indicates that the recent decline in spot gold prices and changes in tax policies are impacting gold demand, while long-term bullish sentiment remains due to central bank purchases and asset allocation needs [2][3] - As of November 4, 2025, the gold ETF fund (159937) has seen a 0.75% decrease, with a 5.19% increase over the past month, indicating volatility in the market [1] - The recent announcement from the Ministry of Finance and the State Administration of Taxation regarding the cancellation of VAT deductions for retail gold has led to a short-term cooling of gold demand [2] Group 2 - The U.S. job market shows signs of cooling, with nearly 950,000 layoffs announced in 2023, the highest level since 2020, which may influence economic conditions and gold prices [2] - Despite short-term disturbances in market sentiment, the long-term logic for rising gold prices remains intact, supported by central bank purchases and the need for asset allocation [3] - The gold ETF fund has seen a net inflow of 3.07 billion over the last ten trading days, indicating continued interest in gold investments [3]

Market Overview - As of November 3, the total ETF margin balance in the two markets reached 121.654 billion yuan, an increase of 2.722 billion yuan from the previous trading day [1] - The financing balance was 113.527 billion yuan, up by 2.542 billion yuan, while the securities lending balance was 8.127 billion yuan, increasing by 180 million yuan [1] - In the Shanghai market, the ETF margin balance was 85.184 billion yuan, rising by 1.791 billion yuan, with a financing balance of 78.028 billion yuan (up 1.624 billion yuan) and a securities lending balance of 7.156 billion yuan (up 167 million yuan) [1] - In the Shenzhen market, the ETF margin balance was 36.47 billion yuan, increasing by 931 million yuan, with a financing balance of 35.498 billion yuan (up 918 million yuan) and a securities lending balance of 971 million yuan (up 13.347 million yuan) [1] ETF Margin Financing and Securities Lending - The top three ETFs by margin balance on November 3 were: 1. Huaan Yifu Gold ETF (8.076 billion yuan) 2. E Fund Gold ETF (5.7 billion yuan) 3. FTSE China Government Bond 7-10 Year ETF (4.202 billion yuan) [2] - The top three ETFs by financing buy-in amount were: 1. Hai Fudong China Short Bond ETF (3.01 billion yuan) 2. FTSE China Government Bond 7-10 Year ETF (2.568 billion yuan) 3. E Fund Hong Kong Securities Investment Theme ETF (1.169 billion yuan) [4] - The top three ETFs by net financing buy-in amount were: 1. FTSE China Government Bond 7-10 Year ETF (1.487 billion yuan) 2. Bosera China Government Bond 0-3 Year ETF (591 million yuan) 3. Guotai Junan 5-Year Government Bond ETF (173 million yuan) [5] - The top three ETFs by securities lending sell-out amount were: 1. Southern China 1000 ETF (119 million yuan) 2. Southern China 500 ETF (40.6055 million yuan) 3. Huatai-PineBridge CSI 300 ETF (30.1031 million yuan) [6]

Core Insights - The bond ETF market is transitioning from a "supporting role" to a "leading role" in the financial market, with total assets surpassing 700 billion yuan as of November 3, marking a historic growth rate [1][2] Market Growth and Product Innovation - As of November 3, the total scale of bond ETFs exceeded 700 billion yuan, reflecting a growth of 520.06 billion yuan since the beginning of the year, representing an increase of 289% [2] - The bond ETF market has seen rapid expansion, with 53 products currently available, 32 of which were launched this year, indicating strong demand for new products [2] - The number of bond ETFs with over 10 billion yuan in assets has increased significantly, with 30 products now exceeding this threshold, compared to 21 in mid-July [2] Key Drivers of Growth - Newly listed credit bond ETFs and technology innovation bond ETFs have been significant contributors to the growth in scale [3] - The unique advantages of bond ETFs, such as tracking bond indices, stable duration and credit risk exposure, transparency, and lower fees, have made them increasingly attractive to investors [3] Policy Support and Market Opportunities - Policy support has been crucial for the development of bond ETFs, with initiatives aimed at enhancing market efficiency and expanding product coverage [4] - The inclusion of bond ETFs in general pledge-style repurchase business has significantly increased their attractiveness [4] - Approximately 85% of bond ETFs are held by institutional investors, with broad-based funds being the largest group [4] Market Dynamics and Future Potential - The bond ETF market is undergoing a transformation, with increasing participation from individual investors, particularly in index funds [6] - Institutional investors remain optimistic about the future value of bond ETFs, expecting a continued bullish trend in the bond market [6] - Compared to mature markets like the U.S., China's bond ETF market has significant growth potential, with current market penetration rates being lower [6] Recommendations for Market Expansion - Suggestions for expanding the bond ETF market include diversifying the investor base and enriching product categories to fill existing gaps [7] - There is potential for growth in areas such as comprehensive bond strategies, green bonds, and central enterprise themes [7] - The rapid development of bond ETFs reflects a broader trend in the deepening of China's financial markets, positioning them as essential tools for asset allocation [7]

Core Insights - The bond ETF market has reached a significant milestone, surpassing 700 billion yuan as of October 31, with a total size of 700.44 billion yuan, reflecting strong investor recognition of this innovative tool [1] - The growth of the bond ETF market is not only in total size but also in the scale of individual products, with 50 out of 53 bond ETFs exceeding 1 billion yuan, and 30 products exceeding 10 billion yuan [2] - Continuous capital inflow has been a direct driver of the bond ETF's growth, with a net inflow of 422.94 billion yuan this year, and 20 bond ETFs attracting over 10 billion yuan each [2] - The introduction of innovative products such as Sci-Tech bond ETFs and benchmark market-making credit bond ETFs has significantly contributed to the explosive growth of the bond ETF market [4] - The bond ETF market is expected to continue expanding, with recommendations for investors to adopt a "barbell strategy" to balance defensive and offensive positions [5] Market Expansion - The bond ETF market has seen a rapid increase in the number of products, with 32 new bond ETFs established this year, collectively reaching a size of 374.72 billion yuan and accounting for 53.53% of the total bond ETF market size [4] - The newly launched Sci-Tech bond ETFs have attracted a net inflow of 182.11 billion yuan, contributing to a total size of 252.34 billion yuan [4] - Major fund companies like Bosera Fund and Haifutong Fund have surpassed 100 billion yuan in bond ETF management scale, becoming the only two fund managers in the market with over 100 billion yuan in bond ETF assets [2] Investor Sentiment - The bond ETF is transitioning from a niche tool to a mainstream allocation option, with advantages in liquidity and transparency becoming increasingly important in a low-interest-rate environment [2] - The bond ETF's dual advantages of low risk and stable returns have made it an important allocation tool for institutional investors [2][3]

Core Insights - The total scale of bond ETFs has officially surpassed 700 billion yuan, marking the sixth "billion" milestone achieved this year [1][2] - Over 70% of the current scale was added in 2025, with 32 out of 53 products launched this year, accounting for more than 60% [1] - The bond ETF market has seen a net inflow of approximately 4.23 billion yuan, contributing significantly to the overall ETF market's net inflow of around 9.8 billion yuan [5][7] Growth of Bond ETFs - As of November 3, the total scale of bond ETFs reached 700.44 billion yuan, having increased by 1 billion yuan since late September [2] - The bond ETF market has consistently broken through multiple thresholds since early 2025, with significant growth observed in the number of products and their individual scales [2][3] - The number of bond ETF products has increased to 53, with a total scale of 700.44 billion yuan, of which 520.58 billion yuan is new growth this year, representing 74.29% of the total [3] Product Performance - Among the 53 bond ETFs, 30 have surpassed 10 billion yuan in scale, with 9 exceeding 20 billion yuan [4] - The largest bond ETF is the short-term bond ETF from Hai Fu Tong Fund, exceeding 65 billion yuan, followed by several others with significant scales [4] - The variety of bond ETFs has expanded to include convertible bonds, government bonds, corporate bonds, and more, with a notable increase in the number of sci-tech bond ETFs launched recently [4] Market Trends - The continuous inflow of funds into bond ETFs indicates a strong market trend, with 45 out of 53 products experiencing net inflows this year [5][7] - The trend towards multi-asset ETFs with a focus on bonds is expected to grow, with companies likely to lead in this area due to their first-mover advantage [5][8] - The bond ETF market is compared to the rapid growth of stock ETFs a few years ago, suggesting a similar trajectory for future development [9] Future Outlook - There is a prevailing sentiment that the scale of bond ETFs could theoretically surpass that of stock ETFs, given the larger underlying asset base in the bond market [9][10] - Factors influencing this potential growth include the performance of actively managed bond funds and the management costs associated with bond ETFs [10]

Report Industry Investment Rating No information provided in the given content. Core Viewpoints of the Report In 25Q3, the scale of public offering FOF increased, with 7 fund companies having over 10 billion yuan in assets under management, and China - Europe took the lead in scale, with CR10 rising to 64%. The proportion of FOF funds with positive returns was close to 100%, and Cathay Preferred Pilot recorded the best performance in Q3. In terms of allocation, the proportions of partial - stock funds, secondary bond funds, and commodity - type funds increased. The equity funds that were significantly increased in holdings included E Fund Growth Momentum, Boda Growth Zhihang, and Caitong Asset Management Digital Economy. Overall, the focus was on the technology theme to capture market structural opportunities in a refined manner [1]. Summary According to Relevant Catalogs I. Development of Public Offering FOF Funds 1.1 Public Offering FOF Scale Increased, and 2 FOF Funds Exceeded 1 Billion Yuan - **1.1.1 Increase in Quantity and Scale of Public Offering FOF** - In 25Q3, the number of public offering FOF funds increased by 1 to 518, and the scale increased by 278.16 billion yuan to 193.489 billion yuan compared to 25Q2. Since Q3 2025 (as of October 28, 2025), 19 FOF funds were liquidated. The proportion of public offering FOF funds in non - monetary funds was 0.91%, up 0.06 pct from the previous quarter [14]. - **1.1.2 Decline in New - Issue Scale in the Quarter, Positive Continued - Operation Scale** - In 25Q3, 17 FOF funds were newly issued, with a total scale of 6.532 billion yuan, and the average issuance scale per fund was 384 million yuan. Since Q3 2025 (as of October 28, 2025), 25 FOF funds were newly issued, with a total scale of 21.805 billion yuan, and the average issuance scale per fund was 872 million yuan. The continued - operation scale of public offering FOF funds in Q3 was positive, increasing by 2.1285 billion yuan [19]. - **1.1.3 Scale of Partial - Debt FOF Increased by Over 2.2 Billion Yuan** - In 25Q3, the number of partial - debt hybrid FOF funds increased by 2, and the scale increased by 2.2084 billion yuan, accounting for 51.32% of the total scale, up 4.71 pct from 25Q2. The scale of bond - type FOF increased by 162.9 million yuan, the scale of stock - type FOF increased by 18.5 million yuan, and the scale of hybrid FOF increased by 2.6003 billion yuan [25]. 1.2 Over Half of the Funds' Scale Increased, with Fullgoal Yinghe Zhenxuan 3 - Month Holding Leading - **1.2.1 2 FOF Funds Exceeded 1 Billion Yuan in Scale, with Fullgoal Yinghe Zhenxuan 3 - Month Holding Leading** - The total scale of the top - ten FOF funds was 6.4135 billion yuan, accounting for 33.15%. As of 25Q3, Fullgoal Yinghe Zhenxuan 3 - Month Holding ranked first with a scale of 1.1759 billion yuan, followed by China - Europe Yingxuan Steady 6 - Month Holding with a scale of 1.0815 billion yuan [26]. - **1.2.2 Over Half of the Funds' Scale Increased, and 11 Funds' Scale Increased by Over 1 Billion Yuan** - In 25Q3, 297 funds' scale increased, accounting for 57.34%. After excluding newly - issued funds, 278 funds' scale increased, accounting for 55.82%. 11 funds' scale increased by over 1 billion yuan [29]. 1.3 7 FOF Managers with Over 10 Billion Yuan in Assets, and China - Europe Took the Lead - **1.3.1 China - Europe Took the Lead, and Fullgoal, GF, and Huaxia Exceeded 1 Billion Yuan for the First Time** - As of 25Q3, there were 82 managers deploying public offering FOF products, 7 of which had over 10 billion yuan in assets: China - Europe, Xingzheng Global, E Fund, Fullgoal, GF, Huaxia, and Huaan. China - Europe rose to the first place [31][32]. - **1.3.2 Scale of Fullgoal, China - Europe, and GF Increased by Over 5 Billion Yuan** - In 25Q3, the FOF scale of 52 fund companies increased. 9 fund companies' scale increased by over 1 billion yuan, and Fullgoal, China - Europe, and GF increased by over 5 billion yuan [34]. - **1.3.3 Obvious Head - Effect, CR10 Increased to 64%** - In 25Q3, the CR10 of public offering FOF fund companies increased to 63.73%, up 2.75 pct from 25Q2. The concentration of the top - ten managers of pension FOF was 45.80%, down 1.96 pct from 25Q2 [37]. 1.4 3 Fund Managers with Over 10 Billion Yuan in Assets, and the Top - Ten's Scale Accounted for Over 40% - The top - ten fund managers' total management scale was 8.5878 billion yuan, accounting for 44.38%. In 25Q3, there were 3 fund managers with over 10 billion yuan in assets: Lin Guohuai of Xingzheng Global, Wang Dengyuan of Fullgoal, and Deng Da of China - Europe [42]. 1.5 31 Custodian Banks, with China Merchants Bank Ranking First in Scale - There were 31 custodian banks for public offering FOF, including 24 banks and 7 securities firms. China Merchants Bank ranked first in terms of scale and number of products. In Q3, its scale increased by 2.0592 billion yuan, ranking first in scale growth [43]. II. Performance of Public Offering FOF Funds 2.1 Over 90% of FOF Funds Had Positive Returns in Q3 - **2.1.1 The Equity Market Performed Strongly, and Partial - Stock FOF Had the Best Performance** - In Q3, the average returns of partial - stock hybrid FOF, balanced hybrid FOF, partial - debt hybrid FOF, and target - date FOF were 22.75%, 11.45%, 3.94%, and 13.63% respectively. Compared with the Wind Fund Index, partial - stock FOF had negative excess returns, while balanced FOF had positive excess returns [47]. - **2.1.2 The Proportion of Funds with Positive Returns in Q3 Was Close to 100%** - The dispersion of partial - stock FOF was higher, and the gap between the best and worst - performing balanced FOF was the smallest. The proportion of FOF funds with positive returns in Q3 was 99.35% [50]. 2.2 Balanced FOF Had Positive Excess Returns, while Partial - Stock FOF Had Negative Excess Returns - Partial - stock FOF had negative excess returns compared with the partial - stock hybrid fund index in 25Q3 and since 2025, and the negative excess return in Q3 further widened. Balanced FOF had positive excess returns compared with the balanced hybrid fund index [54]. 2.3 Analysis of FOF Fund Performance Based on Position Penetration - According to the equity position after penetration, FOF funds were classified into three types: conservative (equity position no more than 30%), aggressive (equity position over 60%), and balanced (equity position between 30% - 60%). Aggressive FOF had smaller dispersion, conservative FOF was mainly in the middle - performance and low - drawdown area of fixed - income + funds, and balanced FOF was concentrated in the high - return and low - drawdown area [63][64]. 2.4 Cathay Preferred Pilot One - Year Holding Was the Performance Champion in Q3 - Cathay Preferred Pilot One - Year Holding and Cathay Industry Rotation A were the champion and runner - up in Q3 performance. E Fund had the most funds in the top - ten performance list of each type of FOF [69]. III. Allocation of Public Offering FOF Funds 3.1 Public Offering FOF Asset Allocation: About 30% Directly Invested in Stocks, and the Position Increased - FOF funds mainly invested in funds, with a proportion of 88% - 91%. In 25Q3, the proportion of fund assets was 90.27%, up 0.01 pct from 25Q2, and the proportion of stock assets was 1.63%, up 0.11 pct from 25Q2. About 30% of FOF funds directly invested in stocks in 25Q3, down 1.66 pct from 25Q2 [76]. 3.2 Asset Allocation of Public Offering FOF after Position Penetration - **3.2.1 After Penetration, the Stock Position Decreased** - After penetration in 25H1, the proportions of stock assets, bond assets, QDII funds, and commodity - type funds were 41.39% (- 0.97 pct), 50.09% (+ 0.36 pct), 5.97% (- 0.02 pct), and 2.42% (+ 0.60 pct) respectively compared with 24H2. Only the position of target - date FOF increased [81][85]. - **3.2.2 Industry Allocation after Penetration: More Holdings in Electronics and Pharmaceutical Biology** - In 25H1, the top - five industries in terms of allocation proportion were electronics, pharmaceutical biology, power equipment, banks, and non - bank finance, with changes of + 0.83 pct, + 1.67 pct, - 2.14 pct, + 1.25 pct, and + 0.99 pct respectively compared with 24H2. Public offering FOF over - allocated pharmaceutical biology, media, etc., and under - allocated banks, non - bank finance, etc., compared with the CSI 300 [92]. 3.3 Public Offering FOF Fund Allocation: The Proportions of Partial - Stock Funds, Secondary Bond Funds, and Commodity - Type Funds Increased - The number and scale of bond - type funds held by FOF funds still ranked first. The scale proportion of passive index - type bond funds increased significantly, and the number proportion of secondary bond funds increased significantly. The scale and number proportions of secondary bond funds and short - term bond funds increased, while those of medium - long - term pure - bond funds, first - level bond funds, and convertible bond funds decreased [94].

Core Viewpoint - The public fund of funds (FOF) achieved a record profit in Q3 2023, surpassing the total scale of the peak year 2020, with over 98% of FOF products generating positive returns and a nearly 50% increase in scale year-to-date [3][4]. Group 1: Performance Highlights - In Q3 2023, FOF products generated a total profit of 14.606 billion yuan, marking a historical high for a single quarter, which is a 5.3-fold increase from the previous quarter's profit of 2.317 billion yuan [4]. - The average return for FOF products reached 10.42% in Q3, a significant increase of 8.56 percentage points from the previous quarter's average of 1.87% [4]. - By October 31, 2023, the average annual return for 987 FOF products was 14.02%, with the highest return being 69.53% for the Guotai Preferred Navigation One-Year Holding Fund [4]. Group 2: Scale Growth - The total scale of FOF products reached 193.419 billion yuan by the end of Q3 2023, a nearly 48.15% increase from 130.558 billion yuan at the end of the previous year [5]. - More than half of the existing funds saw growth in scale, with some funds experiencing significant increases, such as the Xingsheng Global Preferred Stable Six-Month Holding Fund, which grew from 0.462 billion yuan to 2.583 billion yuan [5]. Group 3: Investment Strategy Changes - FOF managers have shifted their investment strategies, focusing more on multi-asset allocation and passive investment, with a decrease in active equity holdings and an increase in passive index products [7][9]. - The proportion of active equity assets decreased, while the holdings in ETF products increased from 6.51 billion units to 7.148 billion units [9]. - Gold and silver assets have seen a resurgence in allocation, with significant increases in holdings of gold ETFs, reflecting a strategic pivot towards commodities [8][9]. Group 4: Market Outlook for Q4 - Fund managers anticipate limited upward potential for the stock market in Q4, with expectations of local corrections and a focus on gold stocks due to rising gold prices [10][12]. - The macroeconomic environment is viewed as more favorable than in previous years, with expectations for structural highlights in the domestic market [13]. - There is a consensus among fund managers that while opportunities exist, caution is warranted due to potential structural bubble risks in the market [13][14].

Core Insights - The public FOF (Fund of Funds) achieved a record profit in Q3, surpassing the total scale of the peak year 2020, with over 98% of FOF products generating positive returns and a nearly 50% increase in scale year-to-date [1][2] Group 1: Performance Metrics - In Q3, the total profit of FOF products reached 14.606 billion yuan, marking a historical high for a single quarter, and representing a more than 5.3 times increase from the previous quarter's profit of 2.317 billion yuan [1][2] - The average return of FOF products in Q3 was 10.42%, a significant increase from 1.87% in Q2, with the highest performers achieving returns over 56% [2] - By the end of Q3, the total scale of FOF products reached 193.419 billion yuan, a nearly 48.15% increase from 130.558 billion yuan at the end of the previous year [2] Group 2: Fund Management and Strategy - Over half of the existing funds saw an increase in scale, with some funds experiencing dramatic growth, such as the Xingsheng Global Preferred Stable Fund, which grew nearly 4.6 times [3] - Major fund companies like Xingsheng Global Fund and Zhongou Fund led the market with management scales exceeding 18.2 billion yuan, while E Fund and others also surpassed 10 billion yuan in FOF scale [3] - FOF managers are increasingly favoring multi-asset allocation and passive investment strategies, with a notable reduction in active equity holdings and an increase in bond and ETF products [4][5] Group 3: Asset Allocation Trends - By the end of Q3, bond funds accounted for 66% of FOF's top holdings, with significant investments in bond ETFs and a notable increase in holdings of gold ETFs [5][6] - The preference for active equity funds decreased, with holdings dropping from 9.417 billion units to 8.114 billion units, while ETF holdings increased from 6.51 billion units to 7.148 billion units [6] - FOF managers are focusing on gold stocks and resource assets, anticipating significant price increases and a favorable macro environment for the equity market [7][8][10] Group 4: Market Outlook - Fund managers express cautious optimism for Q4, predicting limited upward potential for the stock market and potential local corrections, while highlighting the need for balanced asset allocation [7][9] - The overall market environment is seen as favorable due to liquidity conditions, but there are warnings about potential structural risks if the market rises too quickly [10]