Group 1: Investor Sentiment and Market Trends - Investor sentiment towards A-shares has improved since July 2024, with a significant increase in confidence regarding China's leading position in key technology sectors [1][2] - The Shanghai Composite Index rose by 17.9% and the Shenzhen Composite Index by 26.8% from August to December 2024, following the introduction of unexpected financial policies in September 2024 [1] - By November 2024, 68.2% of respondents believed A-shares would rise, an increase of 20.7 percentage points since July, with expected returns rising to approximately 5.3%, up 9.3 percentage points [1] Group 2: Real Estate Market Expectations - Investor expectations for the real estate market have aligned with market conditions, showing signs of recovery after a low in September 2023 [2] - Approximately 52.5% of respondents expect housing prices to rise, an increase of 4.9 percentage points since September 2023, with expected returns at about 0.7%, up 0.9 percentage points [2] Group 3: International Relations and Asset Allocation - There has been a notable increase in investor focus on international relations, leading to greater allocations towards safe-haven assets [2] - As of April 2025, the proportion of investors willing to invest in gold increased by 16.3% compared to October 2018, while those willing to invest in bonds rose by 16.8% [2] Group 4: Private Economy and Policy Stability - Attention towards the private economy continues to rise, with 44.5% of respondents considering its status important for future investment decisions, an increase of 9.5 percentage points since December 2020 [2] - Approximately 74% of respondents believe that enhancing the continuity and stability of macro policies is essential for boosting private entrepreneurs' confidence [2][3]

Group 1 - The core viewpoint of the report indicates that investor sentiment towards A-shares has improved since July 2024, while expectations for the real estate sector have also shown signs of recovery since September 2023, although overall sentiment remains relatively negative [1] - The report highlights that investor sentiment towards A-shares reached its lowest point since 2018 in July 2024, but a series of unexpected financial policies introduced in September 2023 triggered a rally, leading to a significant increase in positive sentiment by November 2024 [1] - The latest survey indicates a slight decline in positive sentiment, with approximately 61.5% of respondents believing A-shares will rise, down 6.7 percentage points from November 2024, although the net increase in those willing to invest in stocks rose by 1.4 percentage points [1] Group 2 - The survey coincided with an increase in trade tensions between the US and China, with investors perceiving short-term pressures but maintaining a positive long-term outlook [2] - Approximately 54.4% of respondents believe China is a world leader in artificial intelligence, an increase of 14.7 percentage points since November 2024, while around 55% believe China leads in the new energy sector, up 19.2 percentage points since April 2021 [2]

Group 1: Investor Sentiment on A-shares - Investor sentiment towards A-shares improved after July 2024, with 68.2% of respondents expecting an increase in A-shares by November 2024, up 20.7 percentage points from July [1] - The expected return rate for A-shares rose to approximately 5.3% in November 2024, an increase of 9.3 percentage points from July [1] - The net increase in the number of respondents willing to invest in stocks was about 11.3% in November 2024, a rise of 24 percentage points from July [1] Group 2: External Environment and Real Estate Market - In April 2025, about 61.5% of respondents expected A-shares to rise, a decrease of 6.7 percentage points from November 2024 [2] - The proportion of respondents expecting housing prices to rise was approximately 52.5%, an increase of 4.9 percentage points from September 2023 [2] - The expected return rate for housing prices was about 0.7%, up 0.9 percentage points from September 2023 [2] Group 3: Economic Growth and Investment Preferences - Approximately 33.2% of respondents believed future economic growth could exceed 5% [3] - The net increase in respondents willing to invest in gold was about 16.3%, up 17 percentage points from October 2018 [3] - About 54.4% of respondents believed China is world-leading in artificial intelligence, an increase of 14.7 percentage points from November 2024 [3]

5月15日，长江商学院在北京校区发布了2025年第一季度《投资者情绪调查报告》(以下简称"报告")， 这是该学院第17次发布此类调查。报告基于2025年4月的问卷调查数据，结合A股上市公司2025年第一 季度财报及其他国内外资本市场和宏观数据，深入分析了中国资本市场投资者的情绪和预期。 调查结果显示，投资者对A股的情绪在2024年7月后回暖回升。投资者对房地产的预期于2023年9月后有 所回暖，目前整体仍然处于较为消极的情绪，但这一情绪在减弱。本次调查适逢美国加大对我国贸易战 力度期间，投资者认为贸易纠纷短期内会给我国带来较大压力，但长期而言，影响偏正面。投资者对我 国在重要科技领域的领先地位有信心，认为会有更大增长。约54.4%的受访者认为我国在人工智能方面 世界领先，比2024年11月提高了14.7%个百分点；约55%的受访者认为我国在新能源领域处于世界领先 地位，比2021年4月提高了19.2个百分点。 A股情绪回暖，但仍面临短期波动 自2021年年末以来，A股市场经历了持续下跌。从2021年12月至2024年8月，上证综指和深证综指分别 累计下跌21.9%和39%。在2024年7月的调查中，受访者中认 ...