Core Viewpoint - The A-share market showed resilience in 2025, with nearly 60% of surveyed investors achieving profits, driven primarily by the technology sector, particularly artificial intelligence [9][10][11]. Market Performance - The major indices in the A-share market experienced significant gains, with the Shanghai Composite Index rising 18.41% to close at 3968.84 points, marking its best annual performance since 2020 [10][11]. - The ChiNext Index and the STAR Market Index saw even higher annual increases of approximately 49.57% and 46.3%, respectively [10][11]. Investor Sentiment - Nearly 80% of investors are optimistic about the 2026 stock market, with expectations for a robust spring market [24][27]. - The proportion of investors anticipating a bullish trend in the A-share market reached its highest level since 2022, with 78% expecting an overall increase [27][28]. Asset Allocation Trends - There is a noticeable shift in asset allocation, with 42% of investors planning to increase their investments in equity assets, reflecting a 10 percentage point increase from the end of 2024 [26]. - The average proportion of securities in personal financial assets rose to 41.68%, up from 38.84% at the end of 2024, indicating a trend of moving funds from savings to equities [12][13]. Gold Investment - Approximately 71% of investors allocated funds to gold in 2025, with 44% reporting profits from their gold investments [15][16]. - The price of gold increased by over 60% throughout the year, making it a focal point in asset allocation [14][15]. Hong Kong Market Performance - The Hong Kong stock market also showed strong performance, with 37% of investors reporting profits, an increase of 9 percentage points from the previous year [16][17]. - 27% of investors increased their investments in Hong Kong stocks, reflecting a growing interest in this market [16][17]. Sector Performance - The technology sector, particularly AI and semiconductor stocks, was identified as the primary source of investment returns, with 26% of investors attributing their gains to this sector [19][20]. - Traditional consumer sectors underperformed, with only 3% of investors citing them as their main source of returns, the lowest in five years [19][20]. Future Outlook - Investors are expected to maintain a rational approach towards market expectations, with a focus on structural opportunities rather than speculative index movements [28][29]. - The anticipated liquidity in 2026 is expected to support continued investment in equity markets, particularly in technology and high-dividend sectors [25][26].