Group 1 - The core viewpoint of the report indicates that the main source of incremental capital in the A-share market for 2025 will come from active funds such as leveraged funds and private equity, with significant inflows from insurance funds, while public funds show a trend of net redemption [1][2] - In the first half of 2025, the market experienced a recovery supported by abundant capital, with retail investors contributing approximately 240 billion yuan through silver-securities transfers and foreign capital returning around 100 billion yuan [1] - Insurance funds significantly increased their market presence with an inflow of about 420 billion yuan, while ETF funds contributed approximately 80 billion yuan [1] Group 2 - The report highlights that the overall A-share market since 2025 has distinct characteristics of incremental capital, with active funds like private equity and leveraged funds being the primary contributors, while public funds show divergence with net redemptions in active equity funds [2] - The report notes that the process of resident capital entering the market is still in its early stages, primarily driven by high-net-worth individuals, as the overall risk appetite among residents remains low [3] - The incremental capital structure in 2025 differs from that of 2020, despite similarities in the macroeconomic environment and overall net capital inflow [4] Group 3 - Looking ahead to 2026, the report estimates that total incremental capital could reach 2 trillion yuan, with active retail funds expected to further enter the market, and insurance and dividend scales likely to continue their high growth [5] - The report anticipates that financing and silver-securities transfers from residents could total around 1 trillion yuan, while insurance funds are projected to flow in approximately 700 billion yuan [5] - The overall dividend payout ratio in the A-share market is nearing 50%, with expectations for continued high growth in dividend scales, estimated to bring in about 950 billion yuan in 2026 [5]