专题：2025分析师大会：资本市场"奥斯卡"启幕 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 在李蓓看来，这种极致的配置结构恰恰蕴藏着巨大的反转潜力："居民手中庞大的财富存量与货币存 量，就像被蓄积起来的火焰燃料，一旦市场触发点出现，就将为行情提供强劲动力。" 她进一步补充了另一重潜在推力："目前外资在中国资产的配置比例仍处于极低水平，主动外资此前持 续减持的态势，未来有望迎来逆转。这种资金流向的反转，将与国内居民财富搬家形成合力，成为驱动 市场走强的重要力量。" 这番对未来大牛市的前瞻判断，延续了李蓓此前对A股港股龙头资产的看多逻辑，从资金面与配置结构 角度为市场注入长期信心，引发现场对行情启动时机与投资布局方向的热烈探讨。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：常福强 11月28日，2025分析师大会现场，半夏投资创始人李蓓在主题演讲中抛出更具想象力的市场预判：在当 前龙头企业盈利韧性凸显的"小确幸"之外，一场由居民财富搬家、外资回流等多重力量驱动的大牛市正 处于蓄力阶段。她强调，当前国内居民财富的配置结构与风险偏好状态，叠加外资增持中国资产的趋 势，已为未来市场 ...

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector [2] Core Insights - The trend of "deposit migration" is likened to "living water" for wealth, facilitating an influx of incremental funds into risk assets. The continuous decline in deposit rates encourages clients to seek higher returns and diversified allocations, prompting financial institutions to innovate products that meet varying risk-return needs [3][4] - The non-bank financial sector presents significant investment opportunities due to performance elasticity, with the capital market entering a valuation recovery phase. The report outlines three phases of a bull market: valuation repair, hot sector rotation, and valuation bubble [3][4] - The report highlights a clear trend of increasing fixed-term deposits among residents, with the proportion exceeding 70% in early 2023 and projected to reach 72.28% by 2025, indicating a shift in savings behavior [16][21] Summary by Sections 1. Deposit Section: Turning Point of Wealth Migration - The report discusses the ongoing trend of wealth migration among residents, emphasizing the shift towards riskier assets as deposit rates decline [3][4] 2. Macro Trends: Sources of Increased Risk Appetite - The report identifies that the decline in deposit rates and the search for higher returns are driving residents to explore various financial products, including bank wealth management and public funds [3][4] 3. Asset Management Section: Adjustments in the "Dumbbell Structure" - The report notes that the asset management sector is experiencing a shift as residents move from traditional savings to more diversified investment products, reflecting a broader trend in wealth management [3][4]