Core Viewpoint - The definition of "wealthy individuals" varies significantly across different social classes, regions, and age groups, with a recent authoritative institution establishing four criteria to classify someone as wealthy [1][3]. Group 1: Wealth Criteria - The first criterion is a family net worth exceeding 3 million yuan, which includes assets like housing, cars, and financial assets, minus liabilities. The average net worth of urban families in China is 2.736 million yuan, with only about 30% exceeding this average [5]. - The second criterion is an annual family income exceeding 500,000 yuan, equating to a monthly income of over 42,000 yuan. Only 4.6% of families in China meet this income level, which is significantly above the average family income of 123,000 yuan for a three-person household [7]. - The third criterion is owning two or more properties. Approximately 19.3% of families in China own multiple homes, with ownership rates varying by region: 13.7% in first-tier cities, 18.5% in second-tier cities, and 22.6% in third and fourth-tier cities [9]. - The fourth criterion is having financial assets exceeding 1 million yuan. The average financial asset per family is 316,000 yuan, with only about 8.2% of families surpassing the 1 million yuan mark [11]. Group 2: Financial Asset Trends - The composition of family financial assets is changing, with bank deposits decreasing from 68.3% in 2015 to 51.7% in 2025, while equity assets like stocks and funds have increased from 15.6% to 28.3% [12].

Core Viewpoint - Analysts suggest that the full impact of tariffs on U.S. inflation has not yet been fully realized, as indicated by lower-than-expected CPI data [1] Group 1: Inflation Data - The Consumer Price Index (CPI) data was below expectations, indicating limited direct transmission of tariffs to broader prices [1] - In April, commodity prices remained flat compared to the previous month, with a mere 0.1% increase when excluding food and energy [1] Group 2: Tariff Impact - The current low tariff levels may not fully reflect their comprehensive impact on inflation, as retailers are still digesting previously accumulated inventory [1] - The ongoing trade deficit continues to widen, suggesting that the macroeconomic effects of trade war policies remain unclear [1] Group 3: Financial Market Reaction - Despite the unclear macroeconomic impacts of trade policies, the lower-than-expected inflation data has undoubtedly provided a short-term boost to financial assets [1]

Group 1 - The S&P 500 index increased by 3.52%, indicating a strong performance in the U.S. stock market [6] - The Hang Seng Tech Index rose by 6.18%, reflecting positive sentiment in the technology sector [6] - Major European indices also showed gains, with the Euro Stoxx 50 and the German DAX index increasing by 2.12% and 1.81% respectively [6] Group 2 - U.S. Treasury yields experienced fluctuations, with the 2-year Treasury yield rising by 2.57% [9] - The 10-year Treasury yield also saw an increase of 2.29%, suggesting a shift in investor sentiment [9] - The 30-year Treasury yield rose by 1.50%, indicating a broader trend in long-term interest rates [9]