Overview of A-share Investor Structure - As of Q1 2025, the A-share market investor structure shows that general legal persons hold the highest proportion at 46.54%, followed by individual investors at 31.24% and foreign investors at 3.76% [81][83] - Domestic professional institutional investors collectively hold 18.46% of the market, with public funds, insurance (excluding fund holdings), private funds, and pension funds holding significant shares at 7.44%, 3.57%, 2.36%, and 1.80% respectively [81][83] Total Market Value Analysis - In Q1 2025, public funds held approximately 5.87 trillion yuan, accounting for 5.89% of the total A-share market value, showing a slight decrease from the previous quarter [10][26] - Foreign investment, as reported by the central bank, reached 2.97 trillion yuan, maintaining a 2.97% share of the total market value, with a slight increase from the previous quarter [13][16] - Insurance capital held a total stock market value of 2.82 trillion yuan, representing 2.83% of the total A-share market value, also reflecting a growth trend [17][20] - Trusts held a total stock market value of 0.62 trillion yuan, which is 0.73% of the total A-share market value, indicating stability in their holdings [21][24] Flow Market Value Analysis - The flow market value analysis indicates that public funds, foreign investors, and insurance capital have respective quarter-on-quarter growth rates of -0.35%, +1.73%, and +16.04% in Q1 2025 [25][26] - The total market value held by public funds, foreign investors, and insurance capital is 58,710 billion yuan, 29,651 billion yuan, and 28,173 billion yuan respectively [60] Institutional Investor Breakdown - Public funds held a flow market value of 5.87 trillion yuan, with a year-on-year growth rate of +11.98% [34] - Private funds held a flow market value of 1.86 trillion yuan, with a quarter-on-quarter growth rate of +1.77% and a year-on-year growth rate of +5.72% [37] - Insurance institutions held a flow market value of 2.82 trillion yuan, with a quarter-on-quarter growth rate of +16.04% and a year-on-year growth rate of +44.51% [41] - Foreign institutions and individuals held a flow market value of 2.97 trillion yuan, with a quarter-on-quarter growth rate of +1.73% and a year-on-year growth rate of +6.29% [58] Changes in Investor Proportions - The proportion of public funds in the A-share market has fluctuated between 7% and 9% since 2021, with a slight decrease to 7.44% in Q1 2025 [66] - The share of private funds has shown a downward trend since the second half of 2021, remaining stable at 2.36% in Q1 2025 [66] - The share of foreign investment has remained stable at 3.76% in Q1 2025, while insurance and pension funds have shown an upward trend in their respective shares [66][74]