根据《报告》，受访者的预期变化与市场走势基本同步。调查结果显示，本期(2025年12月份，下同)认 为A股会上涨的受访者占比约62.3%。其中，散户信心进一步增强，散户受访者中认为A股会上涨的比 例进一步提升至64.2%，较9月份提高了2.5个百分点，金融业受访者的预期下调至59.8%，较9月份下降 6.1个百分点。 本报讯(记者张芗逸)2026年1月28日，长江商学院在北京校区发布2025年第四季度《投资者情绪调查报 告》(以下简称《报告》)，这也是长江商学院第19次发布投资者情绪调查报告。 《报告》由长江商学院会计与金融学教授、投资研究中心主任刘劲以及研究员陈宏亚推出，是对中国资 本市场投资人情绪和预期的调查。数据来源于2025年12月份投资者情绪问卷调查、A股上市公司2025年 第三季度财报以及其他最新的国内外资本市场和宏观数据。报告分为两部分：第一部分以问卷调查的形 式了解投资者对股票市场、房地产等资产价格未来走势的看法，以及对经济增长等宏观指标的预期；第 二部分结合对宏观经济、上市公司基本面等分析，探讨投资者情绪产生的原因。 散户和金融业受访者对港股的预期走向与A股基本一致。本期约有61.1%的受访 ...

Group 1 - The core viewpoint of the report indicates that investor sentiment towards A-shares has improved since July 2024, while expectations for the real estate sector have also shown signs of recovery since September 2023, although overall sentiment remains relatively negative [1] - The report highlights that investor sentiment towards A-shares reached its lowest point since 2018 in July 2024, but a series of unexpected financial policies introduced in September 2023 triggered a rally, leading to a significant increase in positive sentiment by November 2024 [1] - The latest survey indicates a slight decline in positive sentiment, with approximately 61.5% of respondents believing A-shares will rise, down 6.7 percentage points from November 2024, although the net increase in those willing to invest in stocks rose by 1.4 percentage points [1] Group 2 - The survey coincided with an increase in trade tensions between the US and China, with investors perceiving short-term pressures but maintaining a positive long-term outlook [2] - Approximately 54.4% of respondents believe China is a world leader in artificial intelligence, an increase of 14.7 percentage points since November 2024, while around 55% believe China leads in the new energy sector, up 19.2 percentage points since April 2021 [2]