Core Insights - The wealth management landscape in China is transitioning towards high growth, diversification, and increased allocation to overseas assets [1] - The proportion of real estate in household assets has significantly decreased, with equity investments now accounting for approximately 15% of financial assets [1] - The younger investor demographic, particularly those under 30, is becoming increasingly active in the stock market, representing 30% of stock investors [1] Investment Product Supply - The current financial product offerings do not adequately meet the diverse investment needs of residents, particularly in innovative products like green finance tools and cross-border ETFs [1][2] - The risk correlation among existing investment products is high, leading to collective price movements during market fluctuations [2] - The number of mutual funds available for cross-border investment is limited, with only 41 funds and a total scale of approximately 240 billion yuan, indicating a low supply relative to demand [2] Recommendations for Financial Market Enhancement - There is a need to diversify the types of directly investable assets and products, particularly expanding the range of ETF products [2] - Encouraging long-term investment through tax incentives and promoting the development of multi-asset combination products with a 3-5 year horizon is suggested [2] - Expanding the coverage of cross-border investment products to include more themes and asset classes, such as overseas REITs and high-yield bonds, is recommended [3] Wealth Management Service Differentiation - A differentiated service system should be established to cater to various investor groups, including high-net-worth individuals, middle-class, and ordinary investors [4] - The development of inclusive financial tools aimed at middle-class and ordinary investors is essential, promoting passive and regular investments [4] - There is a trend towards younger, digital, and personalized wealth management services, necessitating the introduction of innovative products aligned with the values and perceptions of younger investors [4]