On June 24, Goldman Sachs' China macroeconomic team recently published a research report stating that the asset allocation of Chinese residents is in the early stages of structural transformation. As the role of real estate in wealth accumulation gradually diminishes and deposit interest rates remain low, savings may gradually shift towards a broader range of financial assets, with stocks and insurance expected to be the main beneficiaries in the medium term. "The stock allocation of Chinese residents remains low relative to its long-term potential," Goldman Sachs noted, indicating that the current proportion of stocks in residents' assets is less than 10%. This suggests that as residents gradually broaden their investment horizons, there is significant room for further asset reallocation. Considering that residents' risk appetite remains cautious and financial wealth distribution is uneven, this adjustment is unlikely to be linear or widespread. Nevertheless, if residents' confidence stabilizes and capital market returns are attractive, stocks may occupy a larger share of new resident savings in the future.