Liu Chenming, assistant director and chief strategist of GF Securities, said that although active equity fund issuance is sluggish, deposit relocation has occurred significantly among ultra-high net worth individuals. As the yield of fixed income products falls below 2%, capital that pursues 5%-10% annualized returns with manageable fluctuations is accelerating its entry through private equity all-weather, hedging and indexing strategies. This will be the most definitive incremental capital pool in the market in 2025.

Liu Chenming, assistant director and chief strategist of GF Securities, said that although active equity fund issuance is sluggish, deposit relocation has occurred significantly among ultra-high net worth individuals. As the yield of fixed income products falls below 2%, capital that pursues 5%-10% annualized returns with manageable fluctuations is accelerating its entry through private equity all-weather, hedging and indexing strategies. This will be the most definitive incremental capital pool in the market in 2025.