[Goldman Sachs: Chinese Residents' Stock Allocation Remains Low Relative to Its Long-Term Potential; Stocks and Insurance Expected to Be Key Mid-Term Beneficiaries] According to a report by Jinse Finance on June 24, the Goldman Sachs China macroeconomic team recently released a research report stating that Chinese residents' asset allocation 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 toward a broader range of financial assets, with stocks and insurance expected to become key mid-term beneficiaries. "Chinese residents' stock allocation remains low relative to its long-term potential," Goldman Sachs noted. Currently, the proportion of stocks in residents' assets is less than 10%, indicating significant room for further asset reallocation as residents gradually expand their investment horizons. Considering that residents' risk appetite remains cautious and financial wealth distribution is uneven, this adjustment is unlikely to be linear or cover a broad population. Even so, if resident confidence stabilizes and capital market returns become attractive, stocks could occupy a larger share of new resident savings in the future.