The China Banking and Insurance Asset Management Association recently conducted a survey of 198 bank financial management companies, insurance asset management companies, and insurance companies. The results showed that the equity investment confidence index rebounded month-on-month compared to the second quarter, equity-level risk appetite and allocation intentions rebounded simultaneously, and consensus on structural opportunities increased. The fixed income investment confidence index for the third quarter was 50.02, down slightly from the second quarter, close to the 50 boom and dry line, indicating that the industry's overall judgment on the bond market was careful and balanced. At the fixed income level, the Association's survey results show that expectations of short-term easing have converged, the value of long-term allocation has increased, and market expectations have become more balanced. Expectations of monetary policy easing have narrowed marginally, and confidence in long-term interest rates and credit allocation has recovered marginally.

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