Coming back from the holiday, I truly felt the financial anxiety of China's middle class.



Talking with relatives, I heard several stories of high-yield investment "pig-butchering" scams running away. It's the same old套路: stable high returns, recommendations from acquaintances, looking very safe.

Looking domestically, it's hard to find stable and attractive yield assets. State-owned bank deposit rates are approaching "zero," and "lying back to earn interest" has become a thing of the past.

Against the backdrop of forced large-scale deposit transfers, middle-class anxiety has been continuously amplified, and this anxiety has transformed into a higher risk appetite.

Intraday funds are extremely hungry and restless, which also explains the maximum 68% premium of the National Investment Silver LOF intraday fund at year-end.

Coupled with the RMB entering an appreciation channel, offshore funds are flowing back, and in 2026, the outlook remains optimistic for A-shares and Chinese risk assets.
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