China Brokerage Asset Managers Put Equities First in Q4 Allocation

The survey matters less as a forecast than as a positioning signal: brokerage asset managers are a visible slice of domestic institutional money, and a shared tilt toward equities implies crowded conviction rather than differentiation. The split on commodities is the more interesting tell, since it suggests allocators see little agreement on the inflation or growth impulse. The gap between broad-index and ChiNext valuations is the thread worth pulling: whether that dispersion persists or converges will say more about where domestic risk appetite actually sits than the headline ranking does.