In June, the risk preference indicator of institutional investors at Dao Fu fell to -0.09. Michael Metcalfe, head of global macro strategy at Dao Fu, said that although the stock market has hit new highs, institutional investors are more cautious. Risk preference in the second quarter saw a moderate improvement, but due to portfolio adjustments, political risks, and doubts about the economic cycle, institutional investors were eager to withdraw cash in June. Michael Metcalfe pointed out that in June, the flow of funds from institutional investors to the Chinese stock market fell from high levels to average levels. Funds flowed strongly into other Asian markets such as South Korea, India, and Indonesia. This indicates that after a strong start to the year, institutional investors' optimism towards the Chinese stock market has waned. Dao Fu's institutional investment holding indicator shows that institutional investors' holdings of stocks decreased by 42 basis points to 53.2%; holdings of fixed income decreased by a similar amount to 27.5%, while cash holdings increased by 88 basis points to 19.3%. This is the largest increase in cash holdings since August of last year.