Households in both Germany and China—traditionally strong savers wary of market risk—are moving record sums from deposit accounts into equities as rallies in Frankfurt and Shanghai extend into a third year. In Germany, where cash still makes up 37% of household financial assets, more than three million people have opened stock portfolios since 2022. Equity allocations have climbed to about 20% of assets, and the main benchmark has advanced more than 20% so far in 2025, bolstered by concerns over pension adequacy and the scarcity of attractive deposit rates. A parallel rotation is unfolding in China. On-shore stocks have gained nearly US$1 trillion in value in a month, propelling the Shanghai Composite to a decade high and lifting the CSI 300 more than 20% from its January trough. Investor enthusiasm is concentrated in property and semiconductor names: China Vanke jumped 8.1% in Hong Kong, while premiums on the CPIC SSE STAR Chip Design ETF spiked to a record 6.2%, far above its historical 0.1% level. Turnover on the Shanghai and Shenzhen exchanges has topped ¥2 trillion a day, and a sell-off in 30-year government bond futures underscores the shift from fixed income to stocks. Analysts at Nomura and other firms caution that the rapid inflow of retail money points to growing bubble risk, given that China’s underlying economic indicators—from consumption to inflation—remain subdued.