临近3500点，A股IPO受理加速推进，该如何解读？

Group 1 - The A-share market has seen a significant increase in IPO approvals, with 150 IPOs accepted in June, accounting for over 85% of the total for the first half of the year [2] - As of June 30, the total market capitalization of A-shares has surpassed 100 trillion RMB, marking a new phase in the market's development [5] - The majority of new IPOs are concentrated in the Beijing Stock Exchange (BSE), with 32 out of 41 new approvals in June coming from this market [2] Group 2 - The BSE has shown strong performance, with the BSE 50 index rising by 40.40% year-to-date, outperforming both the Shanghai and Shenzhen main boards as well as the Hong Kong market [2] - The total number of companies listed on the BSE reached 268, with a market capitalization close to 850 billion RMB, and it is projected to exceed 1 trillion RMB by the end of 2025 [3] - June is typically a peak period for IPO approvals, driven by companies aiming to expedite their listings before the end of the first half of the year [4] Group 3 - The A-share market's current market capitalization of over 100 trillion RMB indicates a substantial increase from 20 trillion RMB in 2007, despite the index not stabilizing above 3500 points [5] - Compared to the US stock market, which has a market capitalization of approximately 60 trillion USD (around 430 trillion RMB), there remains significant growth potential for the A-share market [5] - A healthy stock market should see stock prices driving market capitalization increases, rather than relying heavily on IPO fundraising and refinancing [5]