沪指收盘创三年新高 “牛市”来了吗？

Core Viewpoint - The A-share market is showing signs of a potential bull market, with the Shanghai Composite Index closing above 3600 points for the first time since January 2022, driven by positive economic fundamentals and policy support [1][2][6]. Group 1: Market Performance - The Shanghai Composite Index has risen over 16% since April 8, reaching 3600 points, while the Hang Seng Index has increased nearly 30%, hitting 25660 points, marking a new high since November 2021 [2]. - The A-share market is characterized by a strong upward trend, with various sectors experiencing different driving forces, suggesting a need for diversified holdings to mitigate risks [1][2]. Group 2: Supporting Factors - Multiple factors are supporting the market's rise, including improved global liquidity, favorable policies, technological innovation trends, and a shift in asset allocation by residents [2][3]. - The net inflow of foreign capital into domestic stocks and funds reached $10.1 billion in the first half of the year, with a significant increase in May and June, indicating a growing willingness of global capital to invest in the Chinese stock market [3][5]. Group 3: Foreign Investment Outlook - Foreign institutions, including Goldman Sachs and UBS, have expressed optimism about the A-share market, raising their target index levels due to attractive valuations and improving fundamentals [4][6]. - The proportion of foreign investors viewing China as a high or medium priority for asset allocation has increased from 44% to 59% over the past year, indicating a positive outlook for foreign investment in Chinese assets [3][5]. Group 4: Future Market Expectations - The market is expected to maintain a slow bull trend in the second half of the year, driven by low interest rates, policy guidance, and significant events [6][7]. - Analysts predict that the A-share market will likely experience upward fluctuations, with a focus on policy implementation and improvements in corporate earnings [7].