3674点突破！牛市无阻？

Market Overview - The Shanghai Composite Index has strongly broken through the previous high of 3674 from the "924 market" on August 13, indicating a potential need for a pullback to confirm this breakout [2] - Short-term upward movement of the index may be limited due to insufficient marginal capital to drive significant increases [2] - Market volatility has increased, but the medium-term outlook remains optimistic [2] Market Review - During the week of August 4-8, 2025, small-cap stocks continued to reach new highs for the year, with strong rebounds following dips in the large-cap index [4] - Retail investor participation has become more evident, while growth sectors like technology and pharmaceuticals showed relatively weak performance [4] - There is significant differentiation within growth and value sectors, with large-cap stocks showing fatigue and small-cap stocks demonstrating strong capital absorption [4] Key Drivers of Index Performance - No significant changes in the fundamental landscape, with July's import and export data, CPI, and PPI remaining within expected ranges [6] - Increased risk appetite is supporting small-cap growth, with high levels of margin financing reflecting retail investor entry [6] - Internal policies are actively promoting measures against excessive competition and encouraging birth policies, while external factors include ongoing tariff battles led by Trump [6] Investment Strategy - Domestic economic data indicates resilience despite a slowdown, benefiting market risk appetite [8] - Internationally, the appointment of temporary Fed governors by Trump may maintain favorable liquidity conditions if upcoming CPI data meets expectations [8] Hot Topics - The financial technology ETF has reached a scale of 25 billion yuan as of August 8, 2025, indicating strong interest in this sector [10] - Various ETFs are highlighted for their potential in the current market, including those focused on AI and financial technology [11]