沪指早盘突破3700点关口！开启“慢牛”行情？

Market Overview - The A-share market has shown strong performance, with the Shanghai Composite Index breaking through the 3700-point mark, reaching a nearly four-year high [2] - The recent rally is supported by expectations of interest rate cuts from the Federal Reserve and a revaluation of A-share valuations [2][3] - A significant inflow of funds into A-shares has been driven by a "big move" of household deposits and a continuous decline in risk-free interest rates [2] Key Resistance Levels - The levels of 3674 points and 3731 points are critical for investors, with 3731 points being a significant resistance level that has not been breached since February 2021 [3] - Analysts believe that a breakthrough above 3731 points would indicate a return to 4000 points for A-shares, reflecting an increase in valuation and asset revaluation [3] Margin Trading Insights - The margin trading balance has returned to over 2 trillion yuan, a level not seen since the peak of the 2015 bull market [4] - The current total market capitalization has surpassed 100 trillion yuan, indicating that despite the Shanghai Composite Index being in the 3600s, the market value is higher than during the 5000-point peak in 2015 [4] - The increase in margin trading balance suggests a recovery in investor confidence, although it does not necessarily indicate a market peak [4] Policy Impact - Recent fiscal policies, including interest subsidies for personal consumption loans and service industry loans, are expected to alleviate burdens on relevant sectors and support overall consumption [2] - The focus on service consumption in fiscal policy is anticipated to play a significant role in sustaining overall economic consumption [2]