沪指一度涨破3700点，寒武纪大涨9.89%

Group 1 - A-shares showed mixed performance on August 14, with the Shanghai Composite Index reaching a nearly four-year high, closing at 3690.88 points, up 0.2% [1] - The total market capitalization of A-shares reached 98.48 trillion yuan, a 14.7% increase from the end of last year, with banking, electronics, and pharmaceutical sectors having the highest market values [1] - The recent surge in the two-margin balance, which exceeded 2 trillion yuan for the first time in ten years, indicates a recovery in investor confidence, although it raises concerns about potential market peaks [2] Group 2 - The current market capitalization has surpassed 100 trillion yuan, despite the Shanghai Composite Index being only in the 3600s, primarily due to a significant increase in new listings over the past decade [2] - Three core logic points supporting the recent market rise remain unchanged: policy bottom-line thinking, emergence of new growth drivers, and influx of incremental capital [4] - The improvement in overall free cash flow for listed companies is expected to be confirmed by semi-annual reports, reinforcing the logic for re-evaluating A-shares [4]