沪指突破3731点，成交额1.72万亿，近4500股上涨

Market Performance - A-shares continued strong performance on August 18, with the Shanghai Composite Index breaking through the key resistance level of 3731 points, reaching a nearly ten-year high [1] - The market saw significant trading activity, with a half-day turnover of 1.72 trillion yuan, an increase of 411.4 billion yuan compared to the previous trading day [1] - All three major indices rose, with the Shanghai Composite Index up 1.18%, the Shenzhen Component Index up 2.25%, and the ChiNext Index up 3.63% [1] - Nearly 4500 stocks rose, while only 830 stocks declined, indicating a broad-based market rally [1] Trading Activity - The A-share market exhibited unprecedented trading activity, with both turnover and margin financing balances exceeding 2 trillion yuan on August 13 and 14, a phenomenon not seen in the last decade [3] - The margin financing balance reached 2055.208 billion yuan, with the financing balance at 2041.040 billion yuan, reflecting optimistic investor sentiment towards future market performance [3] - In July, the number of new A-share accounts reached 1.9636 million, a 71% increase year-on-year and over 19% month-on-month [3] - The number of participants in margin trading increased to 547.7 thousand, up 4.65% month-on-month, indicating heightened activity among both new and existing investors [3] Investor Structure - The current market rally shows distinct structural characteristics compared to the leveraged bull market of 2015, with a significant increase in institutional investor participation [4] - Since June, the number of new institutional accounts has risen to historical highs, nearly returning to levels seen in 2021, providing a more stable foundation for the market [4] - The technology manufacturing sector has emerged as a dominant force in the market, with AI hardware, communication equipment, and electronic components leading the gains [4] - Small-cap stocks have performed particularly well, with the CSI 1000 Index rising 6.05%, significantly outperforming the CSI 300 Index's 2.48% increase [4] - The North Star 50 Index reached a historical high with a gain of 4.59%, reflecting improved market sentiment and active capital flow towards high-growth small-cap companies [4]