证券日报头版：政策“组合拳”发力显效 A股正向循环链条已形成

Group 1 - The A-share market has shown significant upward momentum, with the Shanghai Composite Index rising from nearly 2900 points to over 3700 points since September last year, driven by macroeconomic policies and increased investor confidence [1][2] - Recent market activity includes daily trading volumes exceeding 2 trillion yuan and a return of margin financing balances above 2 trillion yuan for the first time in a decade, indicating strong market dynamics [1][2] - A clear positive feedback loop has formed, linking policy support, economic resilience, market stability, and asset value reassessment, which is crucial for the sustainable development of the A-share market [1][2] Group 2 - The macroeconomic policies have been focused on stabilizing growth through coordinated monetary and fiscal measures, ensuring liquidity in financial markets, and supporting economic recovery [2][3] - The People's Bank of China has implemented a comprehensive policy mix, including two rounds of reserve requirement ratio cuts, which released approximately 2 trillion yuan in long-term funds, and has maintained a flexible liquidity supply mechanism [2][3] - Fiscal policies have emphasized increasing expenditure and optimizing spending structures, with a notable 45% year-on-year increase in the issuance of local government special bonds, amounting to 2.16 trillion yuan in the first half of the year [3][4] Group 3 - Policies have increasingly directed resources towards technology innovation and industrial upgrades, with significant support for the issuance of science and technology innovation bonds, resulting in a 102.05% increase in the number of bonds issued since May 7 [5][6] - The proportion of technology companies among A-share listed companies with a market capitalization exceeding 100 billion yuan has risen from 12% to 27% over the past decade, indicating a shift towards high-value sectors [6][7] - The performance of listed companies in high-tech sectors has improved, with revenue compound annual growth rates of 12.5% and 17.9% for new generation information technology and new materials industries, respectively [6][7]