今日视点：多路资金协力巩固资本市场向好生态

Core Viewpoint - The A-share market is experiencing a strong upward trend, supported by various funding sources, which enhances the resilience of China's capital market and solidifies its positive ecosystem [1]. Group 1: Market Performance - Major indices in the A-share market have shown significant gains this year, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 12.51%, 14.45%, and 21.19% respectively [1]. - The trading volume in the Shanghai and Shenzhen markets has frequently surpassed 2 trillion yuan, indicating robust market activity [1]. Group 2: Funding Sources - The China version of the stabilization fund has played a crucial role in the long-term health of the capital market, with the Central Huijin Investment's actions providing liquidity and strong policy signals to stabilize the market [1]. - As of June 30, 2023, the balance of insurance funds invested in stocks increased by 640.6 billion yuan, a growth of 26.4% compared to the end of last year, reflecting effective policy measures to encourage long-term capital inflow [2]. - Retail investors have significantly increased their participation, with a 36.88% year-on-year rise in new A-share accounts in the first seven months of the year, contributing to market liquidity and activity [3]. Group 3: Foreign Investment - There has been a noticeable increase in foreign capital inflow into the A-share market, with the average daily trading volume of northbound funds reaching 202.4 billion yuan in July, a 36.3% increase from June [4]. - The influx of foreign capital is expected to optimize the investor structure in the capital market and promote valuation reassessment, driven by China's stable macroeconomic outlook and deepening market openness [4]. Group 4: Future Outlook - The collaborative efforts of diverse funding sources are a result of institutional innovation, policy support, economic transformation, and global capital restructuring, indicating a positive trend for the A-share market [4]. - The current upward logic of the A-share market remains intact, supported by structural economic upgrades, declining risk-free returns, and improved regulations, paving the way for a new phase of high-quality development characterized by stability and long-term returns [4].