洪灏：散户还没大规模进场，但要涨势更持久需要看到一些政策支持

Group 1 - The current rally in the Chinese stock market is likely to continue, primarily driven by institutional funds, with retail investors only accounting for about 20% of the market [2][14][15] - Over 5 trillion yuan in new deposits have been added to the banking system this year, indicating strong market liquidity [12] - Funds are expected to continue shifting from the disappointing bond market to the stock market, contributing to the ongoing rally [25] Group 2 - The performance of small-cap stocks has been notably strong, with many new industries leading the market [3][4][36] - The market currently lacks fundamental support, and sustained growth will require policy backing [5][32] - The upcoming months (September and October) are anticipated to reveal more details regarding potential policy support [22] Group 3 - The rise in financing balances is seen as a positive sign, indicating a return of risk appetite in the market [16][17] - Emerging industries are gaining traction, with significant growth observed in sectors like new consumption and biotechnology [39][41] - The biotechnology sector is expected to continue performing well, driven by past R&D efforts yielding results [42][46] Group 4 - Concerns regarding the recent surge in Hibor (Hong Kong Interbank Offered Rate) are deemed unwarranted, as it reflects a low base and is influenced by capital flows into Hong Kong [49][51][52] - The market is experiencing a shift as many investment firms are repositioning themselves from fixed income to equity strategies due to the prolonged bond bull market [23][24]