海光信息、寒武纪等：8 月沪指破 3800，A 股双“2 万亿”现 12 次

Core Insights - On August 22, the Shanghai Composite Index surpassed 3800 points, reaching a nearly ten-year high, driven by the collaboration of major financial and technology sectors [1] - The STAR Market Index surged by 5.25%, marking its highest level in three and a half years, with significant gains in the semiconductor industry [1] - The A500 Index, which reflects higher "new quality productivity," increased by 14.72%, outperforming the CSI 300 Index's 12.79% during the same period [1] Market Performance - The semiconductor sector experienced a notable rally, with stocks like Haiguang Information rising by 17%, Cambrian Technology increasing by over 12%, and SMIC gaining more than 8% [1] - The trading volume in A-shares and margin financing balances exceeded 20 trillion yuan for the seventh consecutive day, a phenomenon previously seen only during the bull market in May-June 2015 [1] Liquidity and Future Outlook - JPMorgan stated that due to moderate leverage and valuations, the upward momentum in the Chinese stock market is expected to continue, with potential asset rotation injecting 14 trillion yuan in liquidity [1] - Notable products and their performance include the AI ETF (515070) up by 4.61%, the Huaxia AI ETF (159381) up by 3.97%, and the A500 ETF (512050) up by 1.41% [1]