收评：沪指涨1.45%突破3800点大关，科创50指数暴涨超8%，芯片股爆发

Core Viewpoint - The A-share market is experiencing a strong upward trend, driven by institutional reforms, optimized capital structure, and economic momentum transformation, marking a new phase of a "slow bull" market [1] Market Performance - Major stock indices in the two markets surged, with the Shanghai Composite Index rising over 1% to surpass 3800 points, reaching a 10-year high; the Sci-Tech 50 Index soared over 8%, hitting a 3.5-year high [1] - As of the market close, the Shanghai Composite Index rose 1.45% to 3825.76 points, the Shenzhen Component Index increased by 2.07% to 12166.06 points, the ChiNext Index climbed 3.36% to 2682.55 points, and the Sci-Tech 50 Index gained 8.59% to 1247.86 points, with a total transaction volume of 25.793 billion yuan [1] Sector Performance - On the sector front, agriculture, banking, food and beverage, and oil sectors declined, while the semiconductor sector experienced a significant surge; brokerage and insurance sectors also saw gains, with stocks related to chips, computing power, and the AI industry being particularly active [1] Investment Outlook - Huaxi Securities indicates that the current A-share market is at a new starting point for a "slow bull" market, driven by supply-side governance, demand-side policy support, and an improved investor return mechanism [1] - The initiation of "deposit migration" among residents is expected to provide ample potential incremental funds, forming a positive feedback mechanism; long-term capital from insurance funds, social security, pensions, and potential stabilization funds is continuously entering the market, optimizing the investor structure [1] - The direction of the "slow bull" market will align with national strategies, focusing on new momentum and new technologies, supported by segments of large finance and new consumption [1]