A股牛市并未结束

Group 1 - The A-share market liquidity has been accelerating, with net inflow reaching 1,903 billion, close to the levels seen in October 2024 [4] - Last week, stock-type ETFs ended a six-week net outflow, with a net inflow of 14.5 billion, indicating a preference for strong sectors like TMT, finance, real estate, and resources [1][4] - Northbound capital saw a net inflow of 22.4 billion, showing a continuous acceleration since August, while remaining balanced in the long term [1][4] Group 2 - Retail investors showed renewed enthusiasm, with a net inflow of 52.8 billion, marking a significant increase compared to the previous period [1][4] - The financing capital net inflow has been expanding, with a net inflow of 104.4 billion last week, becoming a major bullish force in the A-share market since mid-July [1][4] Group 3 - The overall trading congestion in the A-share market has reached historically high levels, particularly in indices like the Shanghai 50 and CSI 300 [5] - Market sentiment has been high, with the liquidity environment improving since May, leading to an expansion in stock index valuations [5][7] - The recent market rally has been driven by financing capital, which tends to favor small-cap growth stocks and aggressive sectors like semiconductors and securities [5][7]