Core Insights - On September 24, 2024, a significant transformation occurred in the A-share market following the introduction of a comprehensive financial policy by the central bank, the CSRC, and the financial regulatory authority aimed at supporting high-quality economic development and boosting market confidence [1][2] - The A-share market experienced a remarkable recovery, with the Shanghai Composite Index surging by 4.15% and the ChiNext Index soaring by 5.54% on the day of the policy announcement, leading to a sustained bullish sentiment in the following trading days [1][2] - By August 18, 2025, the total market capitalization of A-shares surpassed 100 trillion yuan, marking a historic milestone, while the annualized volatility decreased to 15.9%, indicating enhanced market stability [1][3] Market Performance - A-share indices transitioned from a state of decline to a broad-based rally, with the ChiNext 50 leading with a 116.14% increase, followed by the Sci-Tech 50 at 111.91%, and the ChiNext Index exceeding 100% growth at 101.96% [3][4] - Small-cap growth stocks emerged as the main drivers of this rally, with the small-cap growth index rising by 70.86%, significantly outpacing the large-cap growth index at 56.54% [3][4] Trading Volume and Investor Activity - A-share trading volume saw a substantial increase, with total trading volume reaching 405.63 trillion yuan in the year following the policy, a 115.22% increase from the previous year [5][6] - New investor accounts surged, with 3.06 million new accounts opened in the year following the policy, an 83.86% increase compared to the previous year [7][8] Financing and Institutional Investment - The financing balance in the A-share market rose to 23.86 billion yuan, with a daily average financing balance increasing by 25.19% [11][12] - Insurance funds also increased their equity investments, with the stock investment scale of life insurance companies rising by 31.56% from September 2024 to June 2025 [19][21] Fund Growth and Equity Investment - The public fund industry expanded rapidly, with the total number of funds reaching 13,240, an 8.79% increase year-on-year, and the net asset value of funds growing by 10.43% [22][24] - The number of newly issued equity funds surged by 79.91% in the year following the policy, reflecting a growing preference for equity investments among investors [22][24] Rise of Quality Enterprises - A number of leading companies, particularly in high-tech sectors, saw significant market capitalization growth, with companies like Industrial Fulian and CATL experiencing increases of 940.9 billion yuan and 794.9 billion yuan, respectively [26][28] - Traditional industry leaders also saw a resurgence, with companies like Kweichow Moutai and Industrial and Commercial Bank of China achieving notable stock price increases [27][28]
924新政这一年(市场篇)：赚钱效应激活 这一年A股究竟有何不同
智通财经网·2025-09-22 13:16