3 6 Ke·2025-09-23 04:18Core Viewpoint - The implementation of a comprehensive financial policy by the central bank and regulatory authorities on September 24, 2024, has significantly transformed the A-share market, leading to a remarkable recovery and structural changes within the market. Group 1: Market Performance - A-shares experienced a substantial increase post-policy implementation, with the Shanghai Composite Index rising by 4.15% and the ChiNext Index soaring by 5.54% on the announcement day [1] - By August 18, 2025, the total market capitalization of A-shares surpassed 100 trillion yuan, with an annualized volatility of 15.9%, a decrease of 2.8 percentage points compared to the "13th Five-Year Plan" period, indicating enhanced market stability [1] - Major indices showed explosive growth, with the ChiNext 50 leading at a 116.14% increase, followed by the Sci-Tech 50 at 111.91% [3][4] Group 2: Trading Volume and Investor Activity - A-share trading volume surged, with total trading volume reaching 405.63 trillion yuan, a 115.22% increase from the previous year [5][6] - New account openings exploded, with 3,057,330 new accounts created in the year following the policy, an increase of 83.86% [7][8] Group 3: Financing and Institutional Investment - The financing balance in A-shares rose to 23,857.6 billion yuan, with a daily average financing balance increasing by 25.19% [10][11] - Insurance funds increased their stock investments significantly, with the investment scale growing by 31.56% from September 2024 to June 2025 [17][18] Group 4: Foreign and Southbound Capital - Southbound capital saw a net purchase of 110.97 billion HKD, a 148% increase compared to the previous year, indicating strong interest in Hong Kong stocks [12][13] - Foreign capital in A-shares also increased, with total trading volume reaching 49.29 trillion yuan, an 82.13% rise from the previous year [14][15] Group 5: Rise of Quality Enterprises - A number of leading companies, such as Industrial Fulian and Ningde Times, saw their market capitalizations increase significantly, reflecting a revaluation of A-share values [22][23][24] Group 6: Corporate Investment Strategies - Companies are increasingly utilizing idle funds for financial investments, with a notable rise in bank and securities company investment subscriptions [25][26]