“9·24”行情一周年：118个“万亿日”激活市场 守护信心需多方共同发力

Market Overview - The "9·24" market rally has lasted a year, leading to significant wealth effects and attracting new investors, with a surge in account openings [1] - A-shares have seen active trading, with daily turnover exceeding 2 trillion yuan for 29 consecutive trading days and over 1 trillion yuan for 118 consecutive days, while financing balances reached historical highs [1] - The interaction between mainland and Hong Kong markets has intensified, with substantial inflows into Hong Kong stocks, particularly in major tech companies like Alibaba, Tencent, and Xiaomi, enhancing the valuation recovery and creating opportunities for global capital to invest in Chinese assets [1] Structural Changes - The market has undergone a comprehensive structural reconstruction, with high-yield stocks like banks being revalued, rewarding long-term investors, while semiconductor stocks have reshaped the A-share landscape, surpassing traditional sectors like finance and real estate in total market capitalization [1] - Long-term capital from foreign and insurance funds continues to flow into A-shares, with a diverse range of investment products emerging, providing investors with more choices and introducing stable long-term capital into the market [1] Market Confidence - The positive changes in the capital market reflect a comprehensive boost in market confidence, driven by individual investors actively trading, institutions making long-term investments, and companies expanding their operations [2] - Four key conditions support the establishment of market confidence: 1. Institutional foundation with stable rules, including the new "National Nine Articles" and over 60 supporting regulations, providing a solid regulatory framework for market stability [3] 2. Policy synergy that optimizes the confidence environment through coordinated macroeconomic policies, low-cost financing support for companies, and measures to address local debt and corporate arrears [3] 3. Market dynamism activated by innovative mechanisms that enhance the market's ability to reward quality enterprises, with recent reforms in the Sci-Tech Innovation Board and M&A policies facilitating corporate integration [4] 4. Fairness maintained through strict regulation, with significant penalties for financial fraud, enhancing investor protection and deterring misconduct [5] Long-term Outlook - Sustaining market confidence requires ongoing efforts, as capital markets will experience fluctuations, but maintaining and optimizing favorable long-term factors will ensure continued market confidence and healthy operations [6]