市场量价齐升预期稳定

Core Viewpoint - The A-share market has experienced a significant upward trend over the past year, with major indices showing remarkable gains and a substantial increase in market capitalization and trading volume [1][3][6]. Market Performance - Since September 24, 2024, the A-share market has seen impressive index performance, with the Shanghai Composite Index rising by 39.28%, the Shenzhen Component Index by 62.78%, and the ChiNext Index by 103.06% [2][3]. - The total market capitalization of A-shares surpassed 100 trillion yuan for the first time in August 2025, increasing from approximately 78.57 trillion yuan to about 117.75 trillion yuan within a year [6]. Trading Volume - Daily average trading volume has significantly increased, from approximately 552.9 billion yuan before the current uptrend to 1.65 trillion yuan during the uptrend, and reaching 2.43 trillion yuan in September 2025, marking over a threefold increase year-on-year [5][6]. Investor Activity - The number of new investor accounts has surged, with 6.8468 million new accounts opened in October 2024, a 274.67% increase compared to September. In total, 17.21 million new accounts were opened in the first eight months of 2025, representing a 48% year-on-year growth [6]. Market Stability and Support - The market has seen increased participation from long-term funds, including insurance capital, which has contributed to a more stable funding environment. Regulatory measures such as buybacks and increased liquidity support have also bolstered market confidence [7]. - Analysts predict that A-share companies are likely to return to positive earnings growth in 2025, ending a four-year decline, driven by favorable market conditions and policy support [7].