“924行情”一周年：775只基金翻倍，14只收益超200%

Core Insights - The "924 market" initiated on September 24, 2024, has led to a strong annual performance in the A-share market, with the Shanghai Composite Index rising over 36% from 2863 points to a peak of over 3900 points [1][3] - The number of stocks that doubled in value exceeded 1400, indicating a significant structural opportunity rather than a broad bull market [1][9] - Fund performance has also been notable, with 775 funds doubling their net value, showcasing the effectiveness of policy support and the growth potential in hard technology sectors [1][5] Policy Support and Market Dynamics - The "924 market" was triggered by a series of regulatory measures aimed at easing market liquidity, including policies on stock pledges, refinancing, and mergers and acquisitions [3] - A significant increase in daily trading volume was observed, with average daily turnover rising from less than 500 billion to over 1.6 trillion at peak times, indicating a robust market response [3] - The inflow of northbound capital exceeded 80 billion in the first half of 2025, reflecting a strong recovery in investor sentiment [3] Fund Performance and Sector Analysis - Among the 775 funds that doubled, major fund companies like E Fund and Huaxia led with 46 and 36 doubling funds respectively, highlighting the competitive advantage of larger firms in research and product positioning [5][6] - Technology growth theme funds emerged as the biggest winners, focusing on sectors such as semiconductors, artificial intelligence, and advanced manufacturing [5] - Notably, some funds achieved returns exceeding 200%, with the top performer, Debon Xin Xing, yielding a return of 280.31% [6][7] Investor Sentiment and Market Structure - The recovery in investor confidence is evident, with a significant increase in the proportion of active equity fund investors achieving positive returns [8] - The rise of ETFs has transformed market dynamics, with total ETF assets surpassing 5 trillion, becoming a key channel for institutional pricing and investment strategies [8] - The structural changes in the market suggest that while the hard technology sector has long-term potential, short-term valuations have risen significantly, necessitating careful consideration of profit realization [9]