长城基金汪立：“924行情”是关键转折点，市场有望长期向好

Group 1 - The A-share market has experienced a significant upward trend since September 24 last year, with the Shanghai Composite Index rising approximately 39% and the ChiNext Index increasing about 102% as of September 19, 2025 [1][2] - Over 3,000 stocks in the market have seen gains exceeding 50%, with more than 1,400 stocks doubling in value [1] - The total market capitalization of A-shares has reached 104 trillion yuan [1] Group 2 - Three main factors have driven this sustained rally: supportive policies, rapid breakthroughs in the technology sector, and a notable increase in market risk appetite [2][3] - The People's Bank of China has implemented various structural monetary policy tools, while the China Securities Regulatory Commission has encouraged long-term capital inflows and optimized merger and acquisition mechanisms [1][2] - The technology sector has seen advancements in artificial intelligence, robotics, semiconductors, military industry, innovative pharmaceuticals, and new consumption, enhancing global competitiveness [2] Group 3 - The market's characteristics have changed significantly in terms of valuation, liquidity, and investor structure [3] - The price-to-earnings ratio of the Shanghai Composite Index has risen from around 12 times to 16.4 times, indicating a substantial valuation recovery [3] - The average trading volume has remained above 2 trillion yuan, reflecting active market sentiment [3] Group 4 - The investor structure has shifted, with insurance and retail investors becoming the main sources of capital inflow, leading to a diversified market style [3][4] - The upcoming "14th Five-Year Plan" and potential interest rate cuts by the Federal Reserve may provide more operational space for domestic macro policies, with expectations for a series of growth-stabilizing measures in the fourth quarter [3][4] - Key policy directions may include promoting a unified national market, enhancing the business environment, and implementing structural monetary policies to stimulate domestic demand [4]