四季度行情强劲开启！上证指数突破3900点！

Group 1 - The A-share market opened the fourth quarter with strong momentum, with the Shanghai Composite Index surpassing the 3900-point mark, reaching a nearly 10-year high, reflecting a clear trend of recovery and strengthening throughout the year [1] - The market exhibited a "first decline, then rise, and structural differentiation" pattern, with the index having accumulated over a 28% increase from its low point on April 7, and a year-to-date increase of 16%, making it one of the standout indices in the global capital markets [1] Group 2 - Continuous policy support has strengthened market confidence, with the Central Political Bureau meeting on July 30 emphasizing the enhancement of the domestic capital market's attractiveness and inclusivity, guiding market development through improved corporate governance and increased institutional investor participation [3] - The macroeconomic policy remains moderately loose, providing solid liquidity support for the market [3] - The market's rise is deemed reasonable based on valuation and performance support, with key indices like the Shanghai Composite and CSI 300 still within historical reasonable ranges, and the CSI 300's price-to-earnings ratio at approximately 14 times, significantly lower than the S&P 500's 29 times [3] - As of August 31, 2023, 5432 listed companies in China's stock market reported a total revenue of 35.01 trillion yuan for the first half of the year, reflecting a year-on-year growth of 0.16% [3]