上证报：沪指第三次逼近4000点，这次有何不同？

Core Viewpoint - The Shanghai Composite Index has reached a nearly ten-year high, surpassing 3900 points, and is approaching the 4000-point mark, which historically indicates significant market movements [1][2]. Market Trends - The historical context shows that the Shanghai Composite Index has previously crossed the 4000-point threshold twice, in May 2007 and April 2015, both times leading to substantial market peaks within six months [1]. - Current market conditions differ from past instances, with the ongoing economic transformation in China and global monetary easing contributing to a more optimistic market sentiment [2]. Structural Changes - The current market is characterized by a structural rally led by technology companies, contrasting with previous market behaviors where stocks moved in unison [3]. - The shift from a retail-driven market to one dominated by institutional investors has significantly altered market dynamics, leading to a more research-driven investment approach [3][4]. Policy Implications - Recent policy initiatives indicate a strong governmental commitment to stabilizing the stock market, positioning it as a key component in economic revitalization [4][5]. - The elevation of the capital market's role in national strategy reflects a broader recognition of its importance in managing economic expectations and stimulating growth [5].