沪指再次站上3900点，A500ETF龙头(563800)盘中上涨1.49%，深地经济、CPO、存储芯片等涨幅居前

Group 1 - A-shares indices collectively rose in early trading on October 21, 2025, with the Shanghai Composite Index increasing by 1.2% and surpassing 3900 points, while over 4500 stocks in the market experienced gains [1] - The Ministry of Finance announced two measures to support economic recovery, including allocating 500 billion yuan from local government debt limits, an increase of 100 billion yuan from the previous year, and early issuance of new local government debt limits for 2026 [1] - The macro team at Galaxy Securities remains optimistic about investment opportunities in the Chinese market, suggesting that the dividend sector may regain investor interest, with themes such as anti-involution, national security, and expanding domestic demand to watch [1] Group 2 - Zhongyuan Securities reports that recent high-level meetings have raised market policy expectations, combined with potential interest rate cuts from the Federal Reserve, providing support for the market [2] - The A-share market is expected to continue showing a consolidating trend, with structural opportunities remaining abundant due to domestic policy expectations and third-quarter earnings verification [2] - CITIC Construction Investment Securities indicates that after a period of overheating in the computing power sector, the market has entered a bull market consolidation phase, characterized by high capital rotation and index stagnation [2] Group 3 - As of October 21, 2025, the CSI A500 Index rose by 1.67%, with the leading A500 ETF increasing by 1.49%, and nearly 1 billion yuan traded during the session [3] - Over the past three months, the leading A500 ETF has accumulated a gain of 13.97%, with the top ten weighted stocks accounting for 19% of the index [3] - The leading A500 ETF tracks major sectors including electronics (14.45%), power equipment (10.90%), and banking (7.21%) [3]