宋清辉：时隔十年，沪指重回4000点！或将进入更长期“健康牛”通道

Core Viewpoint - The A-share market has broken through the 4000-point mark for the first time in ten years, indicating strong confidence in China's economic future and capital market reforms, and signaling the start of a new bull market [1][3][7]. Market Performance - On October 28, the Shanghai Composite Index reached 4000.27 points, marking a significant milestone since August 19, 2015 [3]. - The total market capitalization of A-shares increased from approximately 68 trillion yuan to 107.87 trillion yuan within a year, reflecting a surge of 39.87 trillion yuan [3]. - Daily trading volume has significantly increased, with average daily trading exceeding 20 trillion yuan for 40 consecutive trading days, and several days surpassing 30 trillion yuan [4]. Economic Drivers - The rise in the index is attributed to the transformation of China's economy, with a focus on hard technology and new production capabilities, leading to an influx of capital into the market [5][8]. - The current market dynamics differ from the 2015 bull market, which was driven by leverage; the present market is characterized by rational valuations and structural differentiation [8][10]. Future Outlook - Analysts suggest that the 4000-point level may serve as a starting point for a new market cycle, with expectations for continued upward movement in the index [8][10]. - The technology sector is expected to maintain strong performance, potentially leading to a prolonged "healthy bull" market if the current technology cycle continues [10][11]. - Historical data indicates that after minor adjustments in a bull market, sectors with upward trends, such as technology and cyclical industries, are likely to outperform [11].