A股重登4000点，这次不一样

Core Points - The Shanghai Composite Index (SHCI) has surpassed the 4000-point mark for the first time since April 2015, closing at 4005.44 points on October 28, 2025, marking a significant milestone in the market's performance [1] - The current upward trend in the SHCI, which began on September 26, 2024, has taken over a year, contrasting with the previous two surges that occurred within 3 to 4 months [2] - The driving forces behind the SHCI's rise have shifted from traditional industries to the information technology sector, which contributed 455 points to the index, while traditional sectors like industrial, materials, and finance contributed less than 150 points each [2] Industry Changes - The structure of listed companies has undergone significant transformation, with the number of companies in the information technology sector increasing from 75 in 2015 to 391 in 2025, resulting in a rise in its market capitalization weight from 4.3% to 16.8% [3] - The top 10 stocks in terms of market capitalization growth from September 26, 2024, to October 27, 2025, include major players like Industrial Fulian, which saw an increase of over 1 trillion yuan, indicating a shift in market dynamics towards technology firms [3] Market Dynamics - The banking sector's index has declined by 7.97% from July 11 to October 27, 2025, while the SHCI has increased by 13.87%, showcasing a significant shift away from reliance on bank stocks towards technology-driven growth [4] - The introduction of a more inclusive listing system since the launch of the Sci-Tech Innovation Board has enhanced the attractiveness of the capital market, providing opportunities for companies at various development stages [4] - Despite the SHCI surpassing 4000 points, the overall rolling price-to-earnings ratio remains at 16.62, indicating that undervalued stocks in the banking sector will continue to play a stabilizing role in the market [4] Future Outlook - The resurgence of the SHCI above 4000 points is viewed as a crucial step in a new upward phase, with expectations that patient investors will benefit from the growth of the capital market [5]