上证指数时隔十年再上4000点，成交额仍待放量｜市场观察

Core Viewpoint - The A-share market has shown resilience, with the Shanghai Composite Index breaking the 4000-point mark, reflecting improved market sentiment and investor confidence, supported by ongoing developments in U.S.-China trade negotiations and favorable regulatory policies [1][3][4] Market Performance - On October 28, the Shanghai Composite Index rose by 0.21% to close at 4005 points, with total trading volume in Shanghai, Shenzhen, and Beijing reaching 1.36 trillion yuan, a decrease of 216.5 billion yuan compared to the previous day [1] - The index initially broke through 4000 points but experienced a pullback before regaining that level later in the morning [1] Regulatory Environment - The China Securities Regulatory Commission (CSRC) has introduced measures to optimize the Qualified Foreign Institutional Investor (QFII) system, enhancing access and operational efficiency for foreign investors [2] - Future plans include the introduction of a refinancing framework to support mergers and acquisitions, and encouraging listed companies to improve governance and increase shareholder returns through dividends and buybacks [2] Investor Sentiment - Analysts suggest that the recent market movements indicate a structural bull market, with the 4000-point level serving as a psychological barrier that, if maintained, could attract further capital inflow [3] - There is a cautionary note regarding high valuations in certain sectors, particularly technology and semiconductors, which may lead to profit-taking and increased volatility [2][3] Economic Context - The market is influenced by global economic conditions, including expectations of a potential interest rate cut by the Federal Reserve, which could support global liquidity [4] - The upcoming APEC meeting may provide opportunities for U.S.-China dialogue, potentially easing geopolitical tensions and trade friction [4]