FII(SH:601138) Mei Ri Jing Ji Xin Wen·2025-10-28 14:10Core Insights - The Shanghai Composite Index (SHCI) has surpassed the 4000-point mark for the first time since April 2015, marking a significant milestone in the market's performance [1] - This upward movement is characterized by a longer duration and a more stable trajectory compared to previous surges, indicating a shift in market dynamics [2] Market Dynamics - The previous two surges to 4000 points occurred within 3 and 4 months, while the current rise has taken over a year, reflecting a more gradual increase [2] - The driving forces behind the SHCI's rise have shifted from traditional industries to new productivity represented by the information technology sector, which contributed 455 points to the index, compared to less than 150 points from industrial, materials, and financial sectors [2] Structural Changes - The composition of listed companies has undergone significant changes, with the number of information technology firms increasing from 75 in 2015 to 391 in 2025, while the weight of the financial sector has decreased from 30.8% to 23.9% [3] - The market capitalization of leading technology stocks has surged, with notable increases in companies like Industrial Fulian and Cambricon, indicating a shift in market leadership towards technology [3] Market Stability and Growth - The overall market stability has improved, with the rolling price-to-earnings ratio remaining at 16.62 times, suggesting that undervalued stocks like banks will continue to act as stabilizers [4] - The current market environment is supported by a new wave of technological revolution and industrial transformation, backed by China's systemic advantages and a robust talent pool [4] Future Outlook - The recent rise above 4000 points is viewed as a significant step in a new upward phase rather than a mere repetition of history, encouraging investors to remain patient for potential gains [5]