上证指数十年后再破4000点，老股民的赚钱经验失效了？

Core Points - The Shanghai Composite Index (SHCI) has surpassed the 4000-point mark for the first time since August 18, 2015, marking the third historical breakthrough of this level [2][3] - Investor sentiment remains cautious despite the index's rise, with trading volume slightly decreasing to 2.17 trillion yuan from 2.36 trillion yuan on the previous trading day [3] - The breakthrough has sparked a debate between new and old investors regarding their experiences and strategies, highlighting differing perceptions of market conditions [3][4] Market Dynamics - The SHCI reached a peak of 4010.73 points, creating a new high in over a decade, while historical data indicates that previous breakthroughs occurred during bull markets in May 2007 and April 2015 [3][5] - Many investors express optimism about the current market, citing historical patterns where the index's rise above 4000 points coincided with bullish trends [3][4] - A significant portion of investors, particularly older ones, remain cautious due to past market volatility and the potential for historical patterns to repeat [4][5] Investor Behavior - There has been a notable increase in new investor accounts, with 2.94 million new accounts opened in September, indicating growing interest in the market [6] - Active management equity funds have seen a trend of "buying new and redeeming old," reflecting a shift in investor preferences and market dynamics [6][7] - The market is experiencing structural differentiation, with technology sectors driving the current rally, while traditional sectors lag behind [7][8] Future Outlook - Analysts suggest that a stable and healthy slow bull market is necessary to alleviate concerns among older investors about historical market patterns [8] - The transition from a liquidity-driven market to one supported by fundamentals and new growth drivers is seen as essential for sustainable growth [8] - Regulatory measures aimed at enhancing investor protection are expected to bolster confidence in the market, contributing to its maturation [8]