沪指站上4000点！五组数据，看这次有啥不一样

Core Viewpoint - The A-share market has reached a significant milestone, with the Shanghai Composite Index closing above 4000 points for the third time in its history, indicating a robust annual market trend and a shift in market dynamics compared to previous peaks [1][10]. Market Overview - As of October 29, the A-share market comprises 5444 listed companies with a total market capitalization of 119.20 trillion yuan, a substantial increase from 2449 companies and 52.98 trillion yuan in April 2015, and 1283 companies and 17.38 trillion yuan in May 2007 [1]. - The rolling price-to-earnings (P/E) ratio for the entire A-share market is 22.66 times, and the price-to-book (P/B) ratio is 1.87 times, showing a decrease in valuation compared to 23.63 times and 2.81 times in April 2015, and 47.32 times and 4.95 times in May 2007 [1]. Fund Flow Analysis - The financing balance in the A-share market reached a historical high of 24,769.91 billion yuan as of October 28, 2025, with a financing balance to circulating market value ratio of 2.53%, lower than the 3.87% ratio in April 2015 [3]. - The financing buy-in amount accounted for 11.93% of the A-share transaction volume, indicating a more cautious approach to financing compared to 15.12% in 2015 [3]. Sector Performance - The leading sectors in the current market rally from September 1, 2024, to October 29, 2025, include telecommunications (up 135.48%), electronics (up 112.62%), and the comprehensive sector (up 107.21%), with several other sectors also showing significant gains [5][8]. - In contrast, the previous market rallies saw non-bank financials, computers, and construction decoration sectors leading with gains of 190.77%, 174.36%, and 172.71% respectively from May 1, 2014, to April 10, 2015 [5][8]. Structural Changes - The current market structure has shifted from being driven by capital to focusing on the transformation and upgrading of the real economy and optimization of industrial structure, which is seen as a foundation for healthy market operation [9]. - The technology sector has gained a larger market capitalization share, with AI, semiconductors, and advanced manufacturing becoming the core themes, replacing traditional industries [10].