Core Viewpoint - The A-share market has reached a significant milestone, with the Shanghai Composite Index closing at 4016.33 points, marking the third time it has surpassed the 4000-point threshold in a decade, indicating a robust annual market trend [1][7]. 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 2015, and 1283 companies and 17.38 trillion yuan in 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 previous peaks in 2015 and 2007 [1]. Valuation Metrics - Current A-share valuations are considered reasonable, with the financing balance reaching a historical high of 24,769.91 billion yuan, but the financing balance as a percentage of the circulating market value is only 2.53%, lower than in 2015 [3][7]. 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 strong performance [5][6]. - In contrast, the previous major rallies saw non-bank financials, computers, and construction sectors leading the gains, indicating a shift towards technology-driven growth in the current cycle [5][6]. Market Dynamics - The current market structure has fundamentally changed compared to 2015, with a shift from a capital-driven market to one focused on real economic transformation and industrial structure optimization, reflecting a more rational valuation level [7]. - There is a notable increase in foreign capital allocation to Chinese assets, alongside a trend of domestic asset reallocation, contributing to enhanced market liquidity [7].
沪指站上4000点！五组数据 看这次有啥不一样
Zhong Guo Zheng Quan Bao·2025-10-29 15:24