【西街观察】资本市场不应止于高活跃度

Group 1 - The A-share market has maintained a daily trading volume above 1.5 trillion yuan, indicating strong market resilience and active trading, which reflects the ongoing discovery of investment value in A-shares [1] - The trading volume has stabilized between 1 trillion and 3 trillion yuan, with a historical high of 1.5 trillion yuan this year, suggesting a revaluation of Chinese assets by investors [1] - The Ministry of Finance reported an 88.1% year-on-year increase in securities transaction stamp duty in the first ten months of this year, correlating with the increased trading volume and indicating a more active market [1] Group 2 - The high activity in the A-share market is supported by a series of effective policies, including a moderately loose monetary policy, reduction in reserve requirements, and measures to encourage long-term capital inflow [2] - The market is characterized by a combination of existing and new capital, with a shift towards high-performance, high-growth, and high-dividend stocks, enhancing the competitiveness and attractiveness of the A-share market [2] - The concentration of funds in high-growth sectors indicates a higher recognition of investment value, with many stocks in these sectors showing strong fundamentals and long-term investment potential [2] Group 3 - The competition between medium to long-term and short-term funds in quality stocks continues to uncover investment value, reflecting the industrial upgrade logic in the A-share market [3] - On November 26, 27 stocks had trading amounts exceeding 5 billion yuan, primarily in high-tech sectors such as cloud computing, AI computing power, and new energy [3] - The A-share market has achieved a normalized and steady increase in trading volume, suggesting promising future market performance [3]