Core Insights - The Shanghai Composite Index has finally surpassed the 4000-point mark, marking a significant milestone after a decade, with a market driven by technology and a "slow bull" trend reshaping the Chinese capital market [1][3] - The total market capitalization of A-shares has historically exceeded 100 trillion yuan, indicating a robust recovery and potential for further growth [3] Historical Breakthrough - The Shanghai Composite Index briefly stayed above 4000 points ten years ago before entering a prolonged adjustment period, with the 2015 peak of 5178 points remaining a significant psychological barrier for investors [3] - In 2025, the A-share market has entered a new bull market, breaking through long-standing technical resistance levels, suggesting a departure from previous downward pressures [3] Trading Volume Records - The A-share market has achieved remarkable trading volume records in 2025, with total annual trading volume exceeding 400 trillion yuan, a significant increase from 255.8 trillion yuan in 2024 [5] - On August 25, 2025, the trading volume reached 3.14 trillion yuan, marking the second-highest level in history, reflecting strong market liquidity and activity [5] Three Pillars of the Current Bull Market - The current bull market, termed the "technology revaluation bull," is driven by technological breakthroughs, policy reforms, and increased capital inflows [7][8] - Key sectors such as artificial intelligence and advanced manufacturing are leading the market, supported by government policies aimed at protecting small investors and fostering market health [8] New Market Norms - The number of listed companies in the A-share market has nearly doubled from 2827 to 5448, with total market capitalization growing from 58.4 trillion yuan to 122.23 trillion yuan, indicating enhanced market breadth and depth [10] - The current price-to-earnings ratio of the CSI 300 is approximately 14 times, still below historical averages, suggesting potential for further upward movement in the index [10] Outlook for a Slow Bull Market - Looking ahead to 2026, the A-share market is positioned for a long-term "slow bull" trend, supported by ongoing macroeconomic policies, industry transformations, and continuous capital inflows [12] - The market's foundation appears more solid compared to 2015, with reduced volatility and increased investor willingness to hold stocks for the long term, indicating a healthier investment environment [12][14]
A股新纪元：指数剑指历史高点，日成交额站上3万亿大关！
Sou Hu Cai Jing·2025-12-28 14:36