A股刷新十年新高 谁是开年大涨的主力军？

Market Performance - The A-share market continued its strong performance with the Shanghai Composite Index achieving a 13-day winning streak, reaching its highest level since July 2015, closing at 4083.67 points, up 1.50% [1] - The Shenzhen Component Index rose 1.40% to 14022.55 points, while the ChiNext Index increased by 0.75% to 3319.29 points, with total trading volume in both markets reaching 283.26 billion yuan, an increase of 26.51 billion yuan from the previous trading day [1] Sector and Stock Performance - Over 4100 stocks rose, with nearly 150 stocks hitting the daily limit, indicating a broad-based market rally [1] - The non-bank financial sector, particularly brokerage firms, played a crucial role in driving the index higher, while the technology sector, especially AI-related stocks, emerged as a key growth driver [2] Capital Flow and Market Support - Since 2025, global investment in Chinese assets through ETFs has seen a net inflow of 83.1 billion USD, with domestic ETFs accounting for 78.6 billion USD and foreign ETFs contributing approximately 4.5 billion USD [3] - The margin trading balance reached a historical high of 2.524 trillion yuan by December 31, 2025, with an increase of 670 billion yuan throughout the year, indicating a significant rise in risk appetite among leveraged funds [3] Market Outlook - The current market trend is upward, but there is a need for caution regarding potential profit-taking and market corrections after consecutive gains [4] - Institutions suggest that the market will shift from "asset revaluation" to "profit recovery" in 2026, emphasizing the importance of fundamentals and cautioning against blind chasing of high valuations [4]