科技、政策与资金成为A股本轮行情的有力支撑

Group 1 - The A-share market has seen a collective rise, with the Shanghai Composite Index closing at 4085.77 points, marking a new high since 2015, indicating a continuation of the upward trend from 2025 into 2026 [1] - The recent rally began in late September 2024 due to a series of incremental policies from the central government that boosted market confidence, followed by the "DeepSeek moment" during the 2025 Spring Festival, which attracted global investors to China's unexpected advancements in technology [1] - Technology stocks have become a structural pillar driving the A-share market, with the electronic industry market capitalization surpassing the banking sector for the first time in August 2025, making it the largest sector in the stock market [1] Group 2 - The improvement of the market regulatory system and policy support has been another significant factor driving the A-share market, with China focusing on activating capital markets and enhancing market confidence since 2023 [2] - The combination of policy dividends and technological innovation has created a positive feedback loop, with over 90% of high-tech companies listed on the ChiNext, STAR Market, and Beijing Stock Exchange, optimizing market structure and reshaping valuation systems [2] - The monetary policy shift towards interest rate cuts has led to lower yields on bank deposits and low-risk assets, prompting regulatory bodies to encourage long-term capital, such as insurance funds, to enter the market, which has significantly boosted market confidence [2] Group 3 - The upward momentum driven by technology, policy, and capital is expected to continue into 2026, with the central bank maintaining liquidity through flexible monetary policy tools [3] - Structural changes in the economy are underway, with a shift towards more competitive high-tech companies becoming mainstream, and a rising proportion of direct financing in the financial market [3] - The macroeconomic stability in 2026 is anticipated to provide a solid foundation for healthy capital market development, supported by the ongoing expansion of domestic demand and the recovery of traditional industry profitability [3]