元瞻经纬总量月报（2025年9月）：繁荣起点周年再续，合力厚植沃土方兴-20250929

Group 1 - The report highlights that from September 24, 2024, to September 19, 2025, major A-share indices have outperformed global markets, with the Shenzhen Composite Index, CSI 300, and Shanghai Composite Index rising by 61.7%, 40.13%, and 38.97% respectively [12][14][15] - The report indicates that the overall risk-return profile of the market has significantly improved, with the volatility of the Wind All A Index at a near 15-year low, enhancing the attractiveness of investments and facilitating a positive cycle of wealth effect in the stock market [12][23][25] - The report notes that the capital market's comprehensive reform has deepened, transitioning from a "financing market" to an "investment market," with regulatory measures promoting dividend behaviors among listed companies [28][29][32] Group 2 - The report states that macroeconomic policies have effectively improved the fundamentals and market expectations, with three main directions: "unburdening" local debt risks, "promoting circulation" of the national economy, and "seeking development" through the cultivation of new productive forces [3][40][42] - The report emphasizes that the focus on "anti-involution" policies has become a crucial tool for breaking the downward spiral of prices, with industrial production data indicating a trend towards price recovery [3][40][41] - The report highlights that consumer confidence is gradually recovering, with significant year-on-year growth in retail sales of various categories, driven by new policies [3][40][41] Group 3 - The report indicates that the export sector remains resilient, with a year-on-year increase of 4.4% in exports and a 3.1% increase in total imports in August, reflecting a strong performance against non-U.S. markets [4][48][51] - The report discusses the financial sector's performance, noting a trend of weakening social financing and credit, while M1 showed high growth and M2 remained stable, indicating a need for recovery in financing demand from the real economy [4][48][49] - The report mentions that the proportion of stock investments by insurance companies has steadily increased, with public funds also showing significant growth in A-share market investments, indicating a shift towards long-term investment strategies [34][35][36]