牛市真的来了吗？

Core Viewpoint - The A-share market has broken through the key resistance level of 3731.69 points, marking a significant milestone that indicates a long-term bull market and the end of a four-year adjustment period [2][3]. Group 1: Market Performance - On August 18, the Shanghai Composite Index (SSE) reached a ten-year high, closing up 0.85%, while the Shenzhen Composite Index and the ChiNext Index rose by 1.73% and 2.84% respectively [3]. - The total market capitalization of A-shares exceeded 100 trillion yuan for the first time, with over 4000 stocks rising [3]. - The trading volume in the Shanghai and Shenzhen markets reached 2.76 trillion yuan, a significant increase of nearly 520 billion yuan from the previous trading day, setting a new annual high [3]. Group 2: Driving Factors - Analysts attribute the market's rise to several factors, including improved market sentiment, policy support, and increased capital inflow [4][6]. - The recent increase in margin trading balances, which have returned to over 2 trillion yuan, indicates a growing investor confidence [3][6]. - The shift of household deposits from banks to brokerage accounts suggests a trend of "deposit migration," which is expected to provide substantial incremental capital for the stock market [6][10]. Group 3: Future Outlook - The market is expected to maintain upward momentum, with analysts noting that the breakout above 3731 points has opened up further upside potential [9]. - Key sectors for future growth are identified as consumption, finance, and technology, with banks and securities firms currently attracting significant attention [9]. - The potential for further capital inflow is supported by the low ratios of A-share market capitalization to household deposits, indicating that the "deposit migration" phenomenon is still in its early stages [10].