股指：百万俱乐部

Core Viewpoint - The article discusses the continuation of the "water buffalo" market trend in A-shares, highlighting strong upward momentum driven by liquidity and the positive feedback mechanism of profit effects, while also noting potential risks of sharp declines due to crowded strategies and profit-taking [4][9]. Group 1: Market Performance - A-shares reached a historic moment with the Shanghai Composite Index hitting 3745.94 points, surpassing the 2021 peak of 3731.69 points, marking a ten-year high [5]. - The total market capitalization of A-shares has entered the trillion yuan club, indicating a significant expansion in market size [5]. - The CSI 2000 index has seen a year-to-date increase of over 30%, outperforming larger indices like the CSI 300, while micro-cap indices have approached a 60% increase, showcasing the "water buffalo" characteristics of the current market [5]. Group 2: Liquidity and Economic Indicators - The People's Bank of China's "moderately loose" monetary policy has significantly reduced market funding costs, benefiting small and micro-cap stocks that are more sensitive to interest rates [5][6]. - Despite a 20-year first negative in new credit, there is a notable activation of deposits among residents and enterprises, with M1 growth exceeding expectations, indicating improving market expectations [6]. - The trend of "deposit migration" is evident, with a reduction of 1.1 trillion yuan in resident deposits and an increase of 2.14 trillion yuan in non-bank deposits, reflecting a shift towards non-bank financial products [6]. Group 3: Future Market Outlook - The article presents two potential future scenarios: one where large indices like the Shanghai 50 and CSI 300 catch up with the "water buffalo" trend, requiring more incremental capital and economic recovery [9]. - The second scenario suggests a continuation of the current technology-led small-cap market, which may be more susceptible to sharp declines due to capital-driven dynamics and increased selling pressure from industrial capital [10].