FT中文网精选：牛市未央

Group 1 - The Chinese government is supporting the listing of emerging companies related to AI and chips on the Shanghai Stock Exchange's "Science and Technology Innovation Board" [5] - The A-share market is expected to shift from a rapid rotation and small-cap dominance to a broad rally favoring core assets [6] - The A-share market has reached a historical high in market capitalization, with the Shanghai Composite Index projected to exceed 3700 points by August 2025 [6] Group 2 - Factors driving the continuation of the bull market include the easing of Trump tariffs, the approaching Fed rate cuts, and improved expectations for domestic policies and fundamentals [6] - Long-term asset allocation trends indicate a shift towards increasing financial asset allocations, with the current price ratio effects among stocks, bonds, and real estate influencing the equity market [6] - Both institutional and individual investors have room for further accumulation under policy guidance and improving sentiment, creating a positive feedback loop with market performance [6]