Core Viewpoint - The article highlights the significant transformation of the A-share market following the implementation of a comprehensive financial policy package on September 24, 2024, which aimed to support high-quality economic development and restore market confidence [2][3]. Group 1: Market Performance - A-share indices experienced a fundamental shift from a downward trend to a broad-based rally, with the ChiNext 50 leading with a 116.14% increase and the ChiNext index surpassing 100% growth [4][5]. - The total market capitalization of A-shares reached a historic milestone of over 100 trillion yuan by August 18, 2025, with a notable decrease in annual volatility to 15.9%, down 2.8 percentage points from the previous five-year period [2][3]. Group 2: Trading Volume - The trading volume in the A-share market saw a substantial increase, with total trading volume rising to 405.63 trillion yuan, a 115.22% increase compared to the previous year [6][7]. - Average daily trading volume also surged to 1.68 trillion yuan, reflecting a 113.44% increase, indicating a robust recovery in investor confidence [6][7]. Group 3: Investor Participation - New account openings surged dramatically, with 30.57 million new accounts registered in the year following the policy implementation, an increase of 83.86% compared to the previous year [8][9]. - October 2024 marked a peak in new account openings, with 6.85 million accounts created, significantly exceeding pre-policy averages [8][9]. Group 4: Margin Financing - The margin financing balance in the A-share market increased steadily, reaching 23.86 billion yuan, with a daily average balance rising by 25.19% [11][12]. - Daily average margin buying amounts surged by 159.47%, indicating a strong influx of leveraged funds into the market [11][12]. Group 5: Southbound Capital - Southbound capital saw a significant increase, with a cumulative net purchase of 110.97 billion Hong Kong dollars, a 148% rise compared to the previous year [13][14]. - The trading activity of southbound funds also surged, with total trading volume reaching 26.76 trillion Hong Kong dollars, a 244.41% increase [13][14]. Group 6: Foreign Investment - Foreign institutional investors increased their holdings in A-shares, with total trading volume through the Stock Connect program reaching 49.29 trillion yuan, an 82.13% increase [16][17]. - The foreign ownership of domestic stocks remained above 28 trillion yuan, reflecting sustained confidence in the Chinese market [17]. Group 7: Insurance Capital - Insurance funds accelerated their entry into the A-share market, with stock investments increasing to 28.73 billion yuan, representing a 31.56% growth [19][20]. - The proportion of stock investments in total insurance fund assets also rose, indicating a strategic shift towards equities [19][20]. Group 8: Fund Expansion - The number of public funds increased to 13,240, with total fund assets reaching 34.74 trillion yuan, a 10.43% growth [21][22]. - The issuance of new equity funds surged, with 787 new stock funds launched in the year following the policy, reflecting a growing preference for equity investments [21][22]. Group 9: Rise of Quality Enterprises - A number of leading companies emerged as key players in the market, with nearly 40 companies seeing their market capitalization increase by over 100 billion yuan [23][24]. - Notable performers included Industrial Fulian and Ningde Times, which saw significant stock price increases and market capitalization growth [23][24]. Group 10: Corporate Investment Strategies - Companies increased their investments in financial products, with bank wealth management subscriptions rising slightly, while securities company investments saw a more substantial increase [27][28]. - At least 75 companies announced plans to use idle funds for securities investments, reflecting a growing confidence in the market environment [27][28].
924新政以来，A股十大变化
财联社·2025-09-22 12:11