“9·24”一周年：从2700点保卫战到市值首破百万亿

Core Viewpoint - The A-share market has shown significant recovery over the past year, with the Shanghai Composite Index rising from 2700 points to over 3800 points, and the total market capitalization surpassing 100 trillion yuan, indicating a positive shift in investor sentiment and market dynamics [3][4]. Market Recovery and Performance - The A-share market's total market capitalization first exceeded 100 trillion yuan in August, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points compared to the previous five-year period [6][10]. - Following a series of supportive policies introduced on September 24 last year, the market has experienced a strong upward trend, with the index reaching a nearly ten-year high of 3899.96 points [6][7]. - A total of 1508 stocks have doubled in price since last September, with notable performance in the machinery and electronics sectors [7][8]. Fund Performance and Investor Behavior - Over 99% of mutual fund products have reported positive cumulative returns since last September, with 697 funds achieving returns exceeding 100% [8][9]. - The number of funds with net asset values below 1 yuan has significantly decreased from over 3959 to 1224, reflecting improved investor experiences [9]. - The trend of investors shifting from a cautious "redeem upon breakeven" mentality to actively seeking new investment opportunities has been observed, with new A-share accounts increasing by 165% year-on-year in August [14][16]. Long-term Capital Inflow - As of August, the total market value of various long-term funds holding A-shares reached approximately 21.4 trillion yuan, marking a 32% increase since the end of the 13th Five-Year Plan [10][11]. - The ETF market has also seen substantial growth, with total assets surpassing 5.31 trillion yuan, a 42.31% increase from the end of last year [11][12]. - Regulatory support and policy initiatives have encouraged long-term capital inflows, with estimates suggesting that insurance funds could see net inflows into equity assets reach 1 trillion yuan this year [12][13]. Market Outlook - Despite recent market fluctuations, the medium-term outlook remains positive, driven by liquidity and supportive policies, with expectations of continued recovery in the A-share market [17].