中国基金报·2025-09-24 03:30Core Viewpoint - The "9·24" policy has significantly reshaped the A-share market, enhancing investor confidence and leading to a substantial increase in market capitalization and stock prices over the past year [2][5][15]. Market Performance - A-share total market capitalization grew from approximately 70 trillion yuan to over 100 trillion yuan, an increase of over 30% [2][6]. - More than 1,400 stocks have doubled in price, with the ChiNext Index and the Sci-Tech Innovation 50 Index both rising over 100% [2][6]. Policy Impact - The "9·24" policy, introduced on September 24, 2024, included measures to boost medium- and long-term capital inflows, reform mergers and acquisitions, and support technological innovation [2][4]. - Following the policy announcement, the Shanghai Composite Index surged by 4.15% in a single day, while the ChiNext Index soared by 5.54% [4]. Structural Changes - The A-share market has seen a profound transformation, with a focus on sustainable growth and a "slow bull" market trajectory following initial rapid responses to policy changes [5][6]. - The volatility of the market has decreased, with the annualized volatility of the Shanghai Composite Index at 15.9%, down 2.8 percentage points from the previous five-year period [6]. Mergers and Acquisitions - Over 230 major asset restructurings have been disclosed since the implementation of the "9·24" policy, marking a recent high [9]. - Innovative merger tools such as targeted convertible bonds and acquisition loans have revitalized market activity, facilitating a clearer direction for industrial integration [9][10]. Investor Sentiment - The investor base has evolved, with a significant increase in new accounts, totaling 30.57 million, an 83.86% increase compared to the previous period [13]. - Long-term capital, including insurance and social security funds, has also increased its presence in the market, with insurance funds' stock investments reaching 3.06 trillion yuan, a net increase of about 1 trillion yuan [14]. Future Outlook - The ongoing reforms are expected to further enhance market quality and foster a culture of long-term investment, with a focus on improving the quality of listed companies and refining foundational systems [14][15].