Core Viewpoint - The A-share market has experienced a significant bull market since September 24, 2024, with major indices showing substantial increases, driven by policy support and improved investor confidence [2][3][8]. Market Performance - As of September 19, 2025, the Shanghai Composite Index has risen approximately 39%, the Shenzhen Component Index has increased by 61.7%, and the ChiNext Index has surged by about 102% since the "924" market [2][3][4]. - The total market capitalization of A-shares reached approximately 104 trillion yuan, an increase of about 36 trillion yuan over the past year [4][5]. Policy Impact - A series of financial policies announced by the central government aimed at supporting economic growth have been pivotal in boosting market confidence [2][3]. - The Central Political Bureau's meeting emphasized the need to enhance capital market support and facilitate the entry of long-term funds [3][8]. Sector Performance - All 30 sectors tracked by Citic have seen gains, with the top five sectors being Communication, Electronics, Computer, Media, and Machinery, which have risen approximately 120%, 108%, 99%, 88%, and 76% respectively [5][6]. - Conversely, sectors such as Coal, Oil & Gas, and Utilities have shown minimal growth, with increases ranging from 6% to 24% [5]. Individual Stock Performance - Over 5200 stocks have risen since the "924" market, with 3089 stocks increasing by more than 50% and 424 stocks rising over 200% [5][6]. - The top three performing stocks have seen increases exceeding 1000%, with the highest being 1710% [7]. Future Outlook - Analysts suggest that the current bull market has further potential, despite recent adjustments due to external factors like the Federal Reserve's interest rate changes [8][9]. - The market is expected to undergo structural shifts, with a potential focus on cyclical sectors and technology branches in the upcoming quarters [9].

Core Viewpoint - The article highlights the performance of various ETFs, particularly focusing on the financial technology and brokerage sectors, which are experiencing significant inflows and price increases, indicating a bullish market sentiment [1][5]. Market Overview - The market temperature indicator shows a 75% level, suggesting a strong market sentiment based on the past ten years' price-to-earnings ratios [1]. - The Shanghai Composite Index and Shenzhen Component Index have shown positive movements, with respective increases of 2.61%, 0.83%, and 1.60% [1]. Sector Performance - The non-bank financial sector led the inflows with a net buying of 8.26 billion, followed by the electric equipment sector with 1.18 billion [2]. - The communication sector faced the highest outflows, with a net selling of 3.30 billion, followed by the automotive sector at 1.53 billion [2]. ETF Highlights - The financial technology ETF (159851) has shown a significant increase of 5.45% over three days and 16.37% over the past six months [3]. - The brokerage ETF (512000) also performed well, with a 4.89% increase on the day and a 14.87% increase over six months [3]. Investment Insights - The financial technology sector is highlighted as a strategic allocation area due to its strong performance and the potential for continued growth driven by policy and technological advancements [5]. - The brokerage sector is expected to enter a sustained upward cycle in return on equity (ROE) due to increased market participation and improving asset quality [5].