Core Viewpoint - The Shanghai Composite Index successfully surpassed the previous high of 3674.4 points on August 13, closing at 3683.46 points, marking a significant recovery after 10 months of market evolution [1] Market Performance - The index rose by 17.54 points on August 13, achieving a total increase of 660 points, or over 20%, from its lowest point of 3040.69 on April 7 [3] - Despite the index recovery, investor reactions were muted due to the lack of a broad-based profit effect, with only 2733 stocks rising on the same day, leaving nearly half of the stocks either down or flat [3][4] Stock Performance - As of August 13, 3511 stocks had surpassed their opening prices from October 8, 2022, accounting for 65.9% of the total, with 60 stocks seeing gains over 200%, the highest being 1130.80% for a specific stock [4] - However, a significant portion of stocks, approximately 34.1% or about 1900 stocks, either did not rise or fell, with 172 stocks hitting new lows since the "9.24" market [4][5] Market Comparison - The current market is characterized as a "structural bull market," contrasting with the "9.24" market, which was a "universal bull market" where most stocks rose, creating a widespread profit effect [5][6] - On October 8, 2022, the A-share market saw a trading volume of 3.48 trillion yuan, significantly higher than the 2.18 trillion yuan on August 13, indicating a lack of investor engagement in the current market [5] Investment Strategy - Given the current market dynamics, the focus for investors should be on selecting individual stocks rather than following the index, as the index's rise does not equate to wealth growth for most investors [6]