Core Viewpoint - The A-share market shows a strong upward trend, with major indices collectively rising and the Shanghai Composite Index successfully reclaiming the 3900-point mark, indicating a potential bullish formation [4][10]. Market Performance - A total of 4384 stocks rose, reflecting a broad-based rally with a significant profit-making effect, particularly in the financial sector, which saw gains from insurance, brokerage, and fintech [5]. - The trading volume in both markets surged to over 1 trillion, marking an 11.41% increase, indicating a heightened willingness of new capital to enter the market and a shift of existing funds towards high-growth sectors [6]. Fund Flow and Investor Sentiment - Net inflows from institutional investors reached 1470 million, while retail investors also showed increased participation, particularly in high-performing sectors like securities and commercial aerospace [7]. - Retail investor sentiment is notably optimistic, with 64.91% expecting further market gains, while 75.85% of retail investors are currently bullish [8][15]. Positioning and Trading Behavior - A significant portion of investors (23.89%) are increasing their positions, while 20.45% are reducing their holdings, indicating a strategic shift towards stronger sectors and away from weaker ones [12]. - The average position held by investors is reported at 66.70%, suggesting a generally optimistic outlook among market participants [17].

凤凰网财经讯 9月23-24日，由凤凰卫视、凤凰网主办的"凤凰湾区财经论坛2025"在广州举行。本届论坛 以"新格局·新路径"为主题，汇聚全球政商学界精英，共同洞察变局脉络、探寻发展新机。 针对当前市场"余额回升但新开户数未激增"的现象，东北证券首席经济学家付鹏在论坛期间向凤凰网财 经给出了他的解读。他认为，当前市场参与者分为两类：一是追求稳定股息的红利的低风险偏好"老 钱"，它们构成了市场的稳定基本盘；二是追求超额收益（阿尔法）的资金，这类资金在7月份后高度集 中于科创板、小微盘等领域，创造了局部的财富效应。付鹏指出，由于资金过度集中于特定板块，未能 形成广泛的赚钱效应，这解释了为何市场看似活跃，但并未吸引大量新开户入市。 自动播放 ...