Core Viewpoint - The article discusses the recent surge in A-shares, attributing it primarily to foreign capital flows rather than retail investors, highlighting the influence of U.S. interest rate changes on global capital movement [3][9]. Group 1: Retail Investors - Retail investors are not the main driving force behind the recent market surge, as their buying power is highly dispersed and lacks the ability to form a decisive impact [4][5]. - Retail investors tend to chase trends, buying during upswings but are unlikely to counteract downward trends [5][6]. Group 2: Main Players in the Market - The primary influence on the market comes from foreign capital, which is significantly affected by U.S. interest rate policies [6][9]. - When the U.S. raises interest rates, capital flows into the U.S., while a decrease leads to capital flowing out, impacting other markets, including China [7][8]. Group 3: Currency and Market Correlation - There is a notable correlation between the RMB exchange rate and the performance of the stock market, with RMB appreciation generally leading to stock market gains and depreciation leading to losses [13][15]. - The article illustrates that from April to the present, the RMB has been in an appreciation phase, which correlates with a stronger performance in A-shares [15][17]. Group 4: Future Outlook - While current foreign capital inflows are positive for the market, predicting future movements based on currency fluctuations remains challenging [19][20].

Group 1 - The New Taiwan Dollar (NTD) experienced a significant appreciation, rising over 1 NTD and surpassing the 30 mark, reaching a two-year high [1] - Despite the initial rise in the stock market by over 50 points, it quickly fell by more than 100 points due to concerns from investors regarding the impact of the soaring NTD on the profits of export-oriented companies [1] - The market displayed an unusual pattern of currency appreciation alongside stock market declines, which was later mitigated by intervention from regulatory authorities [1]