Core Viewpoint - The article highlights a significant breakthrough in the Shanghai Composite Index (SHCI), surpassing the 3700-point mark for the first time since December 2021, indicating a potentially bullish market sentiment and historical significance in investment trends [1][4]. Group 1: Market Performance - On August 14, the SHCI broke through the 3700-point level, marking a notable event in the investment landscape [1]. - Historical context shows that previous breakthroughs of the 3700-point level in 2007 and 2015 led to substantial market rallies, with peaks reaching 6124 points and 5178 points respectively [1]. - The SHCI reached a ten-year high on August 18, with momentum building towards the 3800-point target, reflecting a vibrant market atmosphere and heightened investor enthusiasm [1]. Group 2: Investor Sentiment - The article emphasizes the importance of understanding investor sentiment through a survey targeting over 100 investor education communities, focusing on four core dimensions: short-term expectations, behavioral signals, risk appetite, and profit-loss pressure [4]. - The initiative aims to capture the underlying consensus and divergences in market sentiment, serving as a barometer for market conditions [4].

Core Viewpoint - The A-share market is experiencing a stark divergence, with major sectors like finance and liquor driving the Shanghai Composite Index (SHCI) to new highs, while small and mid-cap stocks are facing significant declines, leading to a "rising index, falling stocks" scenario [1][10]. Group 1: Market Performance - The SHCI has broken through the 3700-point mark, achieving a nine-day consecutive rise and reaching a nearly four-year high of 3704 points [3][10]. - The upward trend is supported by strong performances in the financial and liquor sectors, particularly insurance, which has seen gains exceeding 3% [3][5]. - Increased trading volume has been observed, with the market seeing a surge of over 200 billion yuan in transactions, indicating a rush of new capital entering the market [5]. Group 2: Investor Sentiment - Despite the index's rise, over 4000 stocks are in the red, reflecting a lack of confidence among small and mid-cap investors, who are experiencing losses despite the index gains [1][10]. - The current market conditions suggest a potential peak, with concerns that the recent rally may be nearing its end, as indicated by the difficulty in sustaining the upward momentum [7][8]. Group 3: Market Dynamics - The divergence in market performance is attributed to significant selling pressure from major funds, which has led to widespread declines in individual stocks [5][8]. - The market is characterized by a "two extremes" scenario, where large-cap stocks are buoyed by institutional support while smaller stocks suffer from heavy selling [10].