Market Overview - The A-share market has seen a significant increase, with the Shanghai Composite Index surpassing the 4000-point mark for the first time since August 2015, reflecting a year-to-date increase of 19.50% [1] - The total market capitalization of A-shares has exceeded 100 trillion yuan, marking a 127% increase compared to 53.81 trillion yuan in August 2015 [1] Market Valuation - The current price-to-earnings (PE) ratio of the Wind All A Index stands at 17.91, which is at the historical median level, compared to 20.41 in August 2015 [2] - The PE ratios for the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index are 14.72, 25.34, and 39.94 respectively, all lower than their values from ten years ago [2] Trading Volume - A-share trading volume has significantly increased, with daily trading exceeding 1 trillion yuan for 102 consecutive trading days, and an average daily trading volume of 16,525 billion yuan this year, a record high [3] - The peak trading volume reached 31,655.63 billion yuan on August 27, 2023, the second highest in history [3] Financing and Leverage - The financing balance in the A-share market has reached a historical high of 24,642.88 billion yuan as of October 27, 2023, with a current leverage level of 2.51% of the circulating market value, significantly lower than the peak of 4.72% in July 2015 [4] Sector Characteristics - The leading sectors in the current market rally are technology-related industries, with the communication and electronics sectors seeing increases of 124.86% and 119.43% respectively since the index rose from 3000 to 4000 points [4] - In contrast, the previous rally from 3000 to 4000 points in 2015 was led by construction and real estate sectors [4] Capital Structure - The proportion of institutional investors in A-shares has increased by approximately 15 percentage points over the past decade, reaching 46.0% by the end of 2024, while individual investors' share has decreased to 54% [5]