记者丨 庞华玮 编辑丨张星 "9·24行情"满一周年，这一年，A股市场一扫阴霾，赚钱效应显著。 值得一提的是， 这是一场以科技创新和高质量发展为核心的"结构牛"，它正深刻地改变着A股结构和投资版图。 近一年，作为科技和新经济代表的创业板指、科创50、北证50等三大指数的涨幅均超过100%，人形机器人、半导体、算力、创新药赛道等轮 动行情引爆结构性牛市。 创业板指近一年走势。 截至9月23日收盘，近一年上证指数累计上涨39%，沪深300上涨41%，北证50指数更是暴涨158%。 个股方面，全市场近3000只个股涨幅逾 50%，其中1400余只股价翻倍。 "三驾马车" 去年"9·24行情"至今刚好满一年的时间，过去一年，A股市场走出了两波大幅上涨的行情：第一波是"9·24新政"出台之后，市场出现快速上攻， 大盘在短短的几个交易日上涨逾千点，随后出现了一定的调整。 第二波行情是从今年六月底至今，这一波上攻超过了去年10月8日创出来的上证指数高点，A股形成了牛市的走势。 A股经过这两波大涨，指数全面开花，其中科技股含量重的指数表现尤为突出。 创业板指、科创50、北证50，这"三驾马车"作为新经济的代表，近一年（202 ...

Group 1 - The core event in the A-share market is the rise of AI chip company Cambricon, which briefly surpassed Kweichow Moutai to become the new "king" of A-shares, with a peak price of 1464.98 yuan [1] - Over the past year, Kweichow Moutai's stock has seen a decline of 3.23%, while Cambricon's stock has surged from around 200 yuan to over 1400 yuan, marking an increase of 128.11% in less than two months [4] - The shift in stock leadership reflects a broader trend of a technology bull market, driven by significant advancements in AI, high-end manufacturing, and semiconductors in China [4] Group 2 - Global capital is increasingly interested in Chinese assets, with nearly 60% of wealth funds planning to increase their allocation to China over the next five years, particularly in the technology sector [4] - The transition from Kweichow Moutai to Cambricon as the top stock symbolizes a major economic shift, with a re-evaluation of Chinese assets and a transformation in investment logic and target selection [4] - The Chinese economy is undergoing a critical transition from traditional consumption to emerging industries like AI and new energy, supported by various policies promoting technological innovation and integration with industry [5] Group 3 - Analysts emphasize that China is becoming a strong participant in global innovation, with significant breakthroughs in various technology fields attracting real capital investment [6] - The growth of the technology sector not only signifies the expansion of the industry but also indicates the acceleration of new productive forces in the Chinese economy, moving towards higher quality and more innovative development [6]

Group 1: Monetary Policy and Economic Indicators - Since May, China's Loan Prime Rate (LPR) has not been lowered, while the Federal Reserve is expected to enter a significant rate-cutting phase starting in September, with an 86.1% probability of a 25 basis point cut [3] - The consensus in the industry is that there is still a 10 basis point room for further rate cuts in China this year, following the emphasis on maintaining ample liquidity and reducing overall financing costs [3][4] - The growth rate of M2, a broad measure of money supply, has increased significantly, with a year-on-year growth of 8.8% as of the end of July, indicating a notable increase in market liquidity [4] Group 2: Stock Market Dynamics - The rebound in M2 growth is a key factor driving the recent rise in A-shares, as more capital is willing to enter the market [6] - In July 2025, there were 1.9636 million new A-share accounts opened, marking a year-on-year increase of 70.54% and a quarter-on-quarter increase of 19.27%, reaching a new high for the year [7] - On August 18, the trading volume of the Shanghai and Shenzhen stock exchanges reached 2.76 trillion yuan, the third highest in history, indicating strong market activity [8] Group 3: Sector-Specific Trends - The current market rally is characterized as a "technology bull market," driven by advancements in artificial intelligence, robotics, and domestic substitution, attracting significant capital into the stock market [8][9] - There is a notable demand for a "catch-up" rally in Chinese technology stocks, as their valuations are significantly lower than those of U.S. tech stocks, despite comparable technological capabilities [9] - Technology-focused ETFs, such as the Sci-Tech Innovation AI ETF and the AI ETF, have seen substantial gains, indicating strong investor interest in the AI sector [9] Group 4: Future Outlook - The anticipated rate cuts by the Federal Reserve and potential further cuts in China, along with rising M2 growth, suggest a synchronized monetary policy that could lead to increased global liquidity [11] - The upcoming events, such as the "93 Military Parade" and the 15th Five-Year Plan, are expected to support the ongoing market rally, with projections indicating that A-shares may reach 4,000 points this year [11]

Group 1 - The core viewpoint of the news is that small-cap stocks are experiencing strong performance in 2023, driven by improved market sentiment and supportive government policies for specialized and innovative enterprises [1] - The China Securities 2000 Enhanced ETF (159552) has seen a significant increase in net inflows, with a year-to-date growth of 746.75% in scale and a cumulative increase of 30.70% since the beginning of the year [1][2] - Analysts attribute the strong performance of small-cap stocks to two main factors: improved market conditions post "924 market" and government support for specialized and innovative companies, which enhances the growth potential of small-cap stocks [1] Group 2 - The China Securities 2000 Enhanced ETF tracks the performance of small-cap stocks in the A-share market, aiming to achieve excess alpha while maintaining a high utilization of funds compared to traditional index-enhanced funds [2] - The ETF has shown a net inflow of 4,304 million CNY over the last 5 days, with a net inflow rate of 47.10%, indicating strong investor interest [3] - The ETF's trading efficiency is highlighted by lower transaction costs in the secondary market compared to traditional index-enhanced funds, making it an effective investment tool for investors [2]

Group 1 - The core viewpoint of the article emphasizes the increased focus on technology and innovation in the 2025 government work report, indicating a strategic shift towards modernizing the industrial system and enhancing productivity [2][4] - The report mentions technology-related terms 83 times, reflecting a growing emphasis on sectors such as humanoid robots and AR, which are expected to experience significant growth over the next 5 to 10 years [4][5] - The government plans to implement structural monetary policies to support key economic areas, including lowering interest rates on loans for technological innovation and increasing fiscal support for high-tech manufacturing [4][5] Group 2 - The article highlights the strong performance of A-share sectors related to humanoid robots and AR, which have seen substantial price increases, contributing to a broader technology bull market [4][5] - The support for technology innovation companies is expected to strengthen, as indicated by discussions with founders in the tech and AI sectors during a recent meeting, showcasing the government's commitment to fostering innovation [5] - A well-structured multi-tiered capital market is deemed essential for promoting new productivity and supporting the development of private enterprises, emphasizing the role of financial empowerment in facilitating innovation [5]