Core Viewpoint - The article discusses the establishment of a bull market in A-shares, characterizing it as a "slow bull" driven by structural improvements in the economy and long-term capital inflows [2][6]. Historical Bull Markets - The article reviews past bull markets in A-shares: - 1999-2001: A leveraged bull market followed by adjustments, driven by speculative trading and lessons learned [4]. - 2005-2007: A comprehensive bull market supported by institutional reforms and macroeconomic prosperity, with blue-chip stocks leading the rally [4]. - 2008-2009: A fundamental bull market driven by economic recovery post-global financial crisis, led by cyclical industries [4]. - 2014-2015: A liquidity-driven bull market characterized by high expectations for reforms but lacking fundamental support, leading to significant corrections [5]. Current Bull Market Characteristics - The current bull market is described as a "systematic slow bull" due to several factors: - The macroeconomic environment has changed, with a focus on structural improvements rather than rapid stimulus [6]. - The nature of capital has shifted from speculative to long-term investments, with state-owned and institutional investors providing stability [7]. - There is a significant reallocation of household assets, with a large amount of savings seeking new investment avenues, particularly in the stock market [7]. - Ongoing industrial upgrades are evident, with advancements in AI, innovative pharmaceuticals, and renewable energy sectors contributing to economic growth [8]. Investment Directions - The article identifies two main investment directions: - **Hardcore High Technology**: Focus on new economy sectors such as AI, innovative pharmaceuticals, robotics, renewable energy, and semiconductors, which are expected to be core assets for the next decade [11]. - **Super High Dividends**: Investment in traditional sectors like finance, machinery, and cyclical industries, which have potential for valuation recovery as long as the economy remains stable [12]. - The overall market logic suggests a "systematic bull market" driven by China's rise and advantages, emphasizing the importance of finding personal wealth opportunities within this "slow bull" environment [12].

本报记者 刘钊 马宇薇 8月13日，A股市场全天震荡走高，三大指数集体走强。截至收盘，创业板指涨3.62%，报2496.50点；上证指数涨0.48%，报3683.46点；深证成指涨 1.76%，报11551.36点。全市场超2700只个股上涨。沪深两市全天成交额2.15万亿元，较上个交易日放量2694亿元，时隔114个交易日重回2万亿元上方。 从板块行情表现来看，CPO、液冷服务器等AI硬件相关个股成为市场焦点，持续上演强势爆发行情。其中，光库科技（300620）、罗博特科（300757）、 飞龙股份（002536）等多只个股涨停，工业富联（601138）、新易盛（300502）、中际旭创（300308）等个股也实现大幅拉升，股价成功刷新历史新高。 从此轮AI硬件股走强来看，核心驱动力源于AI行业的高景气度持续释放。随着人工智能技术进入加速迭代期，各行各业对算力的需求呈现井喷式增长， 作为支撑算力输出的核心基础设施，AI硬件市场由此迎来广阔发展空间。 北京博星证券投资顾问有限公司研究所所长兼首席投资顾问邢星在接受《证券日报》记者采访时表示："市场在政策宽松、增量资金入场及AI产业景气驱 动下延续攻势，今天A股 ...

本报记者 刘钊 马宇薇 8月13日，A股市场全天震荡走高，三大指数集体走强。截至收盘，创业板指涨3.62%，报2496.50点；上证指数涨0.48%， 报3683.46点；深证成指涨1.76%，报11551.36点。全市场超2700只个股上涨。沪深两市全天成交额2.15万亿元，较上个交易日 放量2694亿元，时隔114个交易日重回2万亿元上方。 F9 | 2 分时 多日 1分 5分 15分 30分 60分 日 周 月 更多 000001.SH[上证指数] 2025/08/13 收 3683.46 幅 1.33%(48.33) 开 3637.05 高 3688.63 低 3629.63 换 3.64% 振 1.62% 额 2.42万亿 MA5 3601.34↑ MA10 3515.03↑ MA20 3418.60↑ MA60 3251.39↑ MA120 3170.67↑ MA250 3273.011 AMO: 2.42万亿 MA(5): 3.40万亿 MA(10): 3.05万亿 MA(20): 2.63万亿 22-03 22-05 22-07 22-09 22-11 23-01 23-04 23-06 23 ...

Group 1 - The core viewpoint is that the A-share market is entering a "systematic bull market" driven by increased risk appetite and declining risk-free interest rates, with a "slow bull" pattern emerging due to China's rise and advantages [1] - The A500 ETF (159338) saw a net inflow of 45 million units today, indicating strong demand for core A-share assets [1] - The long-term target for the Shanghai Composite Index is expected to exceed the previous high of 3674 points set on October 8, 2024, suggesting a stable upward trend [1] Group 2 - The number of accounts for the Guotai CSI A500 ETF has surpassed 156,000, making it the leader in its category, three times more than the second place [1] - The stability and appreciation of the RMB against the USD, along with the unexpected performance of the Shanghai Composite Index, are contributing to the market's upward momentum [1]