Market Performance - A-share market has experienced a significant recovery, with the Shanghai Composite Index rising 38.73% from September 24, 2024, to September 3, 2025, while the Shenzhen Component Index and ChiNext Index increased by 54.29% and 89.44% respectively [1] - As of September 3, 2025, the Shanghai Composite Index has a year-to-date increase of 13.78%, and the CSI 300 Index has risen by 13.34%, with the ChiNext Index showing a strong performance at 35.38% [1] - The margin trading balance reached a historical high of 2.29 trillion yuan as of September 2, 2025, surpassing the peak in 2015, indicating a robust market activity [1] - New investor accounts surged, with 2.65 million new accounts opened in August, a year-on-year increase of 165%, and a total of 17.21 million new accounts in the first eight months of the year, reflecting a 47% year-on-year growth [1] Index Performance - The Shanghai Composite Total Return Index recorded a 42.11% increase during the same period, with a year-to-date rise of 16.21%, outperforming the price index [2] - The total return index accounts for dividend reinvestment, providing a more accurate reflection of investor returns and showing a cumulative increase of 30.69% from July 21, 2020, to September 3, 2025, compared to a -4.71% for the CSI 300 Index [2] - The Shanghai Composite Index is recognized as a key benchmark for asset allocation, covering a wide range of industries and being sensitive to macroeconomic changes and policies [2] Regulatory Environment - The regulatory authorities have consistently released favorable policies to create a conducive environment for stock market development, including optimizing trading mechanisms and encouraging long-term capital inflow [3] - The central bank maintains a moderately loose monetary policy, and various tax incentives have been introduced to invigorate the capital market [3] - Many institutions hold an optimistic outlook for the A-share market, citing factors such as capital-driven momentum and rising policy expectations, with a long-term upward trend anticipated [3] Investment Opportunities - The Shanghai Composite Index is expected to solidify its position as a benchmark for asset allocation amid trends such as the migration of household savings and declining risk-free interest rates [3] - Investors are encouraged to utilize related ETF products to capture systematic investment opportunities in the context of China's high-quality economic development [3]