8月22日,A股市场延续上攻态势,沪指突破3800点,创下10年新高。2024年924行情以来,A股走出了一轮显 著持续的上涨行情。上证指数从 2771 点,上升到 3800点以上,涨幅超37%。不少投资者关心,这轮上涨处 于牛市哪个阶段? 3800点上涨动力在哪? 今年以来,大多数的行业都在上涨,煤炭、食品饮料板块收负,通信、有色金属、医药生物、电子、国防军 工涨幅居前。 6月以来,散户新增开户数相较年初科技行情和去年"924"行情增长相对偏缓,但机构新增开户数持续攀升 至历史高位,基本恢复至2021年的高位水平。 资料来源:Wind 机构开户热情增长下,权益基金新发有望继续改善。历史上机构新开户数与权益基金新发规模显著正相 关。机构开户热情增长下,后续权益基金新发有望继续改善。资产端与负债端的正反馈有望逐步形成,新 一轮牛市或已在途。 牛市走到哪里了? 数据来源:wind ,申万一级行业指数 时间区间:截至8月21日 对于此轮上涨行情,方正富邦基金首席投资官汤戈认为,主要是低利率环境下流动性充裕,长期资金稳步入 市托举市场,投资者风险偏好回升,市场上涨赚钱效应进一步提升风险偏好,带动增量资金入场,形成正反 ...

Core Viewpoint - The A-share market is experiencing fluctuations after breaking through the 3500-point mark, with analysts suggesting that while there may be short-term corrections, the long-term outlook remains positive, with potential for a bull market in the second half of the year [2][5][12]. Market Overview - A-shares showed a slight decline today, with more stocks rising than falling, particularly in the pharmaceutical and automotive sectors, while financial sectors like insurance and banking faced corrections [1][4]. - The total trading volume in the two markets reached 1.44 trillion [4]. Reasons for Market Fluctuations - The ongoing fluctuations in the A-share market are attributed to profit-taking in previously high-performing sectors such as banking, steel, and non-ferrous metals, which have seen significant gains [6][7]. - Despite these corrections, the current valuation of A-shares is considered to be at a historical average level, still lower compared to mature overseas markets, indicating a favorable investment environment [6]. Future Market Trends - Analysts predict a potential bull market in the second half of the year, driven by macroeconomic synchronization among China, the US, and Europe, which could enhance market resilience [12][13]. - The second half of the year is expected to see a focus on sectors benefiting from policy support and supply-side reforms, particularly in technology and essential consumer goods [16][17]. Investment Strategies - Investment strategies should adopt a "barbell" approach, balancing defensive assets with high-growth sectors, such as AI and robotics, while also considering dividend-paying stocks for stability [19][20]. - Investors are advised to maintain a balanced portfolio and avoid excessive trading to mitigate risks associated with market volatility [21][22].

Group 1 - The A-share market saw a significant rise in sectors related to optical modules, optical communication, and the Nvidia supply chain, with the AI ETF tracking the ChiNext index increasing by 5.52% [1] - Key stocks in the AI ETF include leading optical module companies such as Zhongji Xuchuang, New Yisheng, and Tianfu Communication, with the top ten holdings also featuring major players in chip design and cloud computing [1] - The ETF has a low annual management fee rate of 0.15% and a custody fee rate of 0.05%, making it one of the most cost-effective options in its category [2] Group 2 - Nvidia's CEO Jensen Huang is scheduled to attend the China International Supply Chain Promotion Expo on July 16, marking his third visit to China this year [2] - The demand for high-performance chips like GPUs is expected to drive a surge in related equipment needs, benefiting domestic leading manufacturers who have advantages in market share and technology [2] - The industry is anticipated to experience high growth, with leading companies likely to capture more market share due to their established positions and technological expertise [2]