Core Viewpoint - The A-share market has experienced a significant rally following a series of policy measures, with the Shanghai Composite Index reaching a nearly ten-year high, indicating a potential shift from a localized bull market to a comprehensive bull market [1][9]. Market Performance - The Shanghai Composite Index rebounded to 3,336.5 points by September 30, 2024, with a record trading volume of 2.59 trillion yuan, and has since continued to rise, reaching a recent high of 3,899.96 points [2]. - Over the past year, the Shenzhen Composite Index increased by 65%, and the ChiNext Index surged by 108%, reflecting strong performance in the equity market [2]. - As of September 24, 2024, 99.8% of the 7,621 active equity funds reported positive returns, with 857 funds achieving over 100% returns [2][3]. Fund Performance and Growth - The total issuance scale of active equity funds reached 119.64 billion yuan, a 55.6% increase compared to the same period in the previous year [3]. - Notable funds include the Debon Xin Xing Value Flexible Allocation Mixed Fund, which achieved a return of 271.51%, leading the performance rankings [3]. Sector Focus and Investment Strategy - High-performing funds are primarily focused on sectors such as AI computing and technology, with significant investments in companies within the electronics and communications sectors [4]. - The investment strategy emphasizes a deep understanding of industry trends and maintaining discipline in investment decisions, which has contributed to superior returns [4]. ETF Market Growth - The total scale of ETFs surpassed 3 trillion yuan by the end of Q3 2024, with significant contributions from stock ETFs and cross-border ETFs, which saw a year-on-year growth of over 90% [5][6]. - As of September 24, 2024, the stock ETF market reached 3.6 trillion yuan, with several ETFs achieving impressive returns exceeding 100% [6]. Future Market Outlook - The combination of strong performance from active equity funds and ETFs is expected to attract more capital into the market, potentially leading to a comprehensive bull market [7][9]. - Analysts express cautious optimism regarding the market's future, citing stable domestic fundamentals and the positive impact of recent policies aimed at boosting economic growth [8].

Core Viewpoint - The A-share market has experienced a significant rally following a series of policy measures, with the Shanghai Composite Index reaching a nearly ten-year high, indicating a potential shift from a localized bull market to a comprehensive bull market [1][11]. Market Performance - The Shanghai Composite Index rose to 3336.5 points by September 30, 2024, with a record trading volume of 2.59 trillion yuan, and has since continued to climb, reaching a recent high of 3899.96 points [3][11]. - Over the past year, the Shenzhen Composite Index increased by 65%, and the ChiNext Index surged by 108%, reflecting strong performance in the equity market [3]. - A remarkable 99.8% of the 7621 active equity funds reported positive returns, with 857 funds achieving over 100% returns [3][4]. Fund Performance and Growth - The top-performing fund, Debon Xinxing Value Flexible Allocation Mixed Fund A/C, achieved a return of 271.51%, leading the list of funds with significant gains [4]. - The total issuance scale of active equity funds reached 1196.43 billion yuan, marking a 55.6% increase compared to the same period in the previous year [4]. ETF Market Expansion - The total scale of ETFs surpassed 3.5 trillion yuan by the end of Q3 2024, with stock ETFs contributing significantly to this growth [7]. - By September 24, 2025, the scale of stock ETFs reached 3.6 trillion yuan, while cross-border ETFs grew by 145.42% year-on-year [7][8]. Investment Trends - The strong performance of active equity funds and ETFs has attracted more capital into the market, reinforcing the profitability effect and aligning with regulatory efforts to promote long-term capital inflow [9]. - The focus on technology and AI sectors has been a key driver of fund performance, with many top funds heavily investing in these areas [6][10]. Future Market Outlook - Analysts express cautious optimism about the A-share market, citing stable domestic fundamentals and the positive impact of recent policies aimed at boosting demand and reducing competition [10]. - The market is expected to continue its upward trajectory, supported by favorable macroeconomic policies and a potential revaluation of Chinese assets [10][11].