Core Points - The Shanghai Composite Index (SSE) broke through the 4000-point mark, reaching a ten-year high, but closed down by 0.22% [2][3] - The market experienced a significant increase of nearly 1000 points since April 7, indicating a "slow bull" market despite several adjustments along the way [3][5] - The breakthrough of the 4000-point level is historically significant, with previous occurrences in 2007, 2008, and 2015, totaling less than 15 months [3][10] Market Performance - The SSE closed at 3999.93 after initially breaking the 4000-point mark, with a trading volume of 2.15 trillion yuan, down by 192.3 billion yuan from the previous trading day [2][9] - Major sectors that performed well included Fujian, military industry, and port shipping, while sectors like non-ferrous metals, wind power equipment, and oil and gas saw declines [2][14] - Over 2900 stocks in the market closed down, indicating a broad market pullback [2] Sector Analysis - Financial stocks, particularly banks, were the main contributors to the SSE's initial rise above 4000 points, with Agricultural Bank of China and Industrial and Commercial Bank of China showing notable gains [6][9] - Technology stocks are expected to remain favored by investors if market volume increases, as they often serve as a barometer for market sentiment [8][11] - The traditional technology sectors did not lead the gains, with sectors like CPO and controlled nuclear fusion not being the main drivers of the market [12][14] Future Outlook - The market is anticipated to see a rise in risk appetite due to upcoming important meetings and positive factors from third-quarter reports, which may lead to renewed consensus on technology growth sectors [11] - The recent performance of the ChiNext Index, which showed the smallest decline among major indices, suggests resilience in growth-oriented stocks [10]

Core Viewpoint - The A-share market is gradually entering an upward channel amidst fluctuations, with significant increases in major indices, indicating potential investment opportunities in the context of innovation and growth [1][2]. Group 1: A-share Market Performance - By the end of the third quarter of 2025, the Shanghai Composite Index and Shenzhen Component Index rose by 15.84% and 29.88% respectively, while the ChiNext Composite Index surged by 41.43% [1]. - The ChiNext Composite Index, launched on August 20, 2010, includes all A-shares in the ChiNext market with a national ESG rating above C, currently comprising 1,346 samples [1]. Group 2: Industry Distribution and Characteristics - The ChiNext Composite Index covers growth industries comprehensively, with no single industry exceeding 25% in weight, suggesting lower susceptibility to single industry fluctuations and stronger risk resistance [1]. - The index includes both leading companies and high-growth small and mid-cap firms, providing investors with opportunities to benefit from growth stock investments [1]. Group 3: Long-term Investment Value - The ChiNext market, known as the "Chinese version of NASDAQ," has become a cradle for high-growth enterprises since its inception in 2009, supported by multiple factors that enhance its long-term investment value [1]. - The intensifying competition between China and the U.S. in technology, particularly in AI, positions the ChiNext as a key player in national innovation strategies [1]. - The recent launch of a new round of ten key industry growth plans aims to cover the entire supply chain, providing a testing ground for new technologies and business models [1]. Group 4: Market Outlook - Analysts predict that the ongoing AI wave and improved liquidity from domestic savings entering the market, along with favorable global liquidity conditions from potential U.S. interest rate cuts, will support a continued upward trend in the A-share market [1].

四季度开局，A股行情如何演绎成为市场关注焦点。2025年前三季度，A股市场在波动中逐步进入上升 通道，上证指数、深证成指分别上涨15.84%、29.88%，代表创业板全景的创业板综更是上涨41.43%。 在此背景下，银华基金旗下银华创业板综合ETF联接(认购代码：A类025398，C类025399)今起发行，为 投资者聚焦创新成长、关注新质生产力提供全新场外工具。(数据来源：Wind，2025.01.01-2025.09.30， 指数历史业绩不预示未来表现) 作为创业板的代表宽基指数之一，创业板综合指数(399102.SZ)于2010年8月20日发布，囊括了创业板中 除ST、*ST证券外所有国证 ESG评级在C级以上的全部A股，最新样本数量达到1346只，一指囊括创业 板上市标的为市场提供了全面而客观的业绩衡量基准和投资参考工具。(资料参考：深圳证券交易所， 国证指数有限公司，截至2025.10.14) 从行业分布来看，创业板综高度覆盖成长行业，且相较创业板指和创业板50的行业分布更均衡分散，单 一行业占比均未超过25%，受单一行业景气度影响小、抗风险能力或更强；从权重股来看，创业板综中 既存在稳居行业龙头地 ...

四季度A股行情如何演绎成为市场关注焦点。2025年以来，A股市场在波动中逐步进入上升通道，上证 指数、深证成指分别上涨16.84%、25.57%，代表创业板全景的创业板综合指数更是上涨35.89%。在此 背景下，银华基金旗下银华创业板综合ETF联接（认购代码：A类025398，C类025399）10月22日起发 行，为投资者聚焦创新成长、关注新质生产力提供全新场外工具。（2025年1月1日—2025年10月21日， 指数历史业绩不预示未来表现） 上证指数基日为1990年12月19日，2020-2024年收益率分别为13.87%、4.80%、-15.13%、-3.70%、 12.67%。 深证成指基日为1994年7月20日，2020-2024年收益率分别为38.73%、2.67%、-25.86%、-13.54%、 9.34%。 创业板综基日为2010年5月31日，2020-2024年收益率分别为47.85%、17.93%、-26.77%、-5.41%、 9.63%。 投资有风险，投资需谨慎。基金是一种长期投资工具，其主要功能是分散投资，降低投资单一证券所带 来的个别风险。基金不同于银行储蓄等能够提供固定收益预期 ...