大A行至3800点上方！今年以来，科技、AI算力、创新药等板块接连上场，轮动节奏之快、上涨动能之强让不少客官直犯嘀咕：这波热度能延续多久？该 追还是该等？ 今天富二就带大家把视野拉长，回顾自2000年以来的几轮典型牛市，看看：1）当年谁冲在最前，谁走得更远，又是因为什么？2）再对比一下，总结当下 的行情正在如何演绎。 | | 2005.12.05-2007.10.16 | | | 2014.06.20-2015.06.12 | 2019.01.03-2021.12.13 | | | --- | --- | --- | --- | --- | --- | --- | | 涨幅前十行业(%) | | | | | | | | | 非银金融 有色金属 | 1357.81 1125.20 | 计算机 建筑装饰 | 292.17 282.20 | 电力设备 食品饮料 | 254.32 204.90 | | | 国防军工 | 795.65 | 钢铁 | 265.05 | 电子 | 176.05 | | | 煤炭 | 728.05 | 纺织服饰 | 262.57 | 有色金属 | 135.15 | | | 房地产 | 707 ...

Group 1 - The Shanghai Composite Index rose by 0.56% to 3686.34 points, marking the highest level since December 2021, with a significant increase of 2.81% in the index [1] - AI hardware continues to drive market momentum, with the CPO concept reaching multiple historical highs, and sectors such as industrial gases showing strong performance [1] - Conversely, sectors like chicken, coal, and Xinjiang experienced declines [1] Group 2 - In the ETF market, AI hardware remains a strong performer, with notable increases in various ETFs: Dachen's AI ETF up by 5.24%, Fortune's communication equipment ETF up by 4.96%, and Huabao's AI ETF up by 4.64% [5] - The innovative drug sector also saw a rebound, with Fortune's innovative drug ETF rising by 3.85% and Guotai's innovative drug ETF up by 3.59% [5] - Hong Kong stocks followed the upward trend, with Fortune's internet ETF increasing by 3.72% [5] Group 3 - The 800 cash flow ETF, which had shown unusual gains previously, fell by 2.53% [6] - The energy sector declined, with coal ETFs and energy ETFs from Guangfa dropping by 0.81% and 0.62% respectively [6]

Market Overview - As of May 28, 2025, the Shanghai Composite Index closed down 0.02% at 3339.93 points, the Shenzhen Component Index down 0.26% at 10003.27 points, and the ChiNext Index down 0.31% at 1985.38 points, indicating a broad market decline [1] - The total trading volume of both markets reached 1.01 trillion yuan [1] Sector Performance - The top three sectors by increase were jewelry, non-white liquor, and beverage dairy, with respective gains of 5.09%, 2.43%, and 2.23% [1] - The sectors with the largest declines were professional chains, passenger vehicles, and internet e-commerce, with respective losses of 2.00%, 1.98%, and 1.74% [1] ETF Performance - A total of 293 non-currency ETFs rose, representing an increase rate of 26% [1] - The China Securities Index Communication Equipment Index rose by 1.28%, while the Communication ETF increased by 1.42% [1] - The China Securities Modern Logistics Index rose by 1.01%, with the Logistics Express ETF and Logistics ETF increasing by 1.23% and 1.16%, respectively [1] - The China Securities 800 Free Cash Flow Index rose by 1.00%, with the 800 Cash Flow ETF increasing by 1.37% [1] Notable ETFs - The Communication ETF (515880.SH) has a latest share size of 2.055 billion shares and closely tracks the China Securities Index Communication Equipment Index, which includes major companies like ZTE Corporation and Huazhong University of Science and Technology [3] - The S&P 500 ETF (159612.SZ) has a latest share size of 347 million shares and tracks the S&P 500 Index, which includes 500 leading companies representing about 80% of the available market capitalization [4] - The 800 Cash Flow ETF (563990.SH) has a latest share size of 124 million shares and tracks the China Securities 800 Free Cash Flow Index, which selects 50 companies with high free cash flow rates [4] Valuation Metrics - The current P/E ratio (TTM) for the China Securities Index Communication Equipment Index is 28.26, which is below 68.77% of the time over the past three years [4] - The S&P 500 Index has a current P/E ratio (TTM) of 26.50, below 76.20% of the time over the past three years [4] - The P/E ratio (TTM) for the China Securities 800 Free Cash Flow Index is 10.95, below 57.02% of the time over the past three years [5] Declining ETFs - A total of 760 non-currency ETFs declined, representing a decrease rate of 67% [5] - The top declining sectors included the China Securities Semiconductor Materials and Equipment Index and the China Securities All-Index Automotive Index, with respective declines of 1.57% and 1.46% [5] Premium Rates - The S&P 500 Consumer Select Index had a premium rate of 26.13%, while the S&P 500 ETF had a premium rate of 20.06% [8][10]

Group 1 - The ETF market showed mixed performance, with the Communication ETF (515880) leading gains at 1.42% [1] - The S&P 500 ETF (159612) increased by 1.39%, while the 800 Cash Flow ETF (563990) rose by 1.37% [1] - The Education ETF (513360) experienced the largest decline at 1.98%, followed by the China Concept Internet ETF (513050) which fell by 1.73%, and the Xinchuang ETF (159538) which decreased by 1.65% [1] Group 2 - A-share accounts can now buy Hong Kong stocks on a T+0 basis without the need for a Hong Kong Stock Connect [1]