On October 9th, the A-share market witnessed a historic moment as the Shanghai Composite Index successfully broke through the 3,900-point threshold after multiple attempts. By the morning close, the Shanghai Composite Index rose 1.24% to 3,931.07 points; the Shenzhen Component Index gained 1.75% to 13,763.88 points; and the ChiNext Index climbed 1.77% to 3,295.58 points.

The Shanghai Composite Index last stood above 3,900 points on August 18, 2015, during intraday trading. Market-wide, over 3,200 stocks across Beijing, Shanghai, and Shenzhen markets posted gains, with total market turnover reaching 1.73 trillion yuan, representing a volume increase of 357.1 billion yuan compared to the previous trading day.

From a sector perspective, the precious metals sector led A-share gains with an overall increase of 7.99%. Sichuan Gold and Shandong Gold hit daily limit ups, while Zhongjin Gold, Xiaocheng Technology, and Zijin Mining surged over 8%. Zhaojin Gold, Shanjin International, and several other stocks rose more than 7%.

During the National Day holiday period, gold prices continued their strong rally. Spot gold reached a high of $4,059.31 per ounce, while COMEX gold futures peaked at $4,081.00 per ounce.

Yang Delong, Chief Economist and Fund Manager at Qianhai Open Source Fund, commented: "Behind gold's rise is the continuously expanding scale of US dollar issuance and the increasingly high debt burden of the US government, which undermines global confidence in the dollar. As a hard currency, gold prices naturally rise correspondingly."

Beyond precious metals' strong performance, power equipment, base metals, and semiconductor sectors also delivered outstanding results, with sector-wide gains exceeding 5%.

Xingye Securities noted that a series of important events occurring domestically and internationally during the holiday period are expected to provide a positive start to the "Red October" market trend, both from liquidity and risk appetite perspectives, as well as structural guidance angles.

First, buoyed by expectations of global monetary and fiscal dual-easing policies, global risk assets performed brilliantly during the holiday period, with US stocks, Japanese stocks, gold, and Bitcoin all reaching historic highs, creating a positive macroeconomic environment for post-holiday A-share market performance.

Second, the resonance between the easing environment and industrial developments has catalyzed an increase in structural highlights. More importantly, as October enters the third-quarter earnings trading window with intensive expectations for major policies at month-end, this is expected to drive market focus on prosperity indicators and forge new consensus, providing more opportunities to explore.

Therefore, after the consolidation and adjustment since September, new upward momentum is building. The global easing macroeconomic environment during the holiday period and guidance provided by structural highlights are expected to establish an upward foundation for post-holiday A-shares.

Looking ahead, Yang Delong anticipates this rally could continue long-term. He stated that the current "Golden September, Silver October" market trend for A-shares and Hong Kong stocks is becoming increasingly substantial, expecting both markets to maintain their strong upward momentum with continued strong money-making effects.