On October 9th, the first A-share trading day of the fourth quarter, the market celebrated a strong opening with key level breakthroughs and robust overall performance. The Shanghai Composite Index surged through the 3900-point integer mark, rising 1.32% to close at 3933.97 points, achieving its highest closing level in ten years since August 18, 2015. Other major indices also posted synchronized gains, with the Shenzhen Component Index, ChiNext Index, and STAR 50 Index closing at 13,725.56, 3,261.82, and 1,539.08 points respectively, registering increases of 1.47%, 0.73%, and 2.93%.

Market experts indicate that the Shanghai Composite Index's return to 3900 points after a decade represents both a direct manifestation of A-share market vitality and strong evidence of China's continuously improving macroeconomic fundamentals and growing development resilience. Historical patterns show that capital market stability and long-term macroeconomic prosperity maintain close correlation - steady macroeconomic growth provides solid fundamental support for capital markets, while capital markets serve the real economy through direct financing functions, creating a positive cycle of mutual reinforcement. Looking ahead, as various economic stabilization and development promotion policies continue to take effect and economic structural optimization advances, China's macroeconomy will maintain steady growth momentum, expanding long-term development space for A-share markets and supporting sustainable market progress.

**Market Shows Broad-Based Gains on Opening Day**

Daily trading patterns revealed over 70% of Shenwan first-tier industry sectors posting gains. Non-ferrous metals led with full-day increases exceeding 7%, becoming the absolute leader; steel and coal sectors both surged over 3%, with cyclical sectors rising prominently and market profit-making effects becoming evident.

Capital flow data further confirmed market activity levels. By the October 9th close, Shanghai and Shenzhen markets recorded trading volume of 2.67 trillion yuan, showing significant volume expansion compared to the last trading day before the holiday. Individual stock performance showed 3,100 of 5,436 A-shares advancing, representing nearly 60% of all stocks, reflecting strong overall bullish market sentiment.

Notably, technology stocks' strong leadership became a market highlight, not only amplifying profit-making effects but also highlighting capital preference for growth sectors.

According to Wind Information statistics, eight of the top ten performing A-shares on October 9th belonged to strategic emerging industries, covering semiconductor equipment, artificial intelligence, and new energy materials sectors. This data clearly indicates that technology and other high-growth attribute sectors have become core directions for current capital deployment.

Qianhai Open Source Fund Chief Economist Yang Delong stated that following the National Day and Mid-Autumn Festival holidays, A-share markets welcomed gains with increasingly clear "technology bull" market characteristics. This aligns closely with China's current robust technology innovation development and continuous innovation momentum driving high-quality economic development.

**A-Share Long-term Strength Aligns with Macroeconomic Logic**

Capital markets serve as "barometers" of macroeconomic conditions, with long-term trends consistently resonating with economic development trajectories. A-shares' fourth-quarter strong opening directly demonstrates China's economic resilience, potential, and vitality, benefiting from deep resonance among multiple positive factors including stable macroeconomic improvement, precise policy implementation, and active capital inflows.

From macroeconomic fundamentals, China's economic development resilience continues strengthening, serving as A-share markets' "ballast stone." Despite facing numerous external challenges this year, China has promoted continuous economic structural optimization and upgrading through various growth-stabilizing and transformation-promoting policies - high-tech manufacturing investment growing rapidly, consumer markets gradually warming, and foreign trade structure tilting toward high value-added products. These positive changes provide support for listed company performance improvement while solidifying foundations for long-term capital market improvement.

Precise policy empowerment further instills market confidence. On one hand, economic stabilization policies continue producing effective results, from tax and fee reductions providing enterprise relief to increased support for technology innovation, high-end manufacturing, and new energy sectors, with policy directions clearly pointing toward key economic transformation sectors. On the other hand, capital market reforms continue deepening, with various measures both enhancing market activity and inclusiveness while enabling more quality technology enterprises to obtain capital support, forming positive cycles of "policy support - enterprise growth - market strength."

Additionally, policy statements regarding market stability maintenance and long-term capital market guidance have effectively boosted investor confidence.

Positive capital flow changes provide direct momentum for market rallies. Domestically, with steady resident income growth, trends of household asset allocation shifting toward capital markets are evident. Internationally, Morgan Stanley recently reported that net foreign capital inflows into Chinese stock markets rebounded to $4.6 billion in September, creating the highest monthly level since November 2024. Continued capital inflows reflect global investor recognition of China's macroeconomic development prospects.

Under combined effects of macroeconomic, policy, and capital factors, fourth-quarter A-share markets are expected to maintain steady operating conditions. AVIC Securities Chief Economist Dong Zhongyun stated that from long-term perspectives, benefiting from accelerated Chinese economic transformation, "anti-involution" policy advancement, and continued capital market reform deepening, A-shares are positioned for long-term strength.