Huang Gang, the Shanghai Composite Index surged past 3,900 points today, a ten-year high. This really shows that market sentiment has warmed up.

Indeed. More importantly, the fundamentals have changed: total market capitalization has exceeded 100 trillion yuan, with over 5,100 listed companies. Both the scale and structure are very different now.

I also noticed another figure—now one in every six Chinese people is a stock investor, and the investor structure is becoming more institutional.

Yes, that helps reduce market volatility. In the past, retail investors made up too large a share, and short-term sentiment easily amplified risks. Now there’s more long-term capital, making the market more stable.

The industry landscape has changed too. Ten years ago, finance and cyclical sectors dominated. Now information technology is the largest sector, with new energy and high-end manufacturing gaining momentum.

This goes hand in hand with economic transformation. More companies now have solid performance and prospects, and the capital market is better serving the real economy and innovation.

Of course, such high trading volume also shows that capital is willing to enter the market. As long as regulation stays steady and corporate quality improves, breaking 3,900 points won’t just be a numbers game.

Exactly. The key is moving from ‘large in quantity’ to ‘strong in quality’. Only then will A-shares have true long-term value, rather than just riding short-term sentiment.