The Shanghai Composite Index has broken through 3600 points for the first time this year, and market driving factors have changed in the new A-share ecology.

On July 23, the A-share market rose and then fell back, with the Shanghai Composite Index exceeding 3600 points during the trading session for the first time this year. Since the rebound that started on April 8, the Shanghai Composite Index, the Shenzhen Component Index, and the Growth Enterprise Market Index have respectively increased by 15.69%, 18.10%, and 27.86%. The Shanghai Composite Index has continuously broken through key levels such as 3100, 3200, 3300, 3400, 3500, and 3600 points, with a prominent structural market performance under general sectoral growth and obvious sector rotation. Analysts believe that compared to the last time the Shanghai Composite Index surpassed 3600 points mainly driven by policies, this time it is more driven by liquidity and fundamentals, making the market's upward trend more stable and robust. In the second half of the year, global liquidity will further loosen, and with a mix of internal and external factors, the market will maintain a volatile upward trend.