China A-Share Market Cap Surges 45 Trillion Yuan Since Sep 2024 Policy Rally, but 2026 Median Return Negative
Two years after China's September 24, 2024 policy-driven rally, the A-share market capitalization has surged by approximately 45 trillion yuan to 115.59 trillion yuan. The Shanghai Composite Index rose 41.45%, while the STAR Composite Index surged over 152%. However, the rally is highly uneven: 1,430 stocks doubled, but 929 fell, and the 2026 year-to-date median stock return is -12.4%. The electronics sector overtook banking as the largest by market cap. Analysts forecast continued opportunities in AI and semiconductors but caution about external headwinds from Fed rate hikes and domestic liquidity constraints.
IllustrationEditorial responsibility
- No named human review is recorded for this page.
- Reports are grouped by semantic similarity and deterministic rules. Language models may assist titles, summaries, translation and cross-source analysis; the page reads the event directly, while its address stays stable when the title changes.
- Summary covers the current reports
Cross-source coverage
Reporting timeline
China A-Share '924 Rally' Two Years On: 28x Gains, Stagnant Returns, and Deep Divergence
This article analyzes the two-year anniversary of China's '924 rally' that began on September 24, 2024, following a major policy package from the central bank, financial regulator, and securities watchdog. The A-share market added nearly 50 trillion yuan in market cap, a roughly 60% increase, but the rally was highly uneven. The STAR Composite Index surged 158.55%, and the communication sector jumped 247.11%, driven by AI and tech themes. However, 630 stocks fell, with some losing over 60%. A hypothetical 1 million yuan investment in top performer Yuanjie Technology would have grown to 28.49 million yuan, while the same amount in laggards like Vanke A would have shrunk to 540,000 yuan. Analysts offer divergent views: Yang Delong of First Seafront Fund sees tech rotation continuing but notes investor confidence is fragile. Li Xunlei of Zhongtai International expects a new stimulus package around mid-2026 to address weak domestic demand and local government debt. The article highlights that the rally has not translated into broad-based gains, with traditional sectors like food and beverage declining.
Read sourceA-Share Market Two Years After '924' Rally: Market Cap Surges 45 Trillion Yuan, but Median Stock Falls 12% in 2026
This article from Time Finance, published via Tencent Finance, analyzes the A-share market two years after the September 24, 2024 policy-driven rally. The Shanghai Composite Index has risen 41.45% from its starting point, and total market capitalization has increased by approximately 45 trillion yuan to 115.59 trillion yuan. However, the median stock return in 2026 is -12.4%, highlighting a sharp divergence between index gains and individual stock performance. The market has evolved through three phases: policy-driven valuation recovery (late 2024 to 2025), a tech-led earnings rally (first half of 2026), and a current period of shrinking volume and sector rotation since July 2026. The electronics sector has overtaken banking as the largest by market cap. Yang Delong, chief economist at First Seafront Fund, forecasts that AI, semiconductors, and computing power stocks still have significant opportunities in the fourth quarter, supported by policy, earnings growth, and China's competitive advantages in AI. He notes that the market may see a rebound in Q4 to repair Q3 losses, but differentiation will remain pronounced.
Read sourceTwo Years After '9·24' Rally: A-Share Market Cap Surges 45 Trillion Yuan, 1,430 Stocks Double
This article analyzes the two-year anniversary of China's '9·24' policy-driven stock market rally, which began on September 24, 2024. Since then, the total A-share market capitalization has surged by 45 trillion yuan to 115.59 trillion yuan, with the Shanghai Composite Index up 41.45% and the ChiNext and STAR indices gaining over 114% and 152% respectively. However, the market shows stark structural divergence: while 1,430 stocks have doubled, 929 have fallen, and the 2026 year-to-date median stock return is -12.4%. The rally is divided into three phases: initial policy-driven valuation recovery (late 2024-2025), a tech-led earnings boom (first half of 2026), and a current period of shrinking volume and sector rotation (since July 2026). The electronics sector has overtaken banking as the largest by market cap. Experts like Yang Delong (Chief Economist, First Seafront Fund) and Zheshang Securities forecast continued opportunities in AI and semiconductors, though they caution about overseas rate hikes and domestic liquidity constraints leading to potential range-bound trading in Q4 2026.
Read sourceShow 4 older updatesHide older updates
Yang Delong: Two Years After 924 Rally, Tech Stocks Lead Market with AI Focus
In a commentary published on September 23, 2026, Chinese financial analyst Yang Delong reviews the two-year anniversary of the '924' market rally that began on September 24, 2024. He notes that the rally has been characterized by a strong technology sector, particularly AI-related chips and computing power stocks, which have produced dozens of ten-baggers and hundreds of double-baggers. Yang attributes this to the ongoing fourth industrial revolution centered on AI. He highlights upcoming US-China summit talks as a potential catalyst for further gains, especially in AI cooperation. Yang forecasts a new rally in Q4 2026, driven by easing Fed rate hike concerns and sector rotation from dividend stocks to tech. He recommends a balanced portfolio strategy, shifting from defensive dividend assets to more aggressive tech positions as tech valuations have corrected. Yang also discusses opportunities in humanoid robots, commercial aerospace, solid-state batteries, and innovative drugs, while cautioning that the property sector's rebound may lack sustainability. He emphasizes the need for 'value investing with Chinese characteristics' given the retail-dominated A-share market.
Read sourceTwo Years After '924' Rally: A-share Market Sees New King, Pricing Anchor Shifts to Tech
On the two-year anniversary of China's '924' policy-driven stock market rally, the A-share market has undergone a significant structural transformation. The Shanghai Composite Index has risen over 36% from 2,863 to 3,888 points, while the ChiNext and STAR 50 indices have surged 104% and 143% respectively. The most symbolic change is that the electronics sector has surpassed banking to become the largest industry by market capitalization, indicating a shift in the market's pricing anchor from traditional finance and consumption to technology. The article analyzes that this is not merely a liquidity-driven bull market but a structural revaluation supported by improving corporate earnings, particularly in the tech sector. It details the sources of incremental funds, including long-term institutional capital, ETF inflows, and leveraged margin trading, which have pushed average daily turnover from 500 billion yuan to 1.7 trillion yuan. However, the market has entered a 'K-shaped' structure in 2026, with nearly 70% of stocks posting negative returns despite index gains. The report concludes that the rally's sustainability now depends on earnings growth rather than just policy and liquidity.
Read sourceChina A-Share Market Value Surges 45 Trillion Yuan Since Sep 2024 Policy Rally, But 2026 Median Return Negative
Two years after China's '9·24' policy-driven market rally, the A-share market has seen a total market value increase of 45 trillion yuan to 115.59 trillion yuan, with the Shanghai Composite up 41.45% and the ChiNext and STAR indices surging over 114% and 152% respectively. However, the bull market has been highly uneven: while 1,430 stocks have doubled, the median return for all A-shares in 2026 is -12.4%, reflecting a 'index bull, stock bear' experience for many investors. The rally evolved in three phases: initial policy-driven valuation recovery in late 2024, a tech and AI earnings-driven rally in the first half of 2026, and a consolidation phase since July 2026. Looking ahead, external headwinds include a recent Fed rate hike to 3.75%-4.00%, while China's LPR remains unchanged. Analyst Yang Delong from First Seafront Fund expects a potential Q4 rebound as Fed concerns ease, but warns of persistent market divergence. Institutions broadly favor long-term opportunities in AI, semiconductors, and computing, citing policy support and surging demand for AI inference chips.
Read sourceA-Share Market Value Surges 45 Trillion Yuan in Two Years Since Policy-Driven Rally
This article from Stockstar Industry, citing Times Finance, analyzes the two-year anniversary of the '9·24' policy-driven rally in China's A-share market. Since September 24, 2024, the total market value has surged by approximately 45 trillion yuan to 115.59 trillion yuan, with the Shanghai Composite Index up 41.45% and the ChiNext Index up 114.89%. However, the median stock return in 2026 is -12.4%, highlighting a stark divergence between index gains and individual stock performance. The rally is divided into three phases: policy-driven valuation recovery (late 2024 to 2025), tech-led earnings growth (first half of 2026), and a current period of low-volume consolidation since July 2026. The electronics sector has overtaken banking as the largest by market cap. Experts like Yang Delong from First Seafront Fund and Zhejiang Securities are quoted, forecasting continued opportunities in AI and semiconductors despite near-term volatility and external headwinds from Fed rate hikes.
Read source