Recently, the Shanghai Composite Index has posted gains for ten consecutive trading days—a rare ‘ten-day winning streak’—drawing significant attention from market participants. This strong performance is primarily driven by a series of positive policy signals, marginal improvements in economic data, and relatively loose liquidity conditions heading into year-end. Investor sentiment has notably improved, trading activity has picked up, and sectors such as financials, consumer goods, and technology have taken turns leading the rally, pushing the index steadily higher.Many market observers view this rally as a prelude to the anticipated ‘year-end to New Year rally.’ Typically occurring between December and the first quarter of the following year, this seasonal uptrend in China’s A-share market is often fueled by ample liquidity, heightened policy expectations, and institutional portfolio rebalancing. With the recent Central Economic Work Conference reaffirming a ‘stability-first, steady progress’ policy stance and ongoing capital market reforms, investors are increasingly optimistic about an economic recovery and improved corporate earnings in the coming year.Nevertheless, analysts caution that despite the upbeat sentiment, risks of a short-term technical pullback loom due to the rapid pace of recent gains. The sustainability of this rally will ultimately depend on the strength of macroeconomic recovery, actual corporate earnings performance, and evolving external conditions. Overall, the ten-day winning streak has bolstered year-end market confidence and laid a solid foundation for a potential ‘year-end to New Year rally.’
近期，上证综指（沪指）连续十个交易日收涨，实现罕见的“十连阳”走势，引发市场广泛关注。这一强势表现主要受益于政策面持续释放积极信号、经济数据边际改善以及年末资金面相对宽松等因素。投资者情绪明显回暖，市场交投活跃，部分板块如金融、消费和科技轮番领涨，推动指数稳步上行。市场普遍将此轮上涨视为“跨年行情”的前奏。所谓“跨年行情”，通常指每年12月至次年一季度期间，A股因流动性充裕、政策预期升温及机构调仓布局等因素而出现的一波阶段性上涨。当前，随着中央经济工作会议定调“稳中求进”，叠加资本市场改革持续推进，投资者对明年经济复苏和企业盈利改善抱有较高期待。不过，分析人士也提醒，尽管市场情绪乐观，但需警惕短期涨幅过快带来的技术性回调风险。后续行情能否延续，仍取决于宏观经济修复力度、上市公司业绩兑现情况以及外部环境变化等多重因素。总体来看，沪指十连阳为年末市场注入信心，也为潜在的“跨年行情”奠定了良好基础。
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