Recently, the Chinese stock market has shown a strong pump trend, with major indices breaking through previous highs or approaching new highs. The Shanghai Composite Index has surpassed the 3680-point mark, and other major indices such as the Shenzhen Component Index, ChiNext Index, and Sci-Tech 50 have followed closely, demonstrating an overall positive trend in the market.

It is noteworthy that indices of different scales show significant differences. The large-cap index has seen a relatively moderate rise of between 5% and 10% year-to-date. The mid-cap index has performed more aggressively, with an increase of around 15%. However, what truly stands out is the small and micro-cap indices, which have surged by as much as 20% to 30%, demonstrating astonishing growth momentum.

Among many indices, the performance of the CSI 2000 is particularly outstanding. As of the latest closing, the cumulative rise of this index has reached 29.7% year-to-date, making it a standout among major broad-based indices. Other small and micro-cap indices such as the CSI 1000, National CSI 2000, ChiNext 200, and STAR 100 have also performed well, reflecting investors' preference for small high-growth companies.

In terms of industry sectors, the indices in fields such as healthcare, technology, internet, and consumer goods have performed excellently. In particular, the Hang Seng healthcare-related indices are leading in both the A-share and H-share markets, demonstrating that the investment value of the healthcare industry is widely recognized.

Looking at the entire market, both A-shares and Hong Kong stocks are showing a strong pump trend. Since September 18 of last year, the cumulative rise of the CSI All Share Index, representing A-shares, has reached 46.20%, with a rise of 13.30% from the beginning of the year to date. Meanwhile, the cumulative rise of the Hang Seng Index, representing the Hong Kong stock market, has reached as high as 49.15%, with a rise of 30.99% from the beginning of the year to date.

In this round of market activity, the performance of small and mid-cap stocks and emerging industry sectors has been particularly eye-catching, reflecting the market's positive expectations for innovation-driven growth and economic transformation. However, investors should also be aware that there are significant performance differences among stocks of various sizes and industries, and they need to make reasonable asset allocation decisions based on their own risk preferences and investment objectives.