On August 25, the Shanghai Composite Index surged 1.51% to close at 3883.56 points, hitting a fresh record high. Market capital inflows intensified, with the combined trading volume of the Shanghai and Shenzhen stock exchanges surpassing the RMB 3 trillion threshold. Seeking higher potential returns, some investors opted to divert funds from large-denomination certificates of deposit. Institutional investors actively entered the fray, with insurance funds and industrial capital substantially boosting their equity allocations. Retail investors exhibited more rational behavior, with an increasing number of them indirectly participating in the market through financial instruments like ETFs. By the end of the day, the total value of stock ETFs had reached RMB 3.37 trillion, marking a substantial growth from the start of the year.