"924" Anniversary: David Tepper, who shouted "Buy all Chinese assets," was right

"9.24" Market One Year Later, How Are Chinese Assets?

On September 24th last year, the People's Bank of China, the Financial Regulatory Administration, and the China Securities Regulatory Commission jointly issued a package of financial policies aimed at stabilizing the market and boosting the economy, which triggered a strong reaction in the capital market. At that time, billionaire hedge fund founder David Tepper exclaimed “Buy everything Chinese assets.” A year later, his judgment has proven correct, as Chinese assets have experienced a globally watched strong bull market during this period.

In the past year, the performance of the Chinese stock market has far exceeded that of major global markets. The total market capitalization of A-shares has surpassed 100 trillion yuan for the first time, with an increase of 45%. The SSE Composite Index soared from the 2700-point level to 3900 points, while the tech-heavy STAR 50 Index and the ChiNext Index recorded astonishing gains of 115% and 110%, respectively. In the same period, the S&P 500 Index and the Nasdaq Index returned 16% and 24%, respectively.

According to Goldman Sachs trader Fred Yin, the momentum of the Chinese stock market is very strong, and the rebound may just be beginning, with the foundation for a "slow bull" in A-shares being more solid than ever.

"9.24" One Year Report Card: Trillion Yuan Market Value and Broad-Based Rally

Looking back at the year since "924," the performance of the Chinese A-share market has been remarkable. As of September 24, 2025, the total market capitalization of A-shares has grown from approximately 70 trillion yuan to over 100 trillion yuan, an increase of 45%.

During this period, more than 3,000 A-share stocks rose over 50%, and nearly 1,500 stocks doubled in price.

From a sector perspective, technology stocks are undoubtedly the leaders in this round of increases. Stocks in industries such as telecommunications, electronics, and computers recorded the highest sector gains. This strong momentum is not only reflected in a few leading stocks but also shows a broad-based rally, indicating a recovery and strengthening of overall market confidence.

In the internet sector, yesterday, stimulated by positive news, Alibaba's Hong Kong stock rose nearly 10% in a single day, with a staggering 50% increase for the month, pushing its stock price to a four-year high.

Recently, the State Administration for Market Regulation released a draft for regulating takeaway platforms, which the market interpreted as a positive move against "involution." Meituan and JD.com rose by 1.2% and 3.3%, respectively. Tencent rose by 2%, as its game "Delta Action" topped the Apple App Store download chart, attracting investor interest.

The China Semiconductor Basket Stock Index compiled by Goldman Sachs also rose by 4.6%, thanks to Micron Technology's positive fourth-quarter performance outlook and Huawei's optimistic three-year vision. Additionally, sectors such as solar energy and solid-state batteries also performed well

Ample Capital Allocation Space, Slow Bull Market May Just Be Starting

Looking ahead, this round of rising may just be beginning.

Goldman Sachs believes that the conditions for constructing a "slow bull" market in A-shares are even more mature than at any time in the past. Since early August, the trading activity of A-shares has remained high, setting a record for the longest duration on record.

From a capital perspective, the market still has enormous potential. First, retail investor sentiment has not yet become overly exuberant. The proportion of stocks in Chinese household assets is only 11%, far below the 55% for real estate and 27% for cash/deposits, indicating that there is still a large amount of "off-market funds" available for entry.

Since 2020, household deposits have increased by about 80 trillion yuan, with approximately 55 trillion yuan of excess savings about to mature, facing reallocation needs.

Second, there is ample room for institutional capital to enter. Data shows that up to 31 trillion yuan in wealth management products and 15 trillion yuan in money market funds may flow into the stock market as actual interest rates decline. Additionally, against the backdrop of a weakening real estate market, more than 14 trillion yuan of "new money" is also seeking new investment channels each year.

Currently, both domestic and overseas institutions have very low holdings in the A-share market. According to Goldman Sachs' estimates, the potential incremental institutional capital in the future could reach 20-40 trillion yuan. Last week, China-focused equity funds recorded an inflow of 5.4 billion dollars, the largest single-week inflow since April this year