Recently, the A-share market has shown a trend of upward shift in the center of gravity amidst fluctuations. When the Shanghai Composite Index reaches around 3600 points again, it is not only a breakthrough in numbers, but also an important turning point in the long-term development logic of China's capital market. Driven by multiple factors such as deepening economic transformation, continuous release of policy dividends, and reshaping of capital ecology, A-shares are gradually embarking on a long-term narrative centered on "high-quality development". The underlying support for high-quality economic development continues to solidify, laying a solid foundation for long-term narrative. The 5.3% GDP growth rate in the first half of the year not only demonstrates the resilience and resilience of the Chinese economy, but more importantly, new driving forces continue to accumulate - new consumption driving forces continue to expand, and the contribution rate of final consumption expenditure to economic growth in the first half of the year was 52%; The new driving force of the industry continues to grow, with the production of new energy vehicles increasing by over 30% year-on-year in the first half of the year, and the production of lithium-ion power batteries for automobiles increasing by 53.3%. Each piece of data outlines the trajectory of China's economic structure towards optimization and new momentum from different dimensions. The profit structure of listed companies is also undergoing profound changes, and a group of high-quality enterprises representing the future of the Chinese economy have emerged in the capital market, providing fundamental support for the market. Systematically implementing policies to build a dual support system of "bottom support+empowerment". From the emphasis on "sustained stability and active capital market" at the Political Bureau meeting of the Central Committee of the Communist Party of China, to the policy combination of "one line, one bureau, one session", a three-dimensional escort has been formed for the capital market. Recently, the sixth meeting of the Central Committee for Finance and Economics proposed to govern the disorderly competition among enterprises at low prices in accordance with laws and regulations, guide enterprises to improve product quality, and promote the orderly exit of backward production capacity. This "anti internal competition" orientation has quickly gained industrial response: the expected improvement in supply and demand patterns in sectors such as photovoltaics, lithium batteries, fiberglass, and ordinary steel is heating up. The profound transformation of the financial ecosystem injects lasting momentum into the market. The current A-share market is undergoing a capital structure transformation of "national team+institutionalization+internationalization": Central Huijin, as a quasi "stabilization fund", continues to increase its holdings to stabilize market expectations; The scale of public funds has exceeded 34 trillion yuan, and the proportion of allocation funds such as insurance funds entering the market continues to increase; Northbound funds saw their market value increase by nearly 80 billion yuan in the first half of the year, and foreign institutions positively evaluated A-share investment opportunities. The continuous influx of diversified funds not only enhances market liquidity, but also promotes a shift in investment style from short-term games to long-term value investing. The wave of industrial upgrading is giving rise to the structural market mainline. In the turbulent market of 3600 points, emerging industries represented by innovative drugs, computing power, electronic components, etc. have performed outstandingly. These sectors gather policy support, technological breakthroughs, and multiple benefits for performance growth. The outbreak of themes such as "anti involution" and rare earth permanent magnets is not an isolated event, but a reflection of China's economic transformation and upgrading in the capital market. With the accelerated cultivation of "new quality productivity" and the deep integration of industrial logic and capital logic, leading enterprises with global competitiveness will continue to emerge, becoming the core driving force for the long-term narrative of A-shares. Of course, the rise of any market will not be achieved overnight, and short-term fluctuations and structural differentiation will still exist. But from a longer-term perspective, the A-share market is entering a new stage of development. Under the dual promotion of economic transformation and capital market reform, a new narrative centered on value creation, guided by long-term principles, and with the mission of serving the real economy is gradually gaining popularity along with the upward resilience of A-shares. For investors, grasping the trend of the times and focusing on the growth of high-quality enterprises will better share the dual dividends of China's high-quality economic development and capital market reform. (New Society)