Chinese equities extended their summer rally on Monday, with the benchmark Shanghai Composite Index rising 1.51% to 3,825.8, its highest close in a decade after gaining 3.5% last week. The blue-chip CSI 300 advanced to its strongest level since July 2022 and now sits more than 20% above this year’s trough, placing the gauge in technical bull-market territory. Trading activity remained frenetic. Combined turnover on the Shanghai and Shenzhen bourses reached about ¥3.1 trillion ($426 billion), the second-highest on record and the ninth consecutive session above ¥2 trillion. It also marked the 63rd straight day with volume over ¥1 trillion, underscoring robust liquidity in mainland markets. Growth-oriented indexes led the gains. The ChiNext Board jumped 3.0% after briefly surpassing 2,670, a three-year high, while the Shenzhen Component added 2.26%. Sector gauges were even stronger: the CSI Semiconductor Index climbed nearly 5% and the CSI Rare Earth Industry Index surged 7% to its best level since November 2021. Momentum spilled over to Hong Kong, where the Hang Seng Index advanced 1.94% to 25,829.91, the highest since 2021, and the Hang Seng Tech Index rallied 3.14%. Strength in domestic shares also lifted U.S.-traded Chinese companies pre-market, with Alibaba up 3.5% and electric-vehicle maker NIO up 5.8%. The surge in prices and volumes has added almost US$1 trillion in market value to onshore stocks since mid-year, according to Bloomberg calculations. Foreign investors, who increased allocations last week, are watching whether policy support and abundant cash onshore can sustain the breakout in the weeks ahead.