Chinese equities extended their four-month rally on Monday, sending the Shanghai Composite Index to an intraday peak of 3,745.94 and a close of 3,728.03, its highest finish in almost a decade. The move lifted the total market value of mainland A-shares above 100 trillion yuan (US$13.9 trillion) for the first time on record. Breadth was strong across the onshore market. The Shenzhen Component Index rose 1.73% to 11,835.57, while the ChiNext gauge jumped 2.84% to 2,606.20. The Beijing Stock Exchange 50 Index added more than 3% to a fresh high, and in all more than 4,200 stocks gained. Turnover on the Shanghai and Shenzhen exchanges reached roughly 2.76 trillion yuan, the most since October 2024 and about 440 billion yuan above the previous day. The equity surge came as investors trimmed fixed-income positions. China’s 10-year sovereign yield touched its highest level since April, and the 30-year yield climbed 4.4 basis points to 2.038%. September 30-year bond futures fell about 1%, while 10-year contracts dropped 0.3%, underscoring a rotation out of long-dated debt. Flows extended beyond the mainland. Mainland investors recorded their largest single-day net purchase of Hong Kong stocks, helping the Hang Seng Tech Index to gain more than 2% intraday. Analysts cite easing trade tensions, continued policy support for high-technology sectors and ample domestic liquidity as factors underpinning the shift from bonds into equities.