China's stock market hits highest level in three and half years

China's stock market hit a record high Thursday in more than three and a half years, with the Shanghai Composite Index briefly breaking through the 3,700-point mark in intraday trading for the first time since December 2021, thanks to strong gains in insurance and computer-hardware stocks.

All three major A-share indices staged a sharp intraday rally before surrendering their gains.

Insurance stocks rose throughout the session, while digital-currency plays, graphics processing unit (GPU) concepts, server makers and cross-border-payment themes also ranked among the top performers.

The combined turnover on the Shanghai and Shenzhen stock exchanges topped 2 trillion yuan (more than 278.8 billion U.S. dollars) for the second straight day, up more than 100 billion yuan (about 13.94 billion U.S. dollars) from Wednesday.

Insiders say multiple favorable factors will drive the strong momentum further.

"Sector-wise, insurance, brokerages and semiconductors led the gains today, with brokerages in particular showing powerful momentum. It highlights the persistence of the market's rally momentum. The market now rests on three solid pillars: support from fundamentals, ample liquidity and policy support. Looking ahead, multiple positives remain in play. Continued macro-economic recovery lays the foundation for further equity gains. Monetary policy is prudent yet flexible and fiscal measures are being stepped up. In addition, against the backdrop of a global economic rebound, international funds are increasing allocations to emerging markets," said Yang Chao, chief strategy analyst of China Galaxy Securities.

"A-shares are experiencing an all-round boom now. Why so? First of all, the gains were led by several different sectors - from AI to utilities and medicine - not just one. Second, the daily transaction volume has been above one trillion yuan (about 140 billion US dollars) for over a month. On Wednesday, it reached two trillion yuan. Third, the regulatory reform has continued, which is all about making the capital market more open and inclusive. As a result, investors' growth outlook has clearly improved," said Yang Ling, CEO of StarRock Investment Management.

China's stock market hits highest level in three and half years

A nationally protected curly-headed pelican has been released back into the wild in Manas County, northwest China's Xinjiang Uygur Autonomous Region, after five months of recovery.

The rare bird was brought to a local rescue station in late November. Though uninjured, it was weakened by severe diarrhea, likely after falling behind its migration group and starving when lakes froze in early winter.

After five months of recovery, rescuers confirmed the pelican's condition now meets release standards. Before returning it to nature, they fitted a lightweight satellite tracker to monitor its movements.

The curly-headed pelican, or formally the Dalmatian pelican, is a national first-class protected species. It primarily inhabits swamps and shallow lakes in southeastern Europe, as well as regions in China including Xinjiang, Qinghai and Shandong.

Rescued curly-headed pelican released into wild in Xinjiang after recovery