As time marches on, the tide of major events surges forward. As the curtain slowly falls on the year 2025, China’s A-share market has delivered a substantial and inspiring annual performance. Throughout the year, the market strengthened amid recovery, upgraded through transformation, and achieved breakthroughs via reform, charting a magnificent trend marked by the return of confidence, value, and core themes. This development provides the most striking capital market testament to China’s pursuit of high-quality economic growth.
In this year, both the scale and character of the A-share market have seen comprehensive advancement. The SSE Composite Index has stabilized above key levels, with the ChiNext and STAR Markets leading market performance. Trillion-yuan trading volumes have become the norm, as incremental funds continued to flow in, boosting market activity and resilience simultaneously. Total market capitalization expanded steadily, the investor base continued to optimize, and the proportion of long-term funds increased. A more mature, rational, and internationally competitive capital market now stands confidently on the global stage.
The most profound change in A-shares in 2025 came from a historic reshaping of the industrial structure.
The main theme of self-reliance and strength in science and technology, represented by artificial intelligence, computing chips, semiconductors, and advanced packaging, emerged as the strongest driver throughout the year. Core sectors such as new energy, smart vehicles, high-end equipment, and industrial manufacturing took the lead in economic transformation. Meanwhile, pharmaceuticals, biotechnology, branded consumption, and real economy services steadily recovered, forming the bedrock of the market. Technology led the charge, manufacturing laid the foundation, and consumption rebounded—these three main themes intertwined brilliantly, together forming the most robust growth blueprint for the A-share market.
The power of the capital market is being precisely channeled to where the nation needs it most.
Throughout the year, IPO issuance remained regularized, with multiple platforms including the STAR Market, ChiNext, and Beijing Stock Exchange making significant contributions. A large number of hard-tech, new-technology, and emerging-sector companies entered the capital markets. Leading firms such as Moore Threads, Muxi Corporation, Biren Intelligence, and Tianyouwei went public one after another, spanning areas from chip design to computing infrastructure, robotics, and AI applications. The capital market has become the strongest booster for technological innovation, continuously injecting capital momentum into China’s industrial upgrading.
This year, the effect of leading enterprises became even more prominent, with a revaluation of core asset values.
The ten benchmark companies—China Mobile, Kweichow Maotai, CATL, BYD, ICBC, PetroChina, Ping An, LONGi Green Energy, Luxshare Precision, and Wuxi Apptec—became the ballast stones of the A-share market with their steady performance, ample cash flow, and deep competitive moats. They represent the core competitiveness of China’s economy and are the preferred targets for global investors allocating Chinese assets. Meanwhile, a group of specialized, refined, unique, and innovative small giants emerged, with small and medium-sized growth stocks flourishing across various sectors. The market exhibited a prosperous pattern characterized by stable leaders and rising new stars.
The comprehensive registration system was further implemented, while the delisting mechanism operated regularly, accelerating the formation of an ecosystem characterized by survival of the fittest and orderly entry and exit. Regulation became more transparent, expectations more stable, and systems more complete. The A-share market is transitioning from a trading-oriented market to a configuration-oriented market; from speculative gaming to long-term value. This represents a shift in structure as well as in the ecosystem.
Looking back at the end of the year, the A-share market in 2025 was never simply about alternating bull and bear cycles. Instead, it was an inevitable outcome of the convergence of multiple cycles: economic recovery, industrial upgrading, institutional reform, and global liquidity. It carries the mission of achieving self-reliance in science and technology, embodies the blueprint of becoming a manufacturing powerhouse, and reflects the confidence of hundreds of millions of investors in the future.
As the tide rises and the horizon broadens, it is the perfect moment to set sail.
The conclusion of 2025 marks not only the end of a journey but also the starting point for a new long-term bull market.
The markets of the future belong to hardcore technology, to physical manufacturing, to high-quality enterprises with real barriers, strong performance, and strategic vision; and to rational investors who adhere to common sense, embrace trends, and practice long-term thinking.
In 2025, amidst turbulence and change, we will witness it together;
In 2026, as all things renew, we will advance together.
The golden age of China’s capital markets has only just begun.