On January 5, the China Listed Companies Association released its report on the market capitalization performance of A-share listed companies for 2025. As of December 31, 2025, the Shanghai Composite Index rose to 3,968.84 points from 3,351.76 points at the beginning of the year, marking an 18.4% year-on-year increase. By the end of 2025, there were 5,469 A-share listed companies with a total market capitalization of 123 trillion yuan. Among these, 116 companies were newly listed in 2025, while 5,353 were existing companies listed before January 1, 2025. The total market capitalization of these existing listed companies grew by 22.5% compared to the previous year.
In 2025, China's market capitalization management system evolved from conceptual advocacy to institutionalization, systematization, and practical implementation, with the capital market exhibiting the following characteristics and trends. First, market performance reflected national strategic priorities. Listed companies in emerging industries and key sectors related to national strategies, such as integrated circuits, artificial intelligence, advanced manufacturing, and biomanufacturing, demonstrated particularly strong market capitalization growth. This growth served as an objective indicator of technological innovation capabilities and industrial upgrading achievements, aligning resource allocation with medium- to long-term national strategies.
Second, policy guidance became more systematic and precise. Regulatory authorities have introduced a series of policy documents in recent years, continuously improving systems for mergers and acquisitions, cash dividends, and share buybacks. These measures have optimized the "toolkit" available to listed companies for market capitalization management, encouraging them to focus on their investment value and promoting the simultaneous enhancement of intrinsic corporate value and market valuation.
Third, listed companies demonstrated a stronger proactive approach to market capitalization management. Some firms have integrated market capitalization management into their long-term strategic planning, establishing specific systems and valuation enhancement plans. They implemented targeted measures across various dimensions, including corporate value improvement, shareholder returns, and information disclosure. Through regular dividends, share repurchases, increased holdings, and improved investor relations management, these companies worked to shape market expectations and bolster long-term investor confidence.
Fourth, institutional investment remained closely aligned with the high-quality development agenda. Institutional investors showed increased interest in cutting-edge technologies, advanced manufacturing, and future industries. Within a new ecosystem characterized by "long-term capital for long-term investment," more funds flowed into hard technology sectors. This trend fostered a virtuous cycle of "strategic guidance—industrial innovation—market cap growth—capital reinvestment," driving the high-quality development of new productive forces and enhancing the capital market's role in serving the real economy.
At the overall market level, as of December 31, 2025, the Shanghai Composite Index climbed to 3,968.84 points from 3,351.76 points at the start of the year, representing an 18.4% year-on-year increase. The A-share market comprised 5,469 listed companies by year-end, with a total market capitalization of 123 trillion yuan. This included 116 new listings in 2025 and 5,353 existing companies listed prior to January 1, 2025. The total market capitalization of these existing listed companies increased by 22.5% year-on-year. Overall market valuations rose steadily throughout 2025, with the average price-to-book ratio for A-share companies increasing from 3.3 at the beginning of the year to 4.4. Additionally, the allocation weight of A-shares in public funds grew by 2.4 percentage points, reflecting investor recognition of China's high-quality economic transformation and corporate technological innovation.
At the industry level, technology-driven sectors experienced significant market capitalization growth in 2025. High-tech enterprises, particularly in manufacturing and scientific research and technical services, showed the most notable increases, with total market capitalizations rising by 33.3% and 32.1% respectively from the start of the year. Their shares of the total A-share market capitalization increased by 4.2 percentage points and 0.1 percentage points, respectively. This performance was supported by the overall solid earnings of technology firms; nearly half of the listed companies in manufacturing and scientific research and technical services achieved a return on equity (ROE) greater than 5% in 2025. Furthermore, increased market capital inflows into technology-oriented companies provided a solid foundation for valuation growth. For instance, in the third quarter of 2025, the proportion of public fund flows directed to information transmission, software, IT services, and scientific research and technical services increased by 0.6 percentage points compared to the beginning of the year.
Analyzing different types of ownership, privately-owned technology and innovation-focused listed companies were particularly active in 2025. The overall market capitalization of private listed companies grew by 37.0%, and their share of the total A-share market capitalization increased from 33.6% at the start of the year to 37.5%. State-owned listed companies maintained a share of nearly 50% of the total A-share market capitalization.
The following analysis objectively summarizes the 2025 market capitalization performance of listed companies across three dimensions: absolute market cap growth, market cap growth rate, and industry-specific market cap growth. The statistical sample consists of A-share companies listed on the Shanghai, Shenzhen, and Beijing Stock Exchanges before January 1, 2025, and that had not delisted by December 31, 2025 (excluding ST and *ST companies).
Analyzing the absolute growth in market capitalization involves examining the change in the A-share market value of listed companies from January 1, 2025, to December 31, 2025. The top 150 companies with the most significant absolute increases in A-share market capitalization are detailed in Table 1 below.
For the analysis of market capitalization growth rates, companies were categorized into five segments based on their market cap as of December 31, 2025: less than 5 billion yuan, 5-10 billion yuan, 10-50 billion yuan, 50-100 billion yuan, and greater than 100 billion yuan. Within each segment, the top 20 A-share companies with the highest market cap growth rates in 2025 were identified. The changes for companies in each segment are detailed in Table 2 below.
A comparative analysis of market capitalization growth across different industries was conducted based on the China Listed Companies Association industry classification. The top 10 industries with the highest total market cap growth rates in 2025 were selected. For each industry, the 10 companies with the fastest growth in their market share (the proportion of their market cap relative to the total market cap of their industry) were identified. To ensure the validity and representativeness of the results, industry samples with fewer than 30 constituent stocks were excluded. The changes for companies across these industries are detailed in Table 3 below.