On January 5, the China Association of Listed Companies released the 2025 A-share listed companies' market capitalization performance report. According to the report, as of December 31, 2025, the Shanghai Stock Index increased 18.4% from 3351.76 points in early 2025 to 3968.84 points; at the end of 2025, there were 5,469 A-share listed companies with a total market value of 123 trillion yuan, of which 116 new listed companies were added in 2025, 5,353 stock companies listed before January 1, 2025, and the total market value of listed companies increased 22.5% year on year in 2025. The overall market valuation rose steadily in 2025, and the average net market ratio of A-share listed companies increased from 3.3 at the beginning of the year to 4.4. In addition, the share allocation of A-shares in public funds increased by 2.4 percentage points, reflecting investors' recognition of China's high-quality economic transformation and technological innovation development. At the industry level, the market value of technology-driven industries increased significantly in 2025. The market value of high-tech enterprises represented by manufacturing, scientific research and technical services changed the most. The total market capitalization increased by 33.3% and 32.1%, respectively, from the beginning of the year, and their share in A-share market value increased by 4.2 percentage points and 0.1 percentage points respectively.

On January 5, the China Association of Listed Companies released the 2025 A-share listed companies' market capitalization performance report. According to the report, as of December 31, 2025, the Shanghai Stock Index increased 18.4% from 3351.76 points in early 2025 to 3968.84 points; at the end of 2025, there were 5,469 A-share listed companies with a total market value of 123 trillion yuan, of which 116 new listed companies were added in 2025, 5,353 stock companies listed before January 1, 2025, and the total market value of listed companies increased 22.5% year on year in 2025. The overall market valuation rose steadily in 2025, and the average net market ratio of A-share listed companies increased from 3.3 at the beginning of the year to 4.4. In addition, the share allocation of A-shares in public funds increased by 2.4 percentage points, reflecting investors' recognition of China's high-quality economic transformation and technological innovation development. At the industry level, the market value of technology-driven industries increased significantly in 2025. The market value of high-tech enterprises represented by manufacturing, scientific research and technical services changed the most. The total market capitalization increased by 33.3% and 32.1%, respectively, from the beginning of the year, and their share in A-share market value increased by 4.2 percentage points and 0.1 percentage points respectively.