Market Performance - In 2025, the A-share market achieved significant milestones, with the Shanghai Composite Index closing at 3968.84 points, marking an annual increase of 18.41%, the best performance in nearly six years since 2020 [1][2] - The Shenzhen Component Index and the ChiNext Index saw annual increases of 29.87% and 49.57%, respectively, while the North Star 50 and the Sci-Tech Innovation Index rose by 39.78% and 46.30% [1][2] Trading Volume and Value - The total trading volume of all A-shares reached a record high of 29.92 trillion shares in 2025, while the total trading value surpassed 419.86 trillion yuan, marking the first time it exceeded 400 trillion yuan, representing a 63% increase from 257.01 trillion yuan in 2024 [3][4] Sector Performance - Among the 31 first-level industries, the non-ferrous metals sector led with an annual increase of 94.73%, followed by the communication and electronics sectors with increases of 84.75% and 47.88%, respectively [5][6] - Other sectors such as comprehensive, electric equipment, and machinery also saw annual increases exceeding 40%, while only the coal and food & beverage sectors experienced declines, with food & beverage down by 9.69% [5][6] Top Performing Stocks - The top-performing stock of 2025 was Shangwei New Materials, which surged by 1820.29%, primarily driven by the acquisition of the company by Zhiyuan Robotics [7][14] - Tianpu Co. followed with a 1645.35% increase, while *ST Yushun ranked third with a 719.38% rise due to significant asset restructuring announcements [9][11] - The remaining top stocks, ranked fourth to tenth, all recorded increases exceeding 500% [13][14]

Group 1 - The core viewpoint of the article highlights the top-performing stocks in the A-share market for 2025, with a focus on significant price increases [1][2] - The stock "Shangwei New Materials" achieved an impressive increase of 18 times, ranking first among the top ten stocks [1][2] - "Tiangpu Co." saw a rise of over 16 times, indicating strong market performance [1][2] Group 2 - Other notable stocks include "Shenghong Technology," "Feiwo Technology," "Feiling'er," "Dingtaik Technology," "Hengbo Co.," and "Shunhao Co.," all of which recorded cumulative increases exceeding 500% [1][2]

| 序号 | 证券代码业券代码 证券名称 | 7 2 | Frasti | 区间所关幅 [起始交易目期] 20250101 ▽ 【截止交易日期】20251231 | T | | --- | --- | --- | --- | --- | --- | | | | | | [复权方式] 前复权 | | | | | | | [单句]% | | | 7 | 688585.SH | ┣结新材 凶 | 2020-09-28 | | 1.820.2897 | | 2 | 605255.SH | 天普股份 | 2020-08-25 | | 1.645.3488 | | 3 | 002289.SZ | *ST宇顺 | 2009-09-03 | | 719.3820 | | ব | 603389.SH | *ST亚提 ~ | 2016-12-15 | | 636.7047 | | 5 | 300476.SZ | 胜宏科技 と | 2015-06-11 | | 586.0231 | | 6 | 301232.SZ | 飞沃科技 区 | 2023-06-15 | | 581.6599 | | 7 | 603226.SH | 菲林格尔 ...

| 序号 | 证券代码业券代码 证券名称 | 7 2 | Frasti | 区间所关幅 [起始交易目期] 20250101 ▽ 【截止交易日期】20251231 | T | | --- | --- | --- | --- | --- | --- | | | | | | [复权方式] 前复权 | | | | | | | [单句]% | | | 7 | 688585.SH | ┣结新材 凶 | 2020-09-28 | | 1.820.2897 | | 2 | 605255.SH | 天普股份 | 2020-08-25 | | 1.645.3488 | | 3 | 002289.SZ | *ST宇顺 | 2009-09-03 | | 719.3820 | | ব | 603389.SH | *ST亚提 ~ | 2016-12-15 | | 636.7047 | | 5 | 300476.SZ | 胜宏科技 と | 2015-06-11 | | 586.0231 | | 6 | 301232.SZ | 飞沃科技 区 | 2023-06-15 | | 581.6599 | | 7 | 603226.SH | 菲林格尔 ...

Group 1 - The A-share market closed in 2025 with the Shanghai Composite Index at 3968.84 points, marking an annual increase of 18.41% [1] - The top-performing stock of 2025 was Shangwei New Materials, achieving a remarkable increase of over 1800% [1] - The top ten stocks in terms of performance included Shangwei New Materials, Tiangpu Co., *ST Yushun, *ST Yazhen, Shenghong Technology, Feiwo Technology, Feiling'er, Dingtai High-tech, Hengbo Co., and Shunhao Co. [1] - Shangwei New Materials and Tiangpu Co. had cumulative increases of 1821.12% and 1662.49%, respectively, while *ST Yushun and *ST Yazhen saw increases of 719.38% and 636.7% [1] - The remaining top-performing stocks had annual cumulative increases ranging from 500% to 600% [1] Group 2 - The top ten underperforming stocks were dominated by "problem stocks," with the worst performer, Guangdao Tui, experiencing a cumulative decline of 94.18% [2]

Market Performance - The Shanghai Composite Index (沪指) closed the year with a 0.09% increase, marking an 11-day consecutive rise and an annual gain of 18.41%, the highest in 10 years [1][3] - The Shenzhen Component Index (深成指) decreased by 0.58% but recorded a yearly increase of 29.87% [1][3] - The ChiNext Index (创业板指) fell by 1.23% but achieved a significant annual increase of 49.57% [1][3] - The Sci-Tech 50 Index (科创50指数) rose by 35.92% over the year, while the Northern Stock Exchange 50 Index (北证50指数) increased by 38.8% [1][3] Sector Performance - Key sectors driving the market included computing hardware, non-ferrous metals, banking, battery supply chain, innovative pharmaceuticals, commercial aerospace, and robotics [1][3] Stock Highlights - The top three performing stocks for the year were: - Shangwei New Materials (上纬新材) with a staggering increase of 1821.41% - Tianpu Co., Ltd. (天普股份) with a rise of 1662.49% - N Hengdong Light (N蘅东光) with an increase of 878.16% [2][4] Future Outlook - Institutions generally hold a positive outlook for the A-share market in 2026, citing factors such as increased domestic and foreign capital inflow, corporate profit recovery, and enhanced policy support as key drivers for a "slow bull" market [2][4]

Group 1 - The Ministry of Finance announced that individuals selling residential properties purchased for more than two years will be exempt from value-added tax starting January 1, 2026 [1] - The National Development and Reform Commission (NDRC) released a plan to optimize the "Two New" policy for 2026, expanding support to various sectors including old community elevator installations and consumer goods replacement [2] - A special bond issuance of 625 billion yuan has been approved to support the "Two New" policy, aimed at boosting consumer demand during peak seasons [2] Group 2 - The Ministry of Commerce and eight other departments issued detailed guidelines for the 2026 vehicle replacement subsidy program, offering significant financial incentives for scrapping older vehicles [2] - China National Airlines announced a purchase agreement for 60 Airbus A320NEO aircraft, with a total catalog price of approximately 9.53 billion USD, to be delivered between 2028 and 2032 [4] - Zijin Mining expects a net profit increase of approximately 59%-62% for 2025, projecting a profit of around 51-52 billion yuan [4] Group 3 - Tianpu Co. announced a stock suspension for verification after a significant price increase of 718.39% from August 22 to December 30 [5] - Guotou Zhonglu plans to acquire 100% of China Electronic Engineering Design Institute for 6.026 billion yuan, with a premium of 147.4% over the asset's book value [6] - Shengxin Lithium Energy intends to acquire a 30% stake in Qicheng Mining for 2.08 billion yuan, which is developing a lithium mine with a production capacity of 3 million tons per year [6] Group 4 - Haoshi Electromechanical reported small-scale applications of its products in leading commercial aerospace companies, indicating potential for increased orders in the growing market [7] - Jinpan Technology signed a contract for an overseas data center project worth approximately 696 million yuan, which is expected to positively impact the company's long-term performance [8] - Salt Lake Co. plans to acquire a 51% stake in Wenkang Salt Lake for 4.605 billion yuan, aiming to enhance its competitive position in the lithium and potassium resource market [9] Group 5 - Zhaofeng Co. announced a 1.53 billion yuan investment in the industrialization of intelligent robots and high-end precision components for automotive smart driving [10] - Baiwei Storage's subsidiary plans to acquire shares in Niu Xin Semiconductor, focusing on high-speed interconnect technology and related solutions [10]

Market Overview - On December 31, A-shares opened slightly higher with the Shanghai Composite Index up 0.09% at 3968.73 points, the Shenzhen Component Index up 0.17% at 13627.26 points, and the ChiNext Index up 0.15% at 3247.74 points [1] - Key sectors showing gains included home appliances, real estate, and consumer electronics, while the education sector was notably active with stocks like Kevin Education and Dou Shen Education rising over 5% [1] Company News - Tianpu Co. announced a suspension of trading due to significant stock price fluctuations, with a cumulative increase of 718.39% from August 22 to December 30, indicating a serious deviation from the company's fundamentals [2] - Zhaofeng Co. plans to redirect unused fundraising from a 300,000 sets/year electric vehicle control project to the industrialization of humanoid robots and high-end precision components for smart driving, aiming for substantial production capacity increases [2] - Jiamei Packaging's stock price has significantly diverged from its fundamentals, and the company may apply for a trading suspension if prices continue to rise abnormally [2] Industry Insights - Zijin Mining expects a net profit of approximately 51-52 billion yuan for 2025, representing a year-on-year increase of about 59%-62% [3] - Shengxin Lithium Energy plans to acquire a 30% stake in Sichuan Qicheng Mining for 2.08 billion yuan, which will lead to full ownership of the company [3] - Salt Lake Co. intends to acquire a 51% stake in Wuku Salt Lake Co. for 4.605 billion yuan, which will make it a subsidiary [3] - Zhejiang Rongtai is set to issue H-shares to enhance its international strategy and expand overseas production capacity [3] Emerging Trends - The humanoid robot sector is gaining traction, with reports of supply chain companies visiting North America, anticipating the release of Tesla's Optimus project [6] - The Ministry of Education plans to advance AI in education, with policies expected to be released next year to enhance AI education and applications [7] - The commercial aerospace sector is being promoted by the National Defense Science and Technology Bureau, emphasizing the importance of developing a strong aerospace industry [8] - The sodium battery market is set for large-scale application in various fields by 2026, marking a significant shift in battery technology within the renewable energy sector [12]

Group 1 - The National Development and Reform Commission (NDRC) and the Ministry of Finance have issued a notice regarding a 625 billion yuan special government bond plan to support the consumption of old goods in 2026 [2] - The new policy on individual sales of housing capital gains tax states that individuals selling homes purchased within two years will pay a 3% tax, while those selling homes purchased for over two years will be exempt from the tax starting January 1, 2026 [2] - The Ministry of Industry and Information Technology (MIIT) has released a digital transformation implementation plan for the automotive industry, aiming for significant integration of digital technologies by 2027 and achieving a high level of overall digital development by 2030 [3] Group 2 - Changjiang Electric Power announced a cash dividend distribution plan, proposing a payout of 2.1 yuan per 10 shares, totaling approximately 5.138 billion yuan [4] - Dongjie Intelligent has decided to terminate its major asset restructuring plan involving the acquisition of a controlling stake in Aobo (Beijing) Intelligent Technology, with no adverse impact on its business operations [4] - Mingde Biological has signed an agreement to acquire 100% of Wuhan Bikaier Rescue Supplies Co., which will enhance its emergency medical service capabilities [4] Group 3 - Salt Lake Co. plans to acquire a 51% stake in Wukuang Salt Lake Co. for 4.605 billion yuan, which will make Wukuang a subsidiary and included in the consolidated financial statements [9] - Guotou Zhonglu intends to purchase 100% of China Electronic Engineering Design Institute for 6.026 billion yuan through a share issuance, expanding its business into the electronic information industry [9] - The report from CITIC Securities indicates a positive outlook for domestic semiconductor silicon wafer companies due to increasing demand driven by capital expenditure and technological advancements [10]

Group 1: Government Policies - The first batch of 625 billion yuan special long-term bonds for 2026 has been allocated in advance to support the consumption upgrade program for old goods [2][3] - The Ministry of Finance and the State Taxation Administration announced a new policy on personal housing sales tax, effective from January 1, 2026, where sales of homes purchased within two years will incur a 3% tax, while those over two years will be exempt [2][3] Group 2: Company Announcements - Changjiang Electric Power announced a cash dividend of 2.1 yuan per 10 shares, totaling approximately 5.138 billion yuan [5][6] - Dongjie Intelligent decided to terminate its major asset restructuring plan to acquire a controlling stake in Aobo (Beijing) Intelligent Technology, with no adverse impact on its operations [5][6] - Mingde Biological signed an agreement to acquire 100% of Wuhan Bikaier Rescue Supplies Co., which will become a wholly-owned subsidiary, enhancing its emergency medical services [5][6] - Salt Lake Co. plans to acquire a 51% stake in Wukuang Salt Lake Co. for 4.605 billion yuan, which will become a subsidiary upon completion [5][6] - Guotou Zhonglu intends to purchase 100% of China Electronic Engineering Design Institute for 6.026 billion yuan, expanding its business into the electronic information sector [5][6] Group 3: Industry Developments - The Ministry of Industry and Information Technology, along with other departments, released a digital transformation plan for the automotive industry, aiming for significant improvements in manufacturing efficiency by 2027 and achieving a high level of digital development by 2030 [14][15] - The semiconductor industry is expected to see increased demand for silicon wafers due to capacity expansion in wafer fabs, with a positive outlook for domestic silicon wafer companies [21] - The wind power sector is projected to experience optimistic demand growth in 2026, driven by rising prices for onshore wind turbines and accelerated industry exports [21]