CATL(SZ:300750) Zheng Quan Shi Bao·2025-06-17 19:28Core Insights - The A-share market has undergone significant structural changes over the past decade, driven by economic transformation and technological development, with regulatory reforms enhancing market foundations and promoting standardized growth [1][12] - Emerging industries have become fertile ground for long-term bull stocks, with 127 stocks seeing price increases of over 5 times since 2015, and four stocks achieving over 20 times growth [1][2] Industry Landscape Changes - The technology and consumer sectors are the primary sources of long-term bull stocks, with significant representation from electronics, machinery, power equipment, communication, and biomedicine, all closely tied to China's innovation and high-end manufacturing transformation [2][3] - Long-term bull stocks have shown remarkable growth, with overall revenue growth exceeding 10% from 2015 to 2024, and in 2024, these stocks achieved an 11.98% revenue growth, contrasting with a slight decline in the overall A-share market [3][4] - The market capitalization of traditional financial sectors has decreased significantly, with banks and non-bank financials dropping from over 25% market share in 2014 to below 18% by mid-2025 [5][6] Emerging Industries Growth - Emerging industries have rapidly developed, with the market capitalization of the electronics sector soaring from 1.18 trillion yuan in 2014 to 8.09 trillion yuan by mid-2025, marking a significant shift in market focus [7][10] - Institutional investors have increasingly favored emerging industries, with the electronic sector's institutional allocation rising from 1.44% in 2014 to 7.62% in 2024, indicating growing confidence in these sectors [8][9] Trading Activity - Trading activity in emerging industries has reached historical highs, with the electronic sector leading daily trading volumes, reflecting a shift in investor focus towards technology [10][11] Future Trends - The transformation in the A-share market is indicative of China's economic transition, moving from reliance on infrastructure investment to a focus on production efficiency and innovation [12][13] - The market is expected to see continued growth in technology-driven companies, with a prediction that the top ten market-cap companies in China will increasingly represent technology sectors such as AI, automotive, and electronics [13]