Xin Hua Cai Jing·2025-07-01 02:20Market Overview - In the first half of 2025, the A-share market saw most major indices rise, with total market capitalization exceeding 100 trillion yuan for the first time [1] - The average daily trading volume in the Shanghai and Shenzhen markets was 13,608.36 billion yuan, an increase of nearly 30% compared to 10,521.82 billion yuan in 2024 [1] - Small-cap and micro-cap stocks outperformed larger indices, with the North Securities 50 Index and the CSI 2000 Index showing significant gains [1] Sector Performance - The A-share market exhibited a "barbell strategy," with dividend stocks like banks reaching new highs and various concept stocks experiencing significant rallies [2] - The DeepSeek concept sector led the market with a 55.30% increase, followed by the precious metals sector with a 44.46% rise [3][2] - Other notable sectors included controllable nuclear fusion (41.78%), rare earths (40.15%), humanoid robots (37.23%), and digital currency (32.95%) [3] Market Capitalization - By the end of the first half, the number of stocks with a market capitalization exceeding 1 trillion yuan rose to 13, while those exceeding 100 billion yuan reached 138 [3] - The top three companies by market capitalization were Industrial and Commercial Bank of China (2.71 trillion yuan), China Construction Bank (2.47 trillion yuan), and China Mobile (2.43 trillion yuan) [4] IPO Activity - There were signs of recovery in A-share IPOs, with 45 new non-North Exchange stocks listed in the first half, and many showing significant first-day gains [7] - Notable IPOs included China Ruilin and Yingshi Innovation, with some stocks seeing first-day gains exceeding 50,000 yuan [9] Fund Performance - Public funds focusing on pharmaceuticals and North Exchange themes performed exceptionally well, with some achieving returns close to 90% [10] - The top-performing funds included Hui Tian Fu Hong Kong Advantage Select A and CITIC Construction Investment North Exchange Select, with returns of 89.15% and 81.59% respectively [12] Investment Outlook - Institutions suggest that the A-share market may exhibit structural bull market characteristics in the second half of 2025, driven by medium to long-term capital inflows [12] - Key investment directions to watch include banks, new consumption, innovative pharmaceuticals, technology, and smart driving [13]