Mei Ri Jing Ji Xin Wen·2025-07-25 07:22Core Viewpoint - The Sichuan stock market is experiencing a structural transformation, moving away from a reliance on the liquor industry towards a more diversified and balanced economic landscape, with significant growth in industrial and new technology sectors [1][2][3] Group 1: Market Performance - As of June 30, 2025, the total market capitalization of the Sichuan stock market reached 2.88 trillion yuan, reflecting a 6.27% increase from the end of 2024, outperforming major stock indices [1] - The market capitalization of the consumer sector has decreased from 54.63% during the peak of the liquor bull market to 25.55%, a decline of 29.08 percentage points [2] - The industrial sector's market capitalization has increased by 10.26 percentage points over the past five years, with significant contributions from optional consumption and materials sectors [3] Group 2: Structural Changes - The shift from a single dominant sector to a multi-polar support system is evident, with the industrial sector now valued at 0.6 trillion yuan, encompassing traditional strengths such as military, environmental protection, and rail transit [3] - Emerging companies in new sectors have shown remarkable market performance, with notable stock price increases for companies like Jinshi Technology (up 132.69%) and Guoguang Electric (up 123.67%) [3] Group 3: Financial Health and Governance - Sichuan listed companies exhibit a lower equity multiplier of 3.10 compared to the Wind All A index at 6.09, indicating lower financial leverage and more conservative operational strategies [7] - The total dividends distributed by Sichuan listed companies reached 68.3 billion yuan over the past year, with a dividend yield of 2.38%, significantly higher than the shadow index and Wind All A [7] Group 4: Company Ecosystem - State-owned enterprises account for 43.8% of the market capitalization in Sichuan, significantly above the national average of 18.22%, while private enterprises represent 40.81% [8] - The market capitalization distribution in Sichuan shows a healthier "thick tail" characteristic, with the top 10% of listed companies accounting for 55.9% of the total market capitalization, lower than the national average of 66.31% [8] Group 5: Future Outlook - To enhance the quality of listed companies in Sichuan, there is a need to accelerate the listing of high-quality enterprises with new productive capabilities and to focus on high-quality development post-listing [11]