Di Yi Cai Jing·2025-08-18 11:10Core Viewpoint - The A-share market has reached a historic milestone, with the total market capitalization surpassing 100 trillion yuan for the first time, reflecting a significant increase in investor confidence and market activity [1][5]. Market Performance - As of August 18, the Shanghai Composite Index closed at 3728.03 points, up 0.85%, marking a 10-year high; the Shenzhen Component Index rose 1.73% to 11835.57 points; and the ChiNext Index increased by 2.84% to 2606.2 points, with over 4000 stocks gaining [1]. - The total trading volume for the day exceeded 2.8 trillion yuan, ranking as the third highest in history [1]. Market Capitalization Insights - The total market capitalization of A-shares increased by approximately 14.5 trillion yuan since the beginning of the year, equivalent to the combined market value of the "Big Six Banks" and "Four Kweichows" [5]. - The top 10 companies by market capitalization as of August 18 include Agricultural Bank of China (2.21 trillion yuan), Industrial and Commercial Bank of China (2.03 trillion yuan), and Kweichow Moutai (1.79 trillion yuan) [1][4]. Sector Analysis - The banking sector leads the A-share market with a total market capitalization of 11.12 trillion yuan, having increased by about 1.7 trillion yuan since the start of the year, with the "Big Six Banks" accounting for approximately 6.74 trillion yuan of this total [5]. - The electronics sector follows, with an increase of 2.5 trillion yuan in market capitalization, leading among other industry sectors [5]. Historical Context - A decade ago, only two companies had a market capitalization exceeding 1 trillion yuan, namely China Petroleum and Industrial and Commercial Bank of China, with only six companies valued over 500 billion yuan [5]. - The current top 10 companies have undergone a significant reshuffle, with China Shenhua dropping out of the top ten and Industrial Fulian rising from 18th to 9th place [5]. Notable Events - The banking sector has emerged as a star performer in the A-share market, with Agricultural Bank of China surpassing Industrial and Commercial Bank of China to become the "market capitalization king" [6].