“9.24”一周年：A股十大变化，一图看懂→

Core Viewpoint - The A-share market has experienced significant growth and transformation over the past year, marked by strong performance across major indices and a notable increase in market capitalization and trading volume [1][2][3]. Group 1: Market Performance - The Shanghai Composite Index has risen nearly 40% over the past year, while the Shenzhen Component Index has increased over 60%, with several indices like the ChiNext and STAR Market doubling in value [2]. - The overall market has exhibited characteristics of a bull market, with the Shanghai Composite Index gaining over 1,000 points and demonstrating a "slow bull" trend since April [2]. - A-share indices have outperformed major global indices, indicating a robust market environment [2]. Group 2: Market Capitalization - The total market capitalization of A-shares has historically surpassed 100 trillion yuan for the first time, reaching approximately 104 trillion yuan by September 22, 2025, reflecting a growth of over 30 trillion yuan and an increase of over 40% year-on-year [3][23]. Group 3: Trading Volume - Daily trading volume in the A-share market has significantly increased, with over 20 trillion yuan becoming the "new normal" for daily transactions since August 13, 2025 [4][28]. - The average daily trading volume in September 2025 reached 24.6 trillion yuan, more than tripling compared to the same period last year [28]. Group 4: Valuation Levels - The overall valuation level of A-shares has risen, with the rolling price-to-earnings ratio (TTM) increasing from 15.69 times on September 24, 2024, to 22.18 times by September 22, 2025, marking an approximate 40% increase [6][29]. Group 5: Margin Financing - The margin financing balance in the A-share market has reached approximately 2.4 trillion yuan, reflecting a year-on-year increase of over 70% [9][10]. - The margin financing balance has consistently set new historical highs, surpassing key thresholds throughout the year [10]. Group 6: Changes in Leading Companies - The ranking of top companies by market capitalization has shifted, with Industrial Fulian entering the top ten, while the market capitalizations of Kweichow Moutai and China Petroleum have declined [12][34]. Group 7: Stock Price Trends - The number of low-priced stocks (below 2 yuan) has significantly decreased to 32, down from 161 a year ago, indicating a general rise in stock prices [13][38]. - Conversely, the number of stocks priced at 100 yuan or more has increased to 167, compared to only 38 a year ago, reflecting heightened market activity [14][40]. Group 8: Sector Performance - Major industry sectors have shown strong performance, with telecommunications, electronics, machinery, computing, and automotive sectors all experiencing gains exceeding 100% [16][46]. - The technology sector has notably outperformed traditional sectors, indicating a strong market focus on tech-related investments [16][46]. Group 9: ETF Growth - The total scale of ETFs in the A-share market has surpassed 5 trillion yuan, marking an increase of over 80% year-on-year [18][48]. - The proportion of ETF assets relative to the total market capitalization has risen from approximately 4% to about 5%, highlighting the growing influence of ETFs in the A-share market [18].