Core Insights - The A-share market has undergone significant transformation over the past decade, achieving substantial growth in market size, trading activity, and investor structure, while also enhancing its role in supporting the real economy and technological innovation [3][4]. Market Size and Growth - The total market capitalization of A-shares increased from approximately 62.75 trillion yuan in 2015 to 107.19 trillion yuan in 2025, marking a growth of over 70% and surpassing the 100 trillion yuan milestone [2][4]. - The number of listed companies rose from 2,808 in 2015 to 5,167 in 2025, an increase of over 84%, with many new listings coming from emerging sectors such as technology, renewable energy, and pharmaceuticals [2][4]. Trading Activity - Trading activity has significantly increased, with the total trading volume reaching 307 trillion yuan by October 9, 2025, exceeding the total for the entire year of 2015 [5][7]. - The average daily trading volume in 2025 was 16.6 billion yuan, a 60% increase from 10.4 billion yuan in 2015, indicating sustained enthusiasm from market participants [5][6]. Investor Base Expansion - The number of A-share investors has surpassed 240 million, reflecting a growth of over 140% from 99.11 million in 2015, with one in every six Chinese individuals now participating in the A-share market [8][10]. - The structure of investors has shifted from a predominance of retail investors to a more balanced mix, with institutional investors gaining a stronger foothold due to market reforms and increased participation of long-term funds [11][12]. Leverage and Risk Management - The leverage level in the A-share market has returned to a more rational state, with the margin financing balance increasing to 2.39 trillion yuan by September 30, 2025, while the proportion of margin financing to the total market capitalization decreased to 2.49% [12][13]. - The number of margin trading accounts has also grown significantly, from 7.9 million in 2015 to 15.1 million in 2025, indicating a greater acceptance and understanding of leveraged trading among investors [13]. Sectoral Changes - The sectoral landscape has shifted dramatically, with the information technology sector becoming the largest, accounting for 19.76% of the total market capitalization by October 9, 2025, compared to 9.97% in 2015 [15][16]. - Traditional sectors such as finance and real estate have seen a decline in their market share, with the financial sector's proportion dropping from 22.98% to 18.29% and real estate from 4.32% to 1.07% over the same period [15][16].
每6个中国人就有1名股民
Feng Huang Wang·2025-10-09 14:21