全球第二的A股，正在“悄悄换心脏”

Core Insights - As of October 28, 2025, the total number of A-share listed companies reached 5,444, with a total market capitalization exceeding 118 trillion yuan, maintaining its position as the second-largest capital market globally for five consecutive years [1] - The structure of A-shares has undergone profound changes over the past five years, with the technology sector's market capitalization approaching 50%, and the electronics industry surpassing the banking sector to become the largest industry [1] - The number of strategic emerging industry companies has exceeded half for the first time, and the profit share of real economy enterprises has surpassed that of the financial sector, indicating a closer relationship between the capital market and the real economy [1] - Innovation-driven growth has become a core driver, with total R&D investment by listed companies reaching 6.5 trillion yuan during the 14th Five-Year Plan, a 189% increase compared to the previous plan [1] Market Governance and Reforms - Market governance has improved simultaneously, with cash dividend distributions reaching a historical high and risks associated with stock pledges significantly reduced [2] - The implementation of independent director reforms has led to continuous optimization of corporate governance [2] Future Outlook - Looking ahead to the 15th Five-Year Plan, the capital market will deepen reforms, enhance inclusivity, and cultivate more new productive forces [3] - A-shares are transitioning from quantitative expansion to qualitative improvement, reshaping the future landscape of China's industries [3]