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 market capitalization of the technology sector 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 symbiotic relationship between the capital market and the real economy [1] Innovation and Growth - Innovation-driven growth has become the core driving force, with total R&D investment by listed companies during the 14th Five-Year Plan period reaching 6.5 trillion yuan, a 189% increase compared to the 13th Five-Year Plan [1] - New sectors such as robotics, artificial intelligence, and innovative pharmaceuticals have seen significant net profit growth, leading to a revaluation of asset values in China [1] Market Governance and Future Outlook - Market governance has improved, with cash dividend distributions reaching a historical high and risks associated with stock pledges significantly reduced. The implementation of independent director reforms has led to continuous optimization of corporate governance [1] - Looking ahead to the 15th Five-Year Plan, the capital market is set to deepen reforms, enhance inclusiveness, and cultivate more new productive forces, transitioning from quantitative expansion to qualitative improvement and reshaping the future landscape of Chinese industries [1]