（年终特稿）中国经济这一年：A股期待实现新突破

Core Viewpoint - In 2025, China's A-share market experienced a significant journey, achieving key breakthroughs in index levels, structural optimization, quality enhancement, and institutional development, leading to a more mature and resilient capital market [2] Market Performance - The Shanghai Composite Index closed at 3968 points on December 31, 2025, with a daily increase of 0.09% and an annual gain of over 18% [1] - The Shenzhen Component Index reported 13525 points, down 0.58% for the day but up over 29% for the year [1] - The ChiNext Index ended at 3203 points, with a daily decline of 1.23% and an annual increase of over 49% [1] - The overall market trend in 2025 was characterized by "oscillating upward and structural differentiation," influenced by various external and internal factors [1] Sector Performance - The AI wave, particularly in the first quarter, led to a "spring surge" in the market, with technology growth sectors, especially robotics, performing exceptionally well [1] - In 2025, the synchronous reluctance motor sector recorded an impressive annual increase of over 122%, leading all A-share concept sectors [2] Future Outlook - Analysts predict that A-shares are likely to achieve new breakthroughs in 2026, driven by four main factors: 1. Economic improvement, supported by clear policy directions and structural adjustments [3] 2. New industries emerging, with top-level policy support for sectors like renewable energy and aerospace [3] 3. Ongoing reforms aimed at enhancing the investment and financing landscape, which will stabilize the market [3] 4. Expected growth in corporate earnings, with major foreign institutions forecasting an upward shift in profitability for A-shares in 2026 [3]