Sou Hu Cai Jing·2025-12-31 10:35Market Overview - The A-share market concluded the last trading day of 2025 with active trading, where daily transactions exceeding 1 trillion yuan became the norm. The market experienced a structural "technology bull" trend throughout the year, with all major indices showing significant gains. The ChiNext Index led with an annual increase of nearly 50%, while the Shanghai Composite Index broke the 4,000-point mark on October 28, reaching a nearly ten-year high. The total market capitalization of A-shares surged to nearly 109 trillion yuan, adding approximately 23 trillion yuan within the year, setting a historical record [1]. Top Performing Stocks - The top ten stocks in 2025 all recorded gains exceeding 500%. Among them, Aowei New Materials topped the list with an impressive 1,821% increase, followed by Tianpu Co. with a 1,662% rise. Other notable performers included *ST Yushun (719%), *ST Yazhen (636%), and Shenghong Technology (588%). The surge in these stocks was primarily driven by themes related to computing power, with four out of the top ten stocks belonging to this category [3][6]. Aowei New Materials - Aowei New Materials emerged as the stock king of 2025 with an 18-fold increase in its share price, currently boasting a market capitalization exceeding 51.3 billion yuan. The company transitioned from a traditional chemical materials provider to a core player in the robotics industry through a two-step process involving "agreement transfer + tender offer." This transformation was supported by national policies promoting humanoid robot innovation and local policy enhancements. The company's fundamentals also showed strong performance, with a 23.73% year-on-year increase in revenue and a 49.66% rise in net profit for the third quarter [6]. Tianpu Co. - Tianpu Co. achieved a remarkable 16-fold increase in its stock price, driven by the TPU theme and expectations surrounding the reverse merger with Zhonghao Xinying. The positive developments in domestic computing power since the fourth quarter have further stimulated the stock's performance, leading to a continuous rise even after multiple trading suspensions for regulatory checks [7]. Shenghong Technology - Shenghong Technology recorded a 588% increase in its stock price, ranking fifth among the top performers. The surge was attributed to the booming demand for AI computing power, which significantly boosted PCB demand. The company successfully integrated into the Nvidia supply chain, resulting in a 324% increase in net profit for the first three quarters. Additionally, it announced the mass production of 800G switch products and the industrialization of 1.6T optical modules, benefiting from the current CPO concept trend [10]. Underperforming Stocks - In contrast, the A-share market also saw significant declines, with the top 20 underperforming stocks all experiencing drops exceeding 40%. Among these, 11 were ST stocks. Excluding ST stocks, the worst performer was Shanda Electric Power, which fell by 52.75% due to multiple risk factors and a significant decline in performance, with a 5.59% year-on-year drop in net profit for the third quarter [12][14].