2025资本市场大件事：“慢牛”启幕，硬科技叙事迎来主场

Market Performance - In 2025, the Shanghai Composite Index returned to the 4000-point mark for the first time in ten years, reflecting a shift in market confidence from "repair" to "surge" [4] - The total market capitalization of A-shares exceeded 118 trillion yuan, marking a historic high, with a cumulative trading volume of 42.021 trillion yuan, a significant increase of 62.64% compared to 2024 [4][5] Institutional Reforms - The "1+6" reform on the Sci-Tech Innovation Board was implemented, reopening the listing channel for unprofitable companies, enhancing the market's inclusiveness and efficiency [6] - New merger and acquisition regulations under the "2+5+5" framework were introduced, stimulating market activity and allowing for a more flexible review process, resulting in a 1.3 times increase in disclosed asset restructuring projects compared to the previous year [7] Technology Sector Growth - The launch of DeepSeek-R1 ignited interest in the AI sector, with related companies experiencing significant capital inflow, indicating a shift in valuation logic towards research and development potential [8][9] - The rise of technology stocks was underscored by the performance of companies like Cambrian, which surpassed Kweichow Moutai to become the new "king" of A-shares, reflecting a broader market trend towards hard technology investments [9][11] IPO and Fundraising Trends - The year saw a record number of IPOs in the "Two Innovation Boards" (Sci-Tech Innovation Board and Growth Enterprise Market), with 49 IPOs raising 61.912 billion yuan, accounting for 47.3% of total market IPO financing [12] - The public fund industry underwent reforms aimed at enhancing investor returns, with total net assets reaching 37.02 trillion yuan, marking a shift from a focus on scale to one on returns [14] Cash Dividends and Corporate Governance - A-share companies set a new record for cash dividends, totaling 2.63 trillion yuan, with 37 companies distributing over 10 billion yuan, indicating a trend towards improved shareholder returns [15][16] - Regulatory measures against financial fraud were intensified, with over 17 cases investigated and a significant increase in penalties, reinforcing market integrity and investor confidence [16] Industry Consolidation - The securities industry experienced a wave of consolidation, with major mergers such as Guotai Junan and Haitong Securities, enhancing the competitive landscape and service capabilities of the sector [13]