2025年市场全复盘：“水牛”中行业生态的重要变迁？

Group 1 - The A-share market in 2025 experienced a significant upward trend, with an overall increase of 27.65%, driven primarily by valuation recovery and two major uptrends in the market [7][12][19] - The market can be divided into four distinct phases: Phase 1 (Jan-Mar) led by DeepSeek and robotics concepts; Phase 2 (Apr-Jun) characterized by external shocks and internal support; Phase 3 (Jun-Nov) marked by liquidity and economic resonance; and Phase 4 (Nov-Dec) involving a consolidation phase after the main index rise [7][24][49] Group 2 - In 2025, 19 out of 30 Shenwan first-level industries (excluding comprehensive) achieved valuation recovery, with 14 industries seeing performance rebounds, indicating a broad-based improvement across sectors [19][24] - The electronic industry reached a market capitalization peak for the first time, surpassing traditional leaders, while Agricultural Bank's market cap exceeded that of Kweichow Moutai, marking a significant shift in industry leadership [7][19][32] - The number of stocks doubling in value in 2025 was second only to 2015, reflecting a strong market performance and investor interest [7][19][32] Group 3 - The A-share market's liquidity reached new heights, with financing balances hitting historical highs and total market capitalization surpassing 100 trillion yuan [12][32][33] - The growth and cyclical styles outperformed, with non-financial sectors like materials, electronics, and biomedicine leading the gains, while high-dividend assets lagged behind [18][19][24] - The market structure underwent notable changes, with increased industry rotation and a high degree of dispersion in industry performance, second only to 2020 [7][19][24]