第一财经·2025-06-15 12:39Core Viewpoint - The A-share market has experienced significant structural changes over the past decade, with only a few industries surpassing their historical highs from 2015, while a select group of companies have demonstrated strong growth potential despite overall index stagnation [1][2]. Industry Performance - The top three performing industries from June 2015 to June 2025 are Food & Beverage, Home Appliances, and Banking, with most other industries failing to exceed their 2015 peak levels [1]. - Over the past ten years, more than 170 leading stocks in sectors such as Communication, Electronics, Biomedicine, and Machinery have achieved cumulative gains exceeding 300%, driven by macroeconomic transformation and industrial upgrades [2]. - The Food & Beverage sector has shown resilience due to its essential consumption characteristics, with leading companies in sub-sectors like liquor and snacks significantly outperforming major indices [4][6]. Notable Stocks - The top five stocks in the Food & Beverage sector over the past decade include: - Salted Fish (盐津铺子): 1,430.52% - Shanxi Fenjiu (山西汾酒): 863.43% - Kweichow Moutai (贵州茅台): 629.72% - Wanchen Group (万辰集团): 588.50% - Dongpeng Beverage (东鹏饮料): 572.38% [5][6]. - In the Home Appliances sector, Midea Group (美的集团) has led with a cumulative increase of 292.31% since 2015, while other notable companies have also seen significant gains [6]. Banking Sector Insights - The banking sector has outperformed many expectations, with the banking index reaching a historical high of 7,237.72 points, reflecting an 11.66% increase year-to-date and a 61.4% increase since last year [11]. - Notably, 39 out of 42 banking stocks have risen this year, with a significant portion of banks achieving over 200% growth since 2015 [11][12]. - The top-performing bank, China Merchants Bank, has seen a cumulative increase of 224.14%, while major state-owned banks have also doubled in value over the same period [12].