21世纪经济报道·2025-08-13 13:11Core Viewpoint - The A-share market has reached a nearly four-year high, with the Shanghai Composite Index closing at 3683.46 points, up 0.48%, surpassing the previous high of 3674.4 points from October 8 of the previous year. However, 172 stocks have fallen below their prices at the start of the "924" market rally, indicating a divergence in stock performance [1][3]. Group 1: Market Performance - As of August 13, 2025, 3511 stocks have surpassed their opening prices from October 8, 2024, accounting for 65.9% of the total [1]. - The A-share market saw a total trading volume of 2.15 trillion yuan, a significant increase of 269.4 billion yuan compared to the previous trading day, marking a return to above 2 trillion yuan after 114 trading days [1]. Group 2: Underperforming Stocks - Among the 172 stocks that closed below their prices from September 24, 2024, the ST sector is particularly affected, with 39 stocks in this category [1][3]. - The stock *ST Suwu (002005.SZ) has seen the largest decline, down 87.8% from its opening price of 8.50 yuan on September 24, 2024, closing at 1.04 yuan on August 13, 2025 [3][4]. - Other notable declines include *ST Zitian (300280.SZ) and *ST Mubang (603398.SH), with decreases of 77.8% and 60.0%, respectively [3][4]. Group 3: Sector Analysis - The food and beverage and real estate sectors are under pressure, with stocks like Yingjia Gongjiu (603198.SH) and *ST Zhongdi (000736.SZ) experiencing declines of 20.2% and 58.2%, respectively [12][13]. - The report from Guotai Junan Securities suggests that the industry is moving towards an earnings bottom, with expectations for a recovery in 2026 [13]. Group 4: High-Performing Stocks - In contrast, sectors such as defense and biomedicine have seen significant gains, with 60 stocks rising over 200% since October 8, 2024 [15]. - Notable performers include Changcheng Military Industry (601606.SH) and Hotgen Biotech (688068.SH), with increases of 466.11% and 553.4%, respectively [15][16]. Group 5: Future Outlook - Analysts from Zheshang Securities predict that the market is in a "systematic slow bull" phase, with expectations for the Shanghai Composite Index to exceed previous highs [18]. - Pacific Securities indicates a long-term upward trend in the A-share market, supported by policy shifts towards increased fiscal spending aimed at boosting consumer demand [19].