CATL(SZ:300750) 21世纪经济报道·2025-09-23 13:59Core Viewpoint - The A-share market has experienced a significant recovery over the past year, characterized by a "structural bull market" focused on technological innovation and high-quality development, leading to substantial gains in key indices and individual stocks [1][4][6]. Market Performance - The A-share market indices have shown remarkable growth, with the ChiNext Index, STAR 50, and Northbound 50 all rising over 100% in the past year, specifically 103.50%, 118.85%, and 158.01% respectively [6][9]. - The Shanghai Composite Index and CSI 300 have increased by 39% and 41% respectively, while nearly 3000 stocks have risen over 50%, with more than 1400 stocks doubling in price [4][6]. Trading Activity - The trading volume in the A-share market has surged, with total turnover reaching 410.99 trillion yuan, a 117% increase from the previous year, and the average daily turnover rising to 1.68 trillion yuan, up 113% [7]. - The maximum single-day turnover hit 3.48 trillion yuan, reflecting a 154% increase, while the average daily turnover rate increased by 48% to 4.26% [7]. Sector Performance - The technology sector has been a major driver of the bull market, with over 1000 stocks doubling in price, and significant gains in sectors such as communication, electronics, and computing, which saw increases of over 100% [9][10]. - The top-performing stocks include those in the new economy and technology sectors, with notable mentions being humanoid robots, semiconductors, and innovative pharmaceuticals [9][10]. Market Structure Changes - The number of companies with a market capitalization exceeding 1 trillion yuan has increased to 13, with new entrants including CATL and SMIC, indicating a shift towards technology and new economy enterprises [12]. - The "iron triangle" of traditional sectors like banking and oil has been disrupted, with new economic giants in electronics and renewable energy emerging [12][13].