读研报 | 2021-2025牛股年鉴，百大牛股都长啥样？

Core Viewpoint - The article discusses the evolution of "bull stocks" in the A-share market over the past five years, highlighting changes in industry focus, market capitalization preferences, and performance metrics. Group 1: Yearly Analysis of Bull Stocks - In 2021, the new energy sector was a fertile ground for bull stocks, with midstream manufacturing and materials contributing 29% and 24% respectively. The market began shifting from large caps to "small high-tech" stocks, with 21 stocks entering the top 100 despite being in the bottom 20% by market cap at the start of the year [2] - In 2022, consumer services, machinery, and electric equipment sectors produced the most bull stocks. A notable trend was the preference for smaller companies, with 83 bull stocks having a market cap below 10 billion yuan at the beginning of the year. The median profit growth of these stocks was 157.99%, significantly higher than the overall A-share growth of 1.38% [3] - In 2023, the TMT sector contributed 50% of the bull stocks, with midstream manufacturing and essential consumption following. The trend towards smaller market caps continued, with only 4 stocks in the top 20% by market cap at the start of the year. The profitability of bull stocks was lower than the overall A-share market, indicating a shift in investor focus towards high elasticity and thematic opportunities [5] - In 2024, the TMT sector remained dominant, accounting for 37% of bull stocks. The number of stocks in the top 20% by market cap increased to 21, showing a shift from the previous year's small-cap focus. Profitability slightly improved compared to the overall market, with a median growth rate of 13.62% compared to 2.05% for A-shares [6] - In 2025, midstream manufacturing contributed 35% of bull stocks, with TMT at 27%. The trend of smaller market caps persisted, with over half of the bull stocks starting the year in the top 60% by market cap [8] Group 2: Market Trends and Preferences - The analysis reveals a significant shift in market preferences over the past five years, moving from a focus on large-cap stocks to a greater appreciation for mid and small-cap stocks. This reflects changing investor sentiment and market dynamics [8] - The profitability and growth metrics of bull stocks have fluctuated, with a notable increase in the emphasis on earnings growth over return on equity (ROE) in recent years. This indicates a broader market trend towards valuing high growth potential [2][3][5][6] - The article concludes that the search for bull stocks should adapt to changing market conditions, suggesting that relying on previous years' templates may not yield successful outcomes in the future [8]