那为什么我觉得这次股市的发展会与以往都不一样呢？我觉得还是逃不开一个字"人"，有句话叫一个人 走得快，但是一群人走得远，而人最大的关注点无非是"利"，由此可得，我们需要把更多的人的"利"绑 在一起，唯有这样大家才会力往一处使，即所谓的利益共同体。在这里也想分享一下近期读的一篇公众 号"破晓笔记"写的关于人与人之间关系的文章，该篇文章较长，结论就是人与人的关系可以分为协作和 对抗关系，只要协作多了，自然群体的发展水平就高了。 再回到开头所提到的各项政策，我觉得就是针对把更多的人的利捆绑在一起，然后以加强其协作能力。 只要绑定的人的利够多，我觉得这个事情成功的可能性就越大，因为他已经输不起了，好比现在的美 股，所以我认为现在的A股和以往不一样。 虎啸今生 资本市场的分配属于财富的再分配，该轮分配可以起到缩小贫富差距的作用 ... 这句完全是谬论。 优游涵泳 小散别自己加戏，就是来赌场参赌的。 又是一年岁末年初，政策面消息频出，比如公募基金有关管理办法、保险业风险因子调整以 及证监会领导关于券商公司杠杆的发言，再结合前几年的个人养老金制度推出，上述这些我 把他们归结为战术层面。 战略层面的我认为其实就一点社会发展的 ...

吴清指出，证券机构是资本市场链接投融资各方最重要的桥梁，对市场功能和生态完善发挥至关重要。 证券公司总资产达到14.5万亿元，净资产约3.3万亿元。证券行业结构不断优化，包括国泰海通合并等标 志性案例平稳推动，1+1>2的效果初步实现。 （编辑：罗辑 审核：夏欣 校对：燕郁霞） 中经记者 孙汝祥 夏欣 北京报道 证监会主席吴清12月6日在中国证券业协会第八次会员大会上表示，今年以来，A股市场总体活跃，市 值从8月份开始超过100万亿元，实现了量的合理增长和质的有效提升。 ...

Core Insights - The A-share market has undergone significant transformation over the past decade, with substantial growth in market size, trading activity, and investor structure [2][4]. Market Size Expansion - The total market capitalization of A-shares increased from approximately 62.75 trillion yuan in 2015 to 107.19 trillion yuan in 2025, marking a growth of over 70% and surpassing the one hundred trillion yuan milestone [5][6]. - The number of listed companies rose from 2,808 in 2015 to 5,167 in 2025, an increase of over 84%, with many new listings coming from emerging sectors such as technology, renewable energy, and pharmaceuticals [5][6]. Trading Activity Increase - As of October 9, 2025, the total trading volume reached 307 trillion yuan, exceeding the entire trading volume of 253 trillion yuan in 2015, reflecting a 121% increase [6][8]. - The average daily trading volume in 2025 was 16.6 billion yuan, a 60% increase from 10.4 billion yuan in 2015, indicating heightened market participation [6][7]. Investor Base Growth - The number of A-share investors grew from 99.11 million at the end of 2015 to over 240 million by 2025, representing a growth of over 140% [9][10]. - The investor structure has shifted from a predominance of retail investors to a more balanced mix, with institutional investors gaining a stronger foothold in the market [11][12]. Leverage Level Rationalization - The leverage level in the A-share market has stabilized, with the margin financing balance increasing from 1.17 trillion yuan in 2015 to 2.39 trillion yuan in 2025, while the proportion of margin financing to total market capitalization decreased from 4.27% to 2.49% [12][13]. Sectoral Restructuring - The market has transitioned from being dominated by traditional sectors like finance and energy to a focus on technology and emerging industries. The information technology sector's market capitalization grew from 5.55 trillion yuan in 2015 to 24.04 trillion yuan in 2025, increasing its market share from 9.97% to 19.76% [15][16]. - The financial sector's market share decreased from 22.98% in 2015 to 18.29% in 2025, while the real estate sector's share fell from 4.32% to 1.07% [15][16].