Core Insights - The report by the China Listed Companies Association highlights the transition of China's market value management system from advocacy to institutionalization and practice by 2025, reflecting national strategic guidance and a more systematic policy approach [1][3] Market Performance - As of December 31, 2025, the Shanghai Composite Index increased from 3351.76 points at the beginning of the year to 3968.84 points, representing an 18.4% year-on-year growth [1][3] - The total number of A-share listed companies reached 5469, with a total market capitalization of 123 trillion yuan, including 116 new listings in 2025 [1][3] - The total market capitalization of existing companies (5353 companies listed before January 1, 2025) grew by 22.5% year-on-year [1][3] - The average price-to-book ratio of A-share listed companies rose from 3.3 at the beginning of the year to 4.4 by year-end [1][3] - The proportion of A-shares in public funds increased by 2.4 percentage points, indicating investor recognition of China's high-quality economic transformation and technological innovation [1][3] Industry Insights - Technology-driven industries saw significant market value increases, with the total market capitalization of high-tech enterprises in manufacturing and scientific research and technical services growing by 33.3% and 32.1% respectively, increasing their share of A-share market capitalization by 4.2 and 0.1 percentage points [2][4] - Nearly half of the listed companies in manufacturing and scientific research and technical services achieved a return on equity (ROE) greater than 5% in 2025, providing support for valuations [2][4] - Public funds showed increased investment in information transmission, software, and information technology services, with a 0.6 percentage point rise in fund allocation to these sectors by the third quarter of 2025 [2][4] - Private technology innovation companies performed actively, with an overall market capitalization growth of 37.0%, raising their share of A-share market capitalization from 33.6% at the beginning of the year to 37.5% [2][4] - State-owned companies accounted for nearly 50% of A-share market capitalization [2][4]

中国上市公司协会(下称中上协)5日发布2025年A股上市公司市值表现报告(下称报告)称，截至2025年 底，A股上市公司共5469家，总市值达123万亿元人民币。 其中，关于"市值表现反映国家战略导向"，报告称，2025年，在集成电路、人工智能、高端制造、生物 制造等涉及国家战略的新兴产业和重点领域，上市公司市值表现较为突出。市值增长成为科技创新实力 与产业升级成果的客观映射，推动资源要素配置与国家中长期战略同频共振。 报告显示，2025年，A股新增上市公司116家，2025年1月1日前上市的存量公司5353家，2025年存量上 市公司总市值同比增长22.5%。 (责任编辑：张紫祎) 此外，从行业层面看，2025年科技驱动型行业市值增幅较大，以制造业、科学研究和技术服务业为代表 的高新技术企业市值变化最突出，总市值较年初分别增长33.3%和32.1%，占A股市值的比重分别增加 4.2个百分点和0.1个百分点。 对此，中上协有关负责人称，一方面，科技型企业整体业绩为估值提供了支撑，2025年近半数制造业及 科学研究和技术服务行业的上市公司的净资产收益率(ROE)大于5%；另一方面，市场资金更加关注科技 型企业， ...

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - From December 29, 2025, to January 2, 2026, global geopolitical risks increased due to the US military strike on Venezuela. Globally, the stock market was divided, the bond market and commodities declined, and in terms of dollar - denominated assets, bonds > stocks > commodities. In China, the stock market was divided, the bond market oscillated, commodities declined, and stocks > bonds > commodities. Short - term attention should be paid to changes in geopolitical risk factors [3] 3. Summary by Relevant Catalogs 3.1 Global Major Asset Overall Performance: Stock Market Divided, Bond Market and Commodities Declined - **Global Stock Market Overview**: Global major stock markets showed mixed performance. The US stock market performed poorly, and emerging markets outperformed developed markets. The VIX index stabilized at a low level weekly. For example, the MSCI Emerging Markets Index rose 2.30%, while the MSCI Developed Markets Index fell 0.63% [8][12] - **Global Bond Market Overview**: The 10 - year US Treasury yield increased by 5BP to 4.19%. The bond market declined weekly, and globally, high - yield bonds > government bonds > credit bonds [12] - **Global Foreign Exchange Market Overview**: The US dollar index rose 0.43% weekly. Major non - US currencies generally depreciated against the US dollar, while the RMB exchange rate was oscillating strongly [14] - **Global Commodity Market Overview**: Geopolitical factors did not significantly support international oil prices, which oscillated weekly. International gold and silver prices dropped significantly due to increased margin requirements. Most agricultural product prices fell, while non - ferrous metal prices rose [14] 3.2 Domestic Major Asset Performance: Stock Market Divided, Bond Market Oscillating, Commodities Declined - **Domestic Stock Market Overview**: A - share major broad - based indices mostly declined, but the trading volume increased. Large - cap blue - chip stocks were relatively resistant to decline. The petroleum and petrochemical, and military industries led the gains, while public utilities and food and beverage sectors performed poorly. The Shanghai Composite Index rose 0.13% [18][20] - **Domestic Bond Market Overview**: The central bank's net injection in the open - market operations was 117.1 billion yuan, and the money market was relatively stable. The bond market oscillated weakly weekly, with corporate bonds > credit bonds > government bonds [21] - **Domestic Commodity Market Overview**: The domestic commodity market declined overall, with precious metals performing poorly [21] 3.3 Major Asset Price Outlook - Geopolitical risk factors have increased in the short term, and attention should be paid to their impact on major asset prices [23]

Core Insights - The Hong Kong IPO market experienced a strong recovery in 2025, with 119 new companies listed, marking a significant increase in fundraising and a resurgence in investor interest [3][20] - The total amount raised reached nearly HKD 290 billion, a year-on-year increase of 224%, reclaiming the top position globally for IPO financing [4][20] - A notable 24 new stocks saw their prices double, highlighting a robust "money-making effect" for investors [4][20] Key Data Highlights - In 2025, 119 companies successfully listed on the Hong Kong Stock Exchange, representing a growth of over 60% compared to previous years [4][14] - The number of companies with stock price increases exceeding 100% accounted for over 20% of the new listings, significantly surpassing the average of the past five years [4][15] - Exceptional cases included the listing of Jinye International Group, which achieved a subscription rate of 11,465 times, and Miexue Group, which raised HKD 1.84 trillion in frozen capital, becoming the "frozen capital king" of Hong Kong IPOs [4][15] Market Dynamics - The recovery of the IPO market was driven by multiple factors, including policy incentives, capital inflows, and industry developments [6][16] - The introduction of the "Science and Technology Enterprise Special Line" in May 2025 improved the listing efficiency for innovative companies, while the IPO pricing mechanism reform in August reduced the new stock failure rate to 28.83%, the lowest in five years [6][16] - The influx of 19 A-share companies into the Hong Kong market raised nearly HKD 140 billion, accounting for almost half of the total IPO amount for the year [6][16] Capital Flow and Investor Behavior - 2025 saw a significant increase in southbound capital inflows, providing strong support for the new stock market [7][17] - Foreign capital also returned, with major investment institutions participating in cornerstone subscriptions, doubling their investment amounts compared to the previous year [7][17] - Despite the overall positive performance, signs of market differentiation emerged in the fourth quarter, with an increase in the failure rate of new stocks, prompting a shift in investor strategy towards selective targeting of quality stocks [8][18] Outlook for 2026 - The outlook for the Hong Kong IPO market in 2026 remains optimistic, with over 300 listing applications already submitted, indicating a robust supply of new stocks [8][19] - Predictions suggest around 160 new listings in 2026, with total fundraising expected to reach at least HKD 300 billion, and some estimates going as high as HKD 330 billion [8][19] - High-tech, biomedicine, and advanced manufacturing sectors are expected to dominate new listings, reinforcing Hong Kong's position as a gateway for investment in Chinese assets and high-tech industries [8][19]

大业股份(603278)今日下跌5.52%，全天换手率34.07%，成交额19.73亿元，振幅17.76%。龙虎榜数据显 示，营业部席位合计净买入289.41万元。 上交所公开信息显示，当日该股因日振幅值达17.76%、日换手率达34.07%上榜，营业部席位合计净买 入289.41万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交2.50亿元，其中，买入成交额为1.26亿 元，卖出成交额为1.23亿元，合计净买入289.41万元。 具体来看，今日上榜营业部中，第一大买入营业部为中国银河证券股份有限公司北京中关村大街证券营 业部，买入金额为3144.92万元，第一大卖出营业部为东方证券股份有限公司张家港东环路证券营业 部，卖出金额为2768.42万元。 近半年该股累计上榜龙虎榜6次，上榜次日股价平均涨3.45%，上榜后5日平均涨8.51%。 资金流向方面，今日该股主力资金净流出1005.38万元，其中，特大单净流出2617.99万元，大单资金净 流入1612.61万元。近5日主力资金净流出1.18亿元。 2025年10月30日公司发布的三季报数据显示，前三季度公司共实现营业收入37.78亿元，同比 ...

智通财经APP获悉，1月5日，中国上市公司协会发布2025年A股上市公司市值表现报告。截至2025年12月31日，上证指数从2025年初的3351.76点增长至 3968.84点，同比增长18.4%；2025年底A股上市公司共5469家，总市值123万亿元，其中2025年新增上市公司116家，2025年1月1日前上市的存量公司5353 家，2025年存量上市公司总市值同比增长22.5%。 一、上市公司市值表现总体情况 2025年，我国市值管理制度从理念倡导走向制度化、体系化、实践化，资本市场呈现以下特点和趋势： 一是市值表现反映国家战略导向。2025年，在集成电路、人工智能、高端制造、生物制造等涉及国家战略的新兴产业和重点领域，上市公司市值表现较为 突出。市值增长成为科技创新实力与产业升级成果的客观映射，推动资源要素配置与国家中长期战略同频共振。 二是政策指引更加体系化和精准化。近年来，监管部门陆续出台系列政策文件，并购重组、现金分红、股份回购等制度不断完善，优化上市公司开展市值 管理工作的"工具箱"，引导上市公司关注自身投资价值，推动公司内在价值与市场估值协同提升。 三是上市公司主动作为意识增强。部分上市公 ...

（文章来源：21世纪经济报道） 1月5日上午，"'十四五'广东成就"系列主题新闻发布会江门专场在广州举行，详细介绍了"十四五"期间 江门市经济社会发展总体情况和成效亮点。"十四五"以来，江门市地区生产总值超4200亿元，前四年年 均增长5.2%、增速全省第4，经济社会各项事业向上向好。江门促进产业科技互促双强，企业创新主体 地位进一步强化，超百家企业拥有国产替代技术和产品，涌现了一批国家、省级制造业单项冠军和专精 特新企业，高新技术企业超七成上规模发展；每万人高价值发明专利拥有量增长180%，入选国家知识 产权强市建设试点城市。 江门市科技局局长刘长虹在发布会上介绍，"十四五"以来，江门打造了一批顶天立地的"硬核平台"。大 科学装置实现"零"的突破，全球精度最高、规模最大的江门中微子实验建成并投入运营，吸引17个国家 和地区、75家机构、700多名科学家参与建设，首批物理成果成功发布并达到国际领先水平。江门双碳 实验室获批粤港联合实验室和江门首家零碳工厂评价机构，为"绿美广东"提供科技支撑。华南生物医药 大动物模型研究院获实验动物生产许可，填补大湾区大动物模型空白。江门也开展了市级重点实验室建 设和运营评价， ...

Overall Market Performance - In 2025, the A-share market saw a significant increase, with the Shanghai Composite Index rising from 3351.76 points at the beginning of the year to 3968.84 points by year-end, reflecting an 18.4% year-on-year growth [4][18] - The total number of A-share listed companies reached 5469 by the end of 2025, with a total market capitalization of 123 trillion yuan, marking a 22.5% increase for existing companies compared to the previous year [4][18] - The average price-to-book ratio of A-share companies increased from 3.3 at the beginning of the year to 4.4 by year-end, indicating a steady rise in market valuation [4][18] Industry Performance - Technology-driven industries, particularly high-tech manufacturing and scientific research, experienced substantial market capitalization growth, with total market values increasing by 33.3% and 32.1% respectively [5][18] - Nearly half of the listed companies in manufacturing and scientific research sectors reported a return on equity (ROE) greater than 5%, providing a solid foundation for valuation support [5][18] - Private technology companies showed remarkable performance, with an overall market capitalization growth of 37.0%, increasing their share of the A-share market from 33.6% to 37.5% [5][18] Company-Specific Performance - The top 150 companies by absolute market capitalization growth included major players such as Agricultural Bank of China, Industrial Fulian, and Contemporary Amperex Technology, indicating strong performance across various sectors [20] - The financial sector, represented by companies like Agricultural Bank and Industrial Bank, played a significant role in the overall market growth, reflecting investor confidence in the banking industry [21] - Companies in the manufacturing sector, such as Industrial Fulian and Contemporary Amperex Technology, demonstrated significant market value increases, highlighting the sector's contribution to the overall market performance [21]

Core Viewpoint - The company, CITIC Heavy Industries (601608.SH), has been recognized as a "Manufacturing Single Champion Enterprise" for its "Metallurgical Rotary Kiln" product, reflecting its strong position in the industry and capabilities in independent innovation [1] Group 1 - The recognition is based on the announcement from the Ministry of Industry and Information Technology regarding the list of the ninth batch of manufacturing single champion enterprises [1] - This achievement signifies a high level of acknowledgment for the company's product technology and quality [1] - The recognition also demonstrates the company's comprehensive strength in industry position and independent innovation capabilities [1]

格隆汇1月5日丨键邦股份(603285.SH)公布，近日，中华人民共和国工业和信息化部印发《工业和信息 化部关于印发第九批制造业单项冠军企业及复核通过第三批、第六批制造业单项冠军企业名单的通 知》，根据第六批制造业单项冠军企业名单，公司成功通过第六批国家级制造业单项冠军企业复核，通 过产品为"赛克（三<2-羟乙基>异氰尿酸酯）"。 ...