The "2025 Market Value Performance Report of A-share Listed Companies" recently released by the China Association of Listed Companies shows that as of the end of 2025, there were a total of 5,469 A-share listed companies with a total market value of 123 trillion yuan. Among them, 116 new listed companies were added in 2025, and there were 5,353 existing companies listed before January 1, 2025. The total market value of existing listed companies in 2025 increased by 22.5% year-on-year. Overall, in the past year, the market value of A-share listed companies has continued to recover, and the capital market has steadily risen.
The leading role of scientific innovation is evident
In 2025, the overall valuation of the A-share market steadily increased, with the average price-to-book ratio of listed companies rising from 3.3 at the beginning of the year to 4.4.
In terms of specific industries, the market capitalization of technology-driven sectors saw significant growth in 2025. High-tech enterprises, represented by manufacturing, scientific research, and technology services, exhibited the most pronounced changes in market capitalization, with total market capitalization increasing by 33.3% and 32.1% respectively compared to the beginning of the year, and their proportion in the A-share market capitalization increased by 4.2 percentage points and 0.1 percentage points respectively. The overall performance of technology-based enterprises provided support for valuation, with nearly half of listed companies in the manufacturing and scientific research and technology services sectors achieving a return on net assets greater than 5% in 2025. At the same time, market funds also paid more attention to technology-based enterprises, and capital inflows provided a solid foundation for market capitalization enhancement. Taking public funds as an example, the proportion of funds flowing into the information transmission, software and information technology services, and scientific research and technology services industries in the third quarter of 2025 increased by 0.6 percentage points compared to the beginning of the year.
"The new 'Nine National Policies' and supporting guidelines have propelled market value management onto an institutionalized track. Listed companies are actively planning, especially in the field of technological innovation, where market value growth resonates with national strategic direction," said Liu Xiangdong, chief analyst of Dongyuan Investment. The significant growth in market value of technology-driven industries, coupled with the leading increase in market value in sectors such as manufacturing and scientific research, underscores the capital market's allocation of resources towards hard technology and emerging industries, bolstering the development of new productive forces.
Market value management closely follows the orientation
According to the "2025 Market Value Performance Report of A-share Listed Companies", in 2025, China's capital market exhibited the following characteristics and trends:
Market capitalization performance reflects national strategic orientation. In 2025, listed companies exhibited outstanding market capitalization performance in emerging industries and key areas related to national strategies, such as integrated circuits, artificial intelligence, high-end manufacturing, and biomanufacturing.
Policy guidance has become more systematic and precise. In recent years, regulatory authorities have successively issued a series of policy documents, continuously improving systems such as mergers and acquisitions, cash dividends, and share repurchases. This has optimized the "toolbox" for listed companies to carry out market value management, guiding listed companies to focus on their own investment value and promoting the coordinated improvement of the company's intrinsic value and market valuation.
Listed companies have enhanced their awareness of taking proactive actions, promoting the improvement of market expectations and strengthening long-term investment confidence through various means such as regular dividends, share repurchases, shareholding increases, and optimizing investor relations management.
Institutional investment closely follows the main line of high-quality development, paying more attention to cutting-edge technologies, advanced manufacturing, and future industries. Under the new ecosystem of "long-term capital for long-term investment", more capital flows to hard technology, promoting a virtuous cycle of "strategic guidance - industrial innovation - market value enhancement - capital feedback".
Tian Lihui, a finance professor at Nankai University, stated that in the future, we need to be vigilant against short-term speculation, strengthen regulatory guidance, ensure that market value management serves long-term strategies, and shift the focus of market resource allocation towards more sustainable value creation capabilities.
The governance structure continues to be improved
Good market performance is inseparable from efficient and standardized corporate governance.
According to the "2025 Corporate Governance Report of Listed Companies" recently released by the China Association of Listed Companies, over 98% of companies strictly held their annual shareholders' meetings before June 30. More than 70% of companies have a board of directors consisting of 7 or 9 members, and over 60% of companies have directors with accounting and legal backgrounds on their boards. The proportion of independent directors is mainly concentrated between 30% and 50%. In the operation of the board of directors, over 96% of companies have a personal attendance rate of over 95% for board meetings, and vetoes of proposals rarely occur.
In terms of internal control and audit, over 99% of the companies have disclosed their 2024 annual audit reports and internal control audit reports as required, with the proportion of standard unqualified opinions exceeding 96%. Over 60% of the companies have not changed their external auditors in the past three years.
Tian Lihui believes that the "2025 Report on Corporate Governance of Listed Companies" reveals a positive trend of steady improvement in corporate governance of listed companies in China. Data such as the standardized convening of shareholders' meetings, high attendance rates of the board of directors, and high-quality disclosure of audit reports reflect a more standardized form of corporate governance. Relevant departments should further promote the deepening of the effectiveness of corporate governance on the basis of formal norms, paying particular attention to deep-seated issues such as related-party transactions, capital occupation, and internal supervision effectiveness that still exist in a few companies, in order to promote comprehensive improvement in the quality of listed companies.