On January 28th, the China Association of Public Companies unveiled its monthly statistical bulletin for December 2025. The data revealed that, as of December 31, 2025, and calculated using the closing prices at the year's end, the combined market capitalization of domestically listed shares neared RMB 109 trillion, marking a fresh monthly peak over the past five years. Notably, the market cap share of cutting-edge tech sectors, including optical modules and chips, exhibited a continued upward trend. Inphi and Cambricon broke into the top ten for market capitalization among privately-held listed entities, with both witnessing their market values more than double throughout the year. In 2025, the landscape saw the emergence of one additional trillion-yuan-market-cap company, alongside 44 new entrants in the RMB 100 billion-plus category and 427 firms crossing the RMB 10 billion threshold. Conversely, the tally of companies with market caps below RMB 2 billion dwindled by 379. By year's end, the median market capitalization of listed companies stood at RMB 6.508 billion, reflecting a nearly 30% year-on-year surge.