The A-share market has witnessed a steady expansion in the number of large-cap companies, a trend largely fueled by technology stocks. As of April 1, there are 184 companies with market capitalizations exceeding RMB 100 billion, marking an increase of 5 since the beginning of the year. Among these, 12 boast market caps over RMB 1 trillion. A decade earlier, the figures stood at just 51 companies surpassing RMB 100 billion and a mere 4 crossing the RMB 1 trillion threshold. Traditionally, the financial and energy sectors held sway over the exclusive 'RMB 1 trillion market cap club.' However, the landscape is now being reshaped by emerging industries, notably hard technology.

On August 22, 2025, the electronics industry's total market capitalization soared to RMB 11.38 trillion, overtaking the banking sector for the first time to claim the top spot among A-share industries. This achievement not only represents a significant milestone for the electronics sector but also serves as a tangible indicator of China's economic metamorphosis—transitioning from a factor-driven model to one propelled by innovation.