The Chinese equity landscape has undergone a remarkable transformation in the year since the implementation of the 924新政 (924 Policy), with structural shifts propelling unprecedented growth in innovative sectors. This policy initiative has not only reinvigorated market confidence but also underscored the resilience of China’s capital markets amid global economic uncertainties. For international investors, understanding the implications of the 924 Policy is crucial for navigating opportunities in A-shares, particularly as hard technology and financial sectors lead the charge. The focus on quality growth under the 924 Policy framework has set the stage for a sustained bull market, making it a pivotal moment for portfolio adjustments.
Executive Summary
– A total of 43 listed companies saw their circulating market capitalization increase by over 100 billion yuan each, cumulatively adding more than 9.5 trillion yuan in value. – Hard technology sectors, including semiconductors and hardware equipment, emerged as dual engines of growth, with companies like 寒武纪 (Cambricon) and 工业富联 (Industrial Fulian) posting stellar gains. – The 创业板 (ChiNext Board) and 科创板 (STAR Market) accounted for over 30% of high-growth firms, reinforcing their role as incubators for innovation. – Traditional industries and financial stocks also experienced significant value re-rating, with leaders like 贵州茅台 (Kweichow Moutai) and 农业银行 (Agricultural Bank of China) contributing to broad-based market strength. – These trends highlight the 924 Policy’s success in fostering a structural bull market, with implications for sector rotation and long-term investment strategies.
Trillion-Yuan Fund Influx and Structural Bull Market Characteristics
Market Performance Overview
Data reveals that from the implementation of the 924 Policy until September 23, 2025, the A-share market witnessed a concentrated surge in value, driven by robust investor sentiment and policy tailwinds. The 43 companies that achieved market cap growth exceeding 100 billion yuan are distributed across main boards, the 创业板 (ChiNext Board), and 科创板 (STAR Market), covering over ten sectors according to Wind classification. This dispersion underscores the diversified nature of the rally, which contrasts with previous cycles dominated by单一 sectors. The aggregate growth of 9.5 trillion yuan signals a healthy liquidity environment, supported by domestic and foreign institutional inflows. For instance, 工业富联 (Industrial Fulian) led with a staggering 10,356.21 billion yuan increase, while 宁德时代 (Contemporary Amperex Technology Co., Limited) added 7,934.45 billion yuan, highlighting the market’s appetite for tech and green energy plays.
Key Players and Growth Metrics
– 工业富联 (Industrial Fulian): Topped the list with a 286.21% stock price surge, lifting its market cap from 3,717.29 billion yuan to 14,073.49 billion yuan. – 宁德时代 (Contemporary Amperex Technology Co., Limited): Secured the second spot, reinforcing its dominance in the electric vehicle battery space. – 农业银行 (Agricultural Bank of China) and 工商银行 (Industrial and Commercial Bank of China): Recorded gains of 6,480.66 billion yuan and 4,529.49 billion yuan, respectively, illustrating the rebound in financial blue-chips. High-growth tech firms like 胜宏科技 (Shenghong Technology) saw astronomical rises, with a 1,061.66% price increase, emphasizing the 924 Policy’s role in fueling speculative yet fundamentally sound investments.
Hard Technology Leads with Semiconductors and Hardware as Dual Engines
Semiconductor Sector Analysis
The semiconductor industry stood out as a primary beneficiary of the 924 Policy, with 寒武纪 (Cambricon) exemplifying the sector’s dynamism through a 535.14% stock price jump. Its market cap ballooned from 887.55 billion yuan to 5,649.32 billion yuan, a gain of 4,761.76 billion yuan, reflecting investor confidence in China’s self-sufficiency drive in chips. This growth is tied to government initiatives like the National Integrated Circuit Plan, which has accelerated R&D and production. Other players, such as 中芯国际 (Semiconductor Manufacturing International Corporation), also posted quadruple-digit percentage gains, underscoring the sector’s strategic importance. Expert analysis suggests that the 924 Policy’s emphasis on technological sovereignty has created a fertile ground for long-term value creation in semiconductors.
Hardware Equipment Highlights
– 工业富联 (Industrial Fulian): Besides leading overall growth, it benefited from trends in 5G infrastructure and AI-driven demand for servers. – 中际旭创 (Zhongji Xuchuang) and 新易盛 (Xinyi Sheng): Each saw market cap expansions exceeding 200 billion yuan, with price surges over 300%, driven by expansions in data centers and optical communication networks. – 胜宏科技 (Shenghong Technology): Its 1,061.66% rise made it the top performer, attributed to breakthroughs in high-end manufacturing equipment. These outcomes demonstrate how the 924 Policy has catalyzed innovation in hardware, aligning with China’s broader industrial upgrading goals.
Banking Stocks Show Steady Growth, Non-Bank Finance Adds Vitality
Bank Performances
Contrary to perceptions of tech-dominated rallies, the banking sector under the 924 Policy exhibited robust growth, with five banks including 农业银行 (Agricultural Bank of China) and 工商银行 (Industrial and Commercial Bank of China) adding over 200 billion yuan each in market cap. This resurgence is linked to improved asset quality and regulatory support for lending to strategic sectors. 农业银行 (Agricultural Bank of China), for example, saw a 6,480.66 billion yuan increase, benefiting from rural revitalization policies. The stability of bank stocks provides a counterbalance to tech volatility, offering investors a diversified play on China’s economic recovery.
Non-Bank Financial Institutions
– 东方财富 (East Money Information): Emerged as a star in non-bank finance, with a 144.15% price rise and 2,434.23 billion yuan market cap growth, fueled by fintech adoption. – 中信证券 (CITIC Securities) and 中国平安 (Ping An Insurance): Maintained steady gains of 1,121.22 billion yuan and 1,119.91 billion yuan, respectively, highlighting sectoral resilience. – 国泰海通 (Guotai Junan Securities): Added 1,526.90 billion yuan, reflecting increased trading volumes and IPO activities. These trends indicate that the 924 Policy has fostered a holistic financial ecosystem, where traditional and modern finance coexist synergistically.
ChiNext and STAR Markets as Cradles for High Growth
ChiNext Board Contributions
The 创业板 (ChiNext Board) proved instrumental in nurturing high-growth enterprises, hosting 11 of the 43 top performers. 宁德时代 (Contemporary Amperex Technology Co., Limited) alone contributed 7,934.45 billion yuan to its market cap, rising 101.21% to 16,219.72 billion yuan. This board’s flexibility in listing requirements and focus on emerging industries has made it a hotspot for investors seeking exposure to innovation. Companies like 中际旭创 (Zhongji Xuchuang) and 新易盛 (Xinyi Sheng) further exemplify how the 924 Policy has enhanced the ChiNext’s role in capital allocation.
STAR Market Innovations
– 科创板 (STAR Market): Hosted four firms with gains over 100 billion yuan, including 寒武纪 (Cambricon) and 中芯国际 (Semiconductor Manufacturing International Corporation), underscoring its niche in hard tech. – Valuation Premiums: STAR-listed companies often trade at higher multiples due to relaxed profitability rules, attracting venture capital and strategic investors. – Policy Support: Initiatives like streamlined registration-based IPOs have amplified the market’s appeal, as seen in 中微公司 (AMEC) ‘s 1,000+ billion yuan growth. The success of these boards under the 924 Policy reaffirms China’s commitment to a multi-tiered capital market structure.
Traditional Industry Leaders Rejuvenate
Food, Beverage, and Pharmaceuticals
Even traditional sectors witnessed rejuvenation, with 贵州茅台 (Kweichow Moutai) gaining 2,278.17 billion yuan (18.81% rise) and 恒瑞医药 (Jiangsu Hengrui Medicine) adding 1,721.69 billion yuan (63.78% rise). These increases reflect enduring brand strength and demographic trends, such as rising consumer spending on premium goods. 药明康德 (WuXi AppTec) ‘s 156.41% surge to 2,591.50 billion yuan highlights the pharma sector’s resilience post-pandemic, aided by the 924 Policy’s focus on domestic consumption upgrades.
Resources and Industrials
– 紫金矿业 (Zijin Mining Group): Saw a 65.59% price increase, boosting market cap by 2,058.82 billion yuan, driven by commodity supercycles. – 北方稀土 (China Northern Rare Earth Group): Jumped 178.64% to 1,664.01 billion yuan, benefiting from green energy demand for rare earths. – 金龙鱼 (Jinlongyu): Added 1,575.23 billion yuan (27.48% rise), illustrating recovery in consumer staples. These examples show that the 924 Policy’s broad-based approach has enabled value rediscovery across the board. The first anniversary of the 924 Policy marks a watershed moment for Chinese equities, characterized by balanced growth across tech, finance, and traditional sectors. Investors should prioritize companies with strong innovation pipelines and solid fundamentals, while monitoring policy developments for timing entry points. As the structural bull market evolves, diversifying into dual-innovation boards and hard tech could yield substantial returns. For actionable insights, consider consulting latest reports from the 中国证监会 (China Securities Regulatory Commission) or leveraging data platforms like Wind Info.