The top-performing "bull stocks" share two distinct characteristics: they are either AI concept stocks or M&A concept stocks. As 2025 draws to a close, the A-share market has produced 528 stocks that doubled in value, a figure more than four times that of 2024. Among these, 124 stocks saw gains exceeding 200%, and 6 stocks surged by more than 500%. The two stocks with the highest gains for the period were Swancor Advanced Materials Co.,Ltd. (688585.SH) and Ningbo Tip Rubber Technology Co.,Ltd. (605255.SH), which were the only ten-baggers of the year based on closing prices. The top performers on the gainers list share two distinct characteristics: they are either AI concept stocks or M&A concept stocks.
Either AI or M&A Wind data shows that, in terms of periodic gains for 2025, among the 5,176 stocks tracked (excluding those newly listed during the year, delisted, or under other risk warnings), 4,153 stocks ended the year with price increases, accounting for 80% of the total. This is a significant improvement from 2023, where only 53% of stocks finished higher, indicating a broad-based rally across listed companies in the bull market. During the year, 528 stocks achieved gains exceeding 100%, with the number of doubling stocks being more than four times last year's figure of 125. Among these, 124 stocks saw gains surpassing 200%, and 6 stocks skyrocketed by over 500%. The two stocks with the highest periodic gains in 2025 were Swancor Advanced Materials and Ningbo Tip Rubber Technology, with gains reaching 15.6 times and 13.42 times respectively, making them the sole ten-baggers of the year based on closing prices. Additionally, Victory Giant Technology(Huizhou) Co.,Ltd. (300476.SZ), Guangdong Dtech Technology Co.,Ltd. (301377.SZ), Vohringer Home Technology Co.,Ltd. (603226.SH), and Pinming Technology Co.,Ltd. (688109.SH) became this year's five-baggers, rising by 596.54%, 571.9%, 563%, and 503.25% respectively. If calculated based on the maximum periodic gains, the A-share market briefly produced four ten-baggers during the year. Besides the aforementioned Swancor Advanced Materials and Ningbo Tip Rubber Technology, these included Vohringer Home Technology and Staidson(Beijing)Biopharmaceuticals Co.,Ltd. (300204.SZ), although the latter two experienced significant pullbacks after their sharp rallies. These top-performing "bull stocks" share two key features: they are either AI concept stocks or M&A concept stocks. Among them, Victory Giant Technology is a leading global manufacturer of AI PCBs, and Guangdong Dtech Technology is a leader in PCB drill bits, both benefiting from the AI trend. Meanwhile, Swancor Advanced Materials, Ningbo Tip Rubber Technology, Vohringer Home Technology, and Pinming Technology are all M&A concept stocks involving "primary market acquisitions of secondary market companies," with acquirers being either industrial players or private equity funds. In September 2024, the China Securities Regulatory Commission released the "Opinions on Deepening the Reform of the Mergers and Acquisitions Market for Listed Companies" (referred to as the "Six M&A Articles"), aiming to further invigorate the M&A market. Driven by this policy, M&A transactions characterized by revitalizing existing assets and optimizing resource allocation have remained active throughout the year. In July 2025, the acquisition of Swancor Advanced Materials by Zhiji Robot established a model for "primary-acquires-secondary" M&A through a combination of "agreed transfer + voting rights waiver + partial tender offer." Subsequent deals, including those involving Senton Energy Co.,Ltd. (001331.SZ) and Jiamei Food Packaging(Chuzhou)Co.,Ltd. (002969.SZ), replicated this model. Wu Xi, Deputy General Manager of CVInfo and General Manager of the Research and Consulting Division, analyzed that the Zhiji transaction technically kept its shareholding below the 30% mandatory tender offer threshold through the "voting rights waiver," but then substantially sought to acquire a large number of shares, even control, through a large-scale tender offer. "This arrangement might be questioned by regulators as a technical maneuver to evade mandatory tender offer obligations, potentially touching a regulatory red line. As more cases emerge, it's worth watching whether regulatory interpretations will become uncertain," Wu Xi said. The acquisition of Ningbo Tip Rubber Technology by Zhaoxin Core Intelligence presented a different, differentiated model. It obtained control of the listed company through a "agreed transfer + capital increase + comprehensive tender offer" method. Unlike the Zhiji Robot acquisition of Swancor Advanced Materials, this deal triggered the comprehensive tender offer clause. Regardless of the method used, the share prices of the acquired companies soared. A change in control often acts as a significant catalyst for the revaluation of a listed company. For instance, Swancor Advanced Materials' price rose from around 7 yuan per share before the acquisition to approximately 110 yuan currently, while Ningbo Tip Rubber Technology climbed from around 26 yuan per share to about 180 yuan per share. Behind the M&A fervor, shell resources are once again in the spotlight. Wu Xi believes that listed companies with poor performance and small market capitalizations (commonly known as "shell resources") are more likely targets for private equity funds. The logic hinges on subsequently injecting high-quality assets from their portfolio companies. However, acquisition is easier than integration; this model heavily relies on the post-investment integration capabilities of the management. If a fundamental transformation through asset injection cannot be achieved, merely "buying a shell" is meaningless.
Wind Low-Price Stock Index Outperforms Wind All-A Index As major indices like the Shanghai Composite, Shenzhen Component, and ChiNext continuously broke through key levels, the average stock price of listed companies also kept climbing. Wind data indicates that at the beginning of the year, the average stock price for A-share companies was 20 yuan per share, which has since risen to a latest average closing price of 26.8 yuan per share. With the upward shift in the A-share valuation center, some stocks have graduated from the low-price category. Data shows that the Wind Low-Price Stock Index has risen by 28.53% year-to-date, even outperforming the Wind All-A Index (which gained 28.07% YTD). Based on the latest closing prices, as of December 27, there were 116 stocks priced below 3 yuan and 438 stocks below 5 yuan, representing reductions of 64 and 228 stocks respectively compared to the start of the year, indicating a continuous shrinkage in the number of low-price stocks. Some companies that were in the low-price stock category at the beginning of the year have since left it behind, with their stock prices doubling during the year. For example, two representatives from the Fujian sector, Strait Innovation Internet Co.,Ltd. (300300.SZ) and Zhongfu Straits(Pingtan)Development Company Limited (000592.SZ), started the year with prices around 2.9 yuan per share and now trade at 17.15 yuan and 14.84 yuan per share respectively, placing their periodic gains within the top 20 in the A-share market. The price-doubling journey of these low-price stocks also attracted significant participation from hot money and retail investors. Strait Innovation Internet appeared on the Dragon and Tiger List 16 times during the year, and Zhongfu Straits(Pingtan)Development appeared 24 times. The "Lhasa Squad" frequently dominated both the buy and sell top five seats, alongside appearances from several well-known hot money seats. Analyzing by industry and sector, over ninety percent of the current low-price stocks (below 3 yuan) are from the main board, concentrated in industries such as real estate, construction, building materials, chemicals, and steel.
A-Share Total Market Cap Grows Nearly 25% From a market capitalization perspective, most of the top performers in terms of year-to-date gains or maximum periodic gains this year belong to small and mid-cap stocks, typically within the range of several tens of billions of yuan. Only three stocks with market caps exceeding 100 billion yuan appeared among the top gainers: Victory Giant Technology, Eoptolink Technology Inc.,Ltd. (300502.SZ), and Zhongji Innolight Co.,Ltd. (300308.SZ). Large-cap stocks also expanded. By year-end, the number of stocks in the "trillion-yuan market cap club" increased from 8 at the end of last year to 12. Foxconn Industrial Internet Co.,Ltd. (601138.SH), Ping An Insurance (Group) Company Of China, Ltd. (601318.SH), China Life Insurance Company Limited (601628.SH), and China Merchants Bank Co.,Ltd. (600036.SH) were promoted to the trillion-yuan market cap tier during the year. Particularly notable is Foxconn Industrial Internet, which saw its total market cap rise from 420 billion yuan at the start of the year to approximately 1.3 trillion yuan by year-end. As the AI wave continues to heat up, explosive demand for NVIDIA's new generation AI servers has brought clearer growth expectations for industry leaders like Foxconn Industrial Internet. Among the trillion-yuan market cap stocks, only Kweichow Moutai Co.,Ltd. (600519.SH) and China Mobile Limited (600941.SH) ended the year with losses. Especially Kweichow Moutai, which has fallen nearly 12% over two years, saw its total market cap shrink from nearly 2.17 trillion yuan at the beginning of last year to 1.77 trillion yuan at the end of this year. Wind data shows: at the beginning of the year, the total market capitalization of the A-share market was 92.97 trillion yuan, which increased to 115.86 trillion yuan by year-end, a rise of nearly 25%.
Looking at the number of daily limit-up gains, in 2025, the 5,176 stocks collectively registered 15,328 limit-up events, averaging about 3 limit-up opportunities per stock. Five stocks experienced more than 30 limit-up events. The stock with the most limit-ups this year was Shenzhen Coship Electronics Co.,Ltd. (002052.SZ). Wind data indicates the company hit the daily limit 45 times during the year. Although it had been placed under delisting risk警示 due to touching relevant financial delisting indicators starting April 23, 2024, its 2024 annual report showed a remarkable turnaround. On June 17 this year, the company had the delisting risk警示 and other risk警示 removed. However, Shenzhen Coship Electronics currently faces a collective lawsuit from investors. On July 1 this year, the company announced it had received multiple "Notices to Respond to Complaint" from the Shenzhen Intermediate People's Court. The court has accepted a series of cases filed by 340 investors, including Zhang Jun, against the company for securities misrepresentation liability disputes, involving a substantial amount of 23.5692 million yuan. The plaintiffs are demanding compensation for investment differential losses, commission losses, stamp duty losses, interest losses, and full coverage of litigation costs. Additionally, 1,019 stocks ended the year with declines. The number of declining stocks was less than half of last year's figure, accounting for only 20% of the total. The stocks with the largest periodic declines were Suzhou Shijing Environmental Technology Co.,Ltd. (301030.SZ), Shandong Longda Meishi Co.,Ltd. (002726.SZ), Hangzhou Huaxing Chuangye Communication Technology Co.,Ltd. (300025.SZ), Beijing Health Guard Biotechnology Inc. (920575.BJ), and Hebei Broadcasting Wireless Media Co., Ltd. (301551.SZ), all falling more than 40% during the year.
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