From premium liquor to cutting-edge photonics, the shift in Sichuan's top-valued A-share company reflects the explosive growth of the electronics sector. In the Chengdu-Chongqing region, Wuliangye (000858.SZ) has been dethroned by optical module leader Eoptolink (300502.SZ) as Sichuan's most valuable listed firm.
The AI revolution has propelled electronics and communications industries to the forefront, with tech stocks surging across sectors and reshaping regional market dynamics. As China's A-share total market capitalization expands, Shanghai, Beijing, and Shenzhen maintain leadership with their combined valuation growing from 48.6 trillion yuan to 56.5 trillion yuan year-to-date.
The Yangtze River Delta region now boasts 31.51 trillion yuan in market cap, representing 26.2% of China's A-share total. Cities like Suzhou, Wuxi, and Hangzhou lead in valuation growth, while Hefei, Wuhan, and Shaoxing have joined the trillion-yuan market cap club.
This valuation transformation mirrors China's economic restructuring. Beyond traditional financial and tech hubs, manufacturing-oriented cities with robust innovation ecosystems are emerging as new growth engines, creating a more balanced A-share market landscape.
China's A-share market surpassed 100 trillion yuan in 2025, reaching 120.31 trillion yuan by December 19 - a 22.2% annual increase. The market shows a pyramid structure, with the top five provinces contributing most of the value.
Beijing maintains absolute dominance with 32.88 trillion yuan in market cap, 72.4% higher than second-ranked Guangdong (19.07 trillion yuan). Shanghai broke through the 10 trillion yuan threshold, reaching 11.37 trillion yuan, driven by semiconductor firms like SMIC (688981.SH) and Hua Hong (688347.SH).
Zhejiang and Jiangsu provinces, powered by vibrant private economies, saw their market caps grow to 8.92 trillion yuan and 8.65 trillion yuan respectively. Fujian province stood out with 51.73% growth to 5.62 trillion yuan, propelled by CATL (300750.SZ) and Zijin Mining (601899.SH), while Guizhou was the only top-10 province to see valuation decline.
The Yangtze River Delta's 31.51 trillion yuan market cap represents 26.2% of China's total, with Anhui province leading growth at 30%. Semiconductor and communications firms contributed nearly 30% of the region's valuation increase.
The Pearl River Delta reached 18.3 trillion yuan in market cap, with Guangdong benefiting from electronics, automotive, and biotech sectors. The Beijing-Tianjin-Hebei region grew to 35.87 trillion yuan, mainly driven by Beijing's state-owned enterprises.
Central and western regions showed strong performance, with Henan province growing 38.7% to 1.97 trillion yuan and Sichuan increasing 26.56% to 3.43 trillion yuan.
In city rankings, Beijing (32.88 trillion yuan), Shenzhen (12.23 trillion yuan), and Shanghai (11.37 trillion yuan) maintain leadership. Emerging cities like Hefei, Wuhan, and Shaoxing entered the trillion-yuan club, while Hangzhou and Suzhou demonstrated particularly strong growth momentum.
Suzhou's market cap surged by 883.9 billion yuan, with three companies now valued over 100 billion yuan. Chengdu surpassed 2 trillion yuan in market cap, largely due to Eoptolink's spectacular growth from 81.9 billion yuan to 431.6 billion yuan, making it Sichuan's new valuation leader ahead of Wuliangye.
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