Tech innovation shines! A comprehensive big-data scan of the A-share market in the first three quarters of 2026

Title context: Tech innovation shines! A comprehensive big-data scan of the A-share market in the first three quarters of 2026 Text: In the first three quarters of 2026, the A-share market experienced volatility and divergence. Overall, most major A-share stock indices declined, while the STAR 50 Index bucked the trend and led the market with a cumulative gain of 13.82%; the BSE 50 was the weakest performer, plunging 27.83% in the first three quarters. By sector, semiconductors, coal, and hardware equipment led the gains, rising 33.00%, 21.58%, and 19.22%, respectively. In addition, concepts related to new materials and technology manufacturing, such as copper-clad laminates, aluminum nitride, tungsten hexafluoride, lab-grown diamonds, and semiconductor equipment, led the market, becoming the core focus of the capital market and the direction of concentrated capital in the first three quarters. Market Section 01 Performance of Major A-share Stock Indices In the first three quarters of 2026, the performance of major A-share indices diverged significantly. Only the STAR 50 Index rose against the trend, with a cumulative gain of 13.82%, leading the entire market; the ChiNext Index, Shanghai Composite Index, and Wind All A edged down 2.12%, 3.19%, and 3.35%, respectively; the CSI 1000, Shenzhen Component Index, CSI 300, and SSE 50 fell 3.90%, 4.71%, 5.88%, and 6.86%, respectively; the BSE 50 was the weakest performer, plunging 27.83% in the first three quarters. 02 Performance of A-share Sectors Among the 35 sectors under the Wind Level 2 industry classification, 8 sectors recorded gains in the first three quarters of 2026. The semiconductor sector performed far ahead of others, with a gain of 33.00% in the first three quarters; coal, hardware equipment, and building materials posted impressive gains of 21.58%, 19.22%, and 14.70%, respectively; oil and petrochemicals, banking, utilities, and pharmaceuticals and biotechnology also rose. National defense and military industry, automobiles and auto parts, discretionary consumer retail, consumer services, and software services were among the biggest decliners, each falling more than 20% cumulatively in the first three quarters. 03 Performance of A-share Style Indices In the first three quarters of 2026, the mid-cap growth style clearly outperformed, while the large-cap style continued to come under pressure. The mid-cap growth style was the strongest, with a cumulative gain of 6.29% in the first three quarters; small-cap growth and mid-cap value fell 0.99% and 1.68%, respectively; small-cap value, large-cap value, and large-cap growth declined more sharply, falling 5.22%, 5.93%, and 7.52%, respectively. 04 Performance of Popular A-share Concepts In the first three quarters of 2026, concepts related to new materials, semiconductors, and the computing power industry chain led the market. The copper-clad laminate concept topped the list with a gain of 142.39%; aluminum nitride and tungsten hexafluoride rose 103.73% and 99.10%, respectively; lab-grown diamonds, semiconductor equipment, co-packaged optics (CPO), and optical circuit switching (OCS) all gained more than 75%. 05 Number of Listed Companies As of the end of the first three quarters of 2026, there were 5,572 listed companies in the A-share market, an increase of 102 companies from the end of 2025. As of the end of the first three quarters of 2026, the Shanghai Main Board had the largest number of listed companies, at 1,702, accounting for 30.55%; the Shenzhen Main Board followed with 1,495 listed companies, accounting for 26.83%; the ChiNext and STAR Market had 1,409 and 618 listed companies, accounting for 25.29% and 11.09%, respectively; the Beijing Stock Exchange had the fewest listed companies, with 348, accounting for 6.25%. 06 Total Market Capitalization of Listed Companies As of the end of the first three quarters of 2026, the total market capitalization of the A-share market was RMB 121.85 trillion, up 2.5% from the end of 2025. As of the end of the first three quarters of 2026, the market capitalization of the Shanghai Main Board was RMB 60,510.717 billion, firmly ranking first with a share of 49.66%; the market capitalization of the Shenzhen Main Board was RMB 25,193.989 billion, accounting for 20.68%; the market capitalizations of ChiNext, the STAR Market, and the Beijing Stock Exchange were RMB 18,068.771 billion, RMB 17,239.831 billion, and RMB 840.782 billion, accounting for 14.83%, 14.15%, and 0.69%, respectively. 07 A-share Trading Volume In the first three quarters of 2026, A-share market trading remained active. Total trading volume in the third quarter reached RMB 147.9 trillion, down 14.51% quarter-on-quarter and up 7.49% year-on-year; average daily trading volume in the third quarter was RMB 2,316.3 billion, down 20.53% quarter-on-quarter and up 10.22% year-on-year. 08 Margin Financing and Securities Lending Trends As of the end of the first three quarters of 2026, the balance of margin financing and securities lending in the A-share market stood at RMB 2,609.0 billion, up 7.42% year-on-year from the end of the third quarter of 2025 and down 13.62% quarter-on-quarter from the end of the second quarter of 2026. 09 Top Ten Bull and Bear Stocks In the first three quarters of 2026, Xingyun Technology topped the list with a cumulative gain of 508%, followed by Beijing Jiuzhouyigui Environmental Technology with a cumulative gain of 469%, and Optics Technology Holding with a cumulative gain of 448%; JIACHEN and Ningbo TIP Rubber Technology both fell about 73% cumulatively, ranking among the top decliners, while LANGXIN ELECTRIC fell 72% cumulatively. 10 Top 20 by Market Capitalization As of the end of the first three quarters of 2026, CXMT Corporation topped the list of listed companies by market capitalization, with a total market value of RMB 3,719.4 billion; Industrial and Commercial Bank of China followed with a total market value of RMB 2,806.8 billion. In addition, Agricultural Bank Of China, China Construction Bank Corporation, Bank Of China, PetroChina, Kweichow Moutai, China Mobile Limited, Contemporary Amperex Technology, Foxconn Industrial Internet, China Merchants Bank, CNOOC Limited, and China Shenhua Energy all had total market capitalizations exceeding RMB 1 trillion. 11 Top 20 by Net Margin Financing Purchases In the first three quarters of 2026, Zhongji Innolight received substantial leveraged capital inflows, topping the list with net margin financing purchases of RMB 11.524 billion; Ping An Insurance, GigaDevice Semiconductor Inc., and CXMT Corporation each recorded net margin financing purchases exceeding RMB 9 billion, at RMB 10.066 billion, RMB 9.298 billion, and RMB 9.227 billion, respectively. 12 Top 20 by Net Securities Lending Sales In the first three quarters of 2026, Gree Electric Appliances,Inc.of Zhuhai topped the list with net securities lending sales of RMB 1.022 billion, while China Merchants Bank recorded net securities lending sales of RMB 401 million; Industrial and Commercial Bank of China, Contemporary Amperex Technology, and Henan Shuanghui Investment & Development each recorded net securities lending sales exceeding RMB 300 million. 13 Top 20 by Increases in Holdings by Major Shareholders In the first three quarters of 2026, Bank Of Nanjing topped the list with major shareholders increasing their holdings by RMB 2.757 billion; Gch Technology and Shanghai International Airport saw major shareholders increase their holdings by RMB 2.464 billion and RMB 2.373 billion, respectively; PetroChina, Chengdu Xingrong Environment, and China Yangtze Power each saw increases exceeding RMB 1.5 billion. 14 Top 20 by Decreases in Holdings by Major Shareholders In the first three quarters of 2026, Advanced Micro-Fabrication Equipment Inc. China topped the list with major shareholders reducing their holdings by RMB 13.406 billion; Infore Environment Technology Group, Suzhou Centec Communications, Verisilicon Microelectronics (Shanghai) Co., Ltd., Hoshine Silicon Industry, and GigaDevice Semiconductor Inc. each saw major shareholders reduce their holdings by more than RMB 4.5 billion. Valuation Section 01 Price-to-Earnings Ratio of A-share Listing Boards As of the end of the first three quarters of 2026, the STAR Market had the highest price-to-earnings ratio at 100.88 times; the ChiNext and Shenzhen A-share markets had price-to-earnings ratios of 57.78 times and 39.47 times, respectively; the Shanghai A-share market and CSI 300 had lower price-to-earnings ratios of 16.76 times and 13.18 times, respectively. 02 Price-to-Book Ratio of A-share Listing Boards As of the end of the first three quarters of 2026, the STAR Market had the highest price-to-book ratio at 7.05 times; the ChiNext and Shenzhen A-share markets had price-to-book ratios of 4.08 times and 2.61 times, respectively; the Shanghai A-share market and CSI 300 had lower price-to-book ratios of 1.54 times and 1.40 times, respectively. 03 Price-to-Earnings Ratio of A-share Listing Boards As of the end of the first three quarters of 2026, among the 11 sectors under the Wind Level 1 industry classification (the real estate sector is excluded due to continued losses), the information technology sector had the highest price-to-earnings ratio at 69.67 times; the healthcare and industrial sectors had price-to-earnings ratios of 45.55 times and 33.18 times, respectively; the financial sector had the lowest price-to-earnings ratio at 7.46 times. 04 Price-to-Book Ratio of A-share Sectors As of the end of the first three quarters of 2026, among the 11 sectors under the Wind Level 1 industry classification, the information technology sector had the highest price-to-book ratio at 6.18 times; the consumer staples and healthcare sectors had price-to-book ratios of 2.98 times and 2.85 times, respectively; the financial and real estate sectors both fell below book value, with price-to-book ratios of 0.79 times and 0.92 times, respectively. IPO Issuance Section 01 Number of A-share IPOs In the first three quarters of 2026, the A-share market had a total of 127 IPOs, up 67.11% year-on-year; of these, 52 IPOs were issued in the third quarter, up 30.00% quarter-on-quarter and up 85.71% year-on-year. 02 A-share IPO ScaleIn the first three quarters of 2026, the cumulative IPO fundraising scale in the A-share market was RMB 223.87 billion, up 194.67% year-on-year; of this, IPO fundraising in the third quarter reached RMB 128.50 billion, up 95.92% quarter-on-quarter and up 238.43% year-on-year. 03 A-share IPO Scale In the first three quarters of 2026, there were 21 IPOs each from the hardware equipment and machinery sectors, tying for the highest number; there were 17 IPOs from the automobiles and auto parts sector; and 15, 12, and 10 IPOs from the chemicals, semiconductors, and non-ferrous metals sectors, respectively. 05 Top 20 by IPO Fundraising Scale This article is reprinted from the "Wind WanDe" official account; edited by GMTEight: Chen Siyu.