In 2024, A-share trading officially ended.

According to Great Wisdom data, the Shanghai Composite Index rose 12.67% for the year, the Shenzhen Component Index rose 9.34% for the year, and the ChiNext Index rose 13.23% for the year.

Image source: Visual China

At the individual stock level, the performance of A-shares in 2024 is still remarkable. Wind data shows that a total of 2,222 stocks achieved positive returns for the whole year, accounting for more than 40%.

Among the top 10 stocks in 2024, technology stocks account for "half of the country". Among them, Cambrian (688256), a stock on the Science and Technology Innovation Board, became the annual champion with an annual increase of 387.55%.

Source: Wind

Cambrian focuses on the R&D and technological innovation of artificial intelligence chip products, and has a layout in the fields of cloud, edge intelligent chips and acceleration cards, terminal intelligent processor IP, etc., and landed on the Science and Technology Innovation Board in July 2020, known as the "first AI chip stock on the Science and Technology Innovation Board".

On the last trading day of 2023, the closing price of Cambrian-U is 134.96 yuan. In 2024, its stock price will rise all the way, once hitting a record high of 700 yuan.

As of December 31, 2024, the closing price of Cambrian-U reached 658 yuan, with a cumulative increase of 387.55%, nearly 4 times.

At the same time, the share price of Cambrian-U658 yuan has become the second highest in A-shares, second only to Kweichow Moutai. As the stock price rises, so does its importance. On November 29, 2024, the Shanghai Stock Exchange and China Securities Index Company decided to adjust the samples of the SSE 50 and other indices to include Cambrian.

The second largest gainer was Huijin Technology (300561. SZ), its share price began to strengthen sharply on September 6, and it walked out of 13 daily limits throughout the year, with a share price increase of 367.52% during the year.

The

third gainer was Zhengdan shares (300641. SZ）。 It belongs to the chemical industry, and its share price rose by 347.27% during the year.

How will the A-share market move forward in 2025?

Recently, a number of domestic and foreign institutions have released investment strategies and outlook for investment opportunities in 2025. Overall, institutions are relatively optimistic about the performance of the A-share market in 2025, and generally believe that the market may be volatile and upward. In terms of investment direction, the technology sector represented by artificial intelligence is still the main line of investment unanimously recognized by institutions. In addition, the fields of medicine and consumption have also received more attention.

Meng Lei, an analyst at UBS Securities, believes that since the overall price-earnings ratio of the A-share market is close to its five-year average after experiencing a rebound, the historical average valuation is not the upper limit, and the valuation of the A-share market is expected to rise in 2025. There will be five catalysts behind this: first, a recovery in earnings growth and a decline in the risk-free rate; second, more explicit financial support; third, strong net inflows of individual investors; the fourth is the entry of "patient capital" into the market; Fifth, global investors are returning.

Chen Guo, chief analyst of China Securities Construction Investment, believes that in the short term, from the perspective of seasonal patterns, some funds are settled at the end of the year to take profits, and the psychology of being in the bag makes the year-end market often trading weak, and the risk appetite declines, and will gradually become active after the beginning of the new year, and often the liquidity will be further improved after the Lunar New Year.

According to the 2025 A-share strategy report released by China Development Bank Securities, the stock market is expected to play a "positive feedback" function, and on the basis of continuous efforts to improve the quality of the policy side, "expectation management" and "market value management" will play a more positive role in the operation of the market. In 2025, it is expected that there will be room for further improvement at the management level, and China's capital market may maintain a certain degree of activity; Listed companies do a good job in market value management in a strategic dimension, which helps stabilize market expectations. In the first quarter of 2025, the market may be volatile to find the bottom, and the annual report and the first quarterly report can be more positive and optimistic about the market after the disclosure is completed. Especially in the context of downward pressure on the global stock market, Chinese assets are expected to be overallocated by international capital.

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Disclaimer: The content and data in this article are for reference only and do not constitute investment advice. Do so at your own risk.

Cover image source: Visual China