In the first three quarters of 2026, the A-share market experienced volatility and divergence.

Overall, most major A-share indices declined, with the STAR 50 Index bucking the trend to lead gains at 13.82%; the Beijing 50 Index was the weakest performer, plunging 27.83% over the period.

In terms of sectors, semiconductors, coal, and hardware equipment were among the top performers, with gains of 33.00%, 21.58%, and 19.22%, respectively.

Additionally, 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 and direction of capital concentration in the first three quarters.

Market Overview

01 Performance of Major A-Share Indices

In the first three quarters of 2026, major A-share indices showed clear divergence, with only the STAR 50 Index rising against the trend, gaining 13.82% and leading the entire market; the ChiNext Index, Shanghai Composite Index, and Wind All A edged down by 2.12%, 3.19%, and 3.35%, respectively; the CSI 1000, Shenzhen Component Index, CSI 300, and SSE 50 fell by 3.90%, 4.71%, 5.88%, and 6.86%, respectively; the Beijing 50 Index was the weakest, plunging 27.83% in the first three quarters.

02 A-Share Sector Performance

Among the 35 sectors under the Wind secondary industry classification, 8 sectors recorded gains in the first three quarters of 2026.

The semiconductor sector performed far ahead, with a gain of 33.00%; coal, hardware equipment, and building materials posted impressive gains of 21.58%, 19.22%, and 14.70%, respectively; petroleum and petrochemicals, banking, utilities, and pharmaceuticals and biotechnology also rose.

Defense and military, automobiles and parts, discretionary retail, consumer services, and software services were among the worst performers, each declining more than 20% in the first three quarters.

03 A-Share Style Index Performance

In the first three quarters of 2026, the mid-cap growth style clearly dominated the A-share market, while the large-cap style continued to face pressure.

The mid-cap growth style was the strongest, gaining 6.29% cumulatively in the first three quarters; small-cap growth and mid-cap value fell by 0.99% and 1.68%, respectively; small-cap value, large-cap value, and large-cap growth declined more significantly, by 5.22%, 5.93%, and 7.52%, respectively.

04 A-Share Hot Concept Performance

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 by 103.73% and 99.10%, respectively; lab-grown diamonds, semiconductor equipment, optical modules (CPO), and optical circuit switches (OCS) all gained more than 75%.

05 Number of Listed Companies

As of the end of the first three quarters of 2026, the A-share market had a total of 5,572 listed companies, an increase of 102 from the end of 2025.

As of the end of the first three quarters of 2026, the Shanghai Main Board had the most listed companies, with 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 A-shares was 121.85 trillion yuan, up 2.5% from the end of 2025.

As of the end of the first three quarters of 2026, the Shanghai Main Board had a market capitalization of 60,510.717 billion yuan, firmly in first place with a 49.66% share; the Shenzhen Main Board had a market capitalization of 25,193.989 billion yuan, accounting for 20.68%; the ChiNext, STAR Market, and Beijing Stock Exchange had market capitalizations of 18,068.771 billion yuan, 17,239.831 billion yuan, and 840.782 billion yuan, 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, with total trading volume in the third quarter reaching 147.9 trillion yuan, down 14.51% quarter-on-quarter and up 7.49% year-on-year; average daily trading volume in the third quarter was 2,316.3 billion yuan, 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 A-share margin financing and securities lending balance stood at 2,609 billion yuan, 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 Jiuzhou Yigui with a cumulative gain of 469%, and Guangzhi Technology with a cumulative gain of 448%; Jiachen Intelligent and Tianpu shares both fell about 73%, ranking at the top of the decliners, while Langxin Electric fell 72%.

10 Top 20 by Market Capitalization

As of the end of the first three quarters of 2026, Changxin Technology topped the list of listed companies by market capitalization, with a total market value of 3,719.4 billion yuan; Industrial and Commercial Bank of China followed with a total market value of 2,806.8 billion yuan.

In addition, Agricultural Bank of China, China Construction Bank, Bank of China, PetroChina, Kweichow Moutai, China Mobile, CATL, Foxconn Industrial Internet, China Merchants Bank, CNOOC, and China Shenhua all had total market capitalizations exceeding one trillion yuan.

11 Top 20 by Net Margin Financing Purchases

In the first three quarters of 2026, Zhongji Innolight received significant leveraged capital inflows, with net margin financing purchases reaching 11.524 billion yuan, ranking first; Ping An Insurance, GigaDevice, and Changxin Technology all had net margin financing purchases exceeding 9 billion yuan, at 10.066 billion yuan, 9.298 billion yuan, and 9.227 billion yuan, respectively.

12 Top 20 by Net Securities Lending Sales

In the first three quarters of 2026, Gree Electric Appliances saw net securities lending sales of 1.022 billion yuan, ranking first; China Merchants Bank saw net securities lending sales of 401 million yuan; Industrial and Commercial Bank of China, CATL, and Shuanghui Development all had net securities lending sales exceeding 300 million yuan.

13 Top 20 by Major Shareholder Increases

In the first three quarters of 2026, Bank of Nanjing received 2.757 billion yuan in increases from major shareholders, topping the list; Chenghe Technology and Shanghai Airport received 2.464 billion yuan and 2.373 billion yuan in increases from major shareholders, respectively; PetroChina, Xingrong Environment, and China Yangtze Power all saw increases exceeding 1.5 billion yuan.

14 Top 20 by Major Shareholder Reductions

In the first three quarters of 2026, AMEC was reduced by 13.406 billion yuan by major shareholders, topping the reduction list; Infore Environment, Centec Networks-U, VeriSilicon, Hoshine Silicon Industry, and GigaDevice all saw reductions exceeding 4.5 billion yuan by major shareholders.

Valuation Overview

01 P/E Ratios of A-Share Listing Boards

As of the end of the first three quarters of 2026, the STAR Market had the highest P/E ratio at 100.88 times; the ChiNext and Shenzhen A-share P/E ratios were 57.78 times and 39.47 times, respectively; the Shanghai A-share and CSI 300 had lower P/E ratios at 16.76 times and 13.18 times, respectively.

02 P/B Ratios of A-Share Listing Boards

As of the end of the first three quarters of 2026, the STAR Market had the highest P/B ratio at 7.05 times; the ChiNext and Shenzhen A-share P/B ratios were 4.08 times and 2.61 times, respectively; the Shanghai A-share and CSI 300 had lower P/B ratios at 1.54 times and 1.40 times, respectively.

03 P/E Ratios of A-Share Sectors

As of the end of the first three quarters of 2026, among the 11 sectors under the Wind primary industry classification (the real estate sector is excluded due to continuous losses), the information technology sector had the highest P/E ratio at 69.67 times; healthcare and industrials had P/E ratios of 45.55 times and 33.18 times, respectively; the financial sector had the lowest P/E ratio at 7.46 times.

04 P/B Ratios of A-Share Sectors

As of the end of the first three quarters of 2026, among the 11 sectors under the Wind primary industry classification, the information technology sector had the highest P/B ratio at 6.18 times; consumer staples and healthcare had P/B ratios of 2.98 times and 2.85 times, respectively; the financial and real estate sectors both traded below book value, with P/B ratios of 0.79 times and 0.92 times, respectively.

IPO Issuance Overview

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 Scale

In the first three quarters of 2026, the total IPO fundraising scale in the A-share market was 223.87 billion yuan, up 194.67% year-on-year; of this, IPO fundraising in the third quarter reached 128.50 billion yuan, up 95.92% quarter-on-quarter and up 238.43% year-on-year.

03 A-Share IPO Scale by Industry

In the first three quarters of 2026, the hardware equipment and machinery industries each had 21 IPOs, tying for the highest number; the automobiles and parts industry had 17 IPOs; the chemicals, semiconductors, and non-ferrous metals industries had 15, 12, and 10 IPOs, respectively.

05 Top 20 by IPO Fundraising Scale