In one year, 66 new A-share companies with a market value of over 100 billion yuan have risen to 201, reshaping the landscape of high-value companies.

The camp of A-share companies with a market value of over a trillion yuan is rapidly expanding. As of June 5, 2026, the total number of A-share listed companies with a market value of over a trillion yuan reached 201, compared to 135 a year ago. In just one year, there has been a net increase of 66 companies, nearly a 49% increase. This means that, on average, less than one company crosses the trillion-yuan threshold every week, and the central value of the capital market is accelerating upwards. Further analysis of the 201 companies reveals that 73 companies that were not valued at over a trillion yuan a year ago have now crossed into this camp. This also indicates that the past year has not only seen expansion in one direction, as some of the previously existing trillion-yuan companies have also fallen below this threshold. Of particular note is that the core engine driving the rapid expansion of the trillion-yuan market value club has shifted from traditional finance and oil and petrochemicals to the hard technology sector represented by optical modules, semiconductors, and AI servers. In the past year, companies with the highest growth rates have been dominated by the technology sector, with Zhongji Innolight boasting a growth rate of over 10 times, and leading companies in the AI industry chain such as Foxconn Industrial Internet, Eoptolink Technology Inc., and Suzhou TFC Optical Communication also achieving multiple-fold growth. In contrast, some consumer white horses and financial giants have seen their market values shrink, leading to a drastic market differentiation. This not only reflects changes in the ranking of market capitalization but also directly reflects the transformation of China's economy from old to new engines in the capital market. Focus one: Hardware equipment and semiconductors have become the main drivers of the trillion-yuan expansion Looking at industry distribution, the companies with a market value of over a trillion yuan are not predominantly from the traditional finance sector, but rather from the hardware equipment and semiconductor industries. Data shows that there are 32 companies in the hardware equipment industry and 25 in the semiconductor industry in the trillion-yuan camp, with 20 in the banking sector and 16 in non-bank financial institutions. The industry ranking of large-cap companies already bears the imprint of technological growth. The structure of the new trillion-yuan companies further illustrates this point. Among the 73 new companies, 24 are in hardware equipment and 14 in semiconductors, totaling 38 companies, representing more than half of the new trillion-yuan companies. While several companies in industries such as non-ferrous metals, electrical equipment, machinery, and chemicals have crossed the trillion-yuan threshold, the number and concentration of these companies cannot be compared with the AI computing power chain and semiconductor chain. This means that the core clue driving the expansion of large-cap A-share companies in the past year is not the general rise of traditional heavyweight stocks but the rising weight of the technology hardware and semiconductor industry chains in market pricing. As AI computing power demands, domestic replacements, advanced packaging, high-speed interconnection, servers, and optical modules continue to be reevaluated by funding, a batch of companies that were previously in the medium market value range have been pushed into the trillion-yuan market value platform. Focus two: The AI computing power chain supports market value elasticity At the individual stock level, the companies with the most significant increase in market value have been concentrated in the technology hardware sector. Data shows that Zhongji Innolight's market value has increased by approximately 120.15 billion yuan over the past year, Foxconn Industrial Internet by approximately 106.14 billion yuan, Contemporary Amperex Technology by approximately 76 billion yuan, Eoptolink Technology Inc. by approximately 64.88 billion yuan, and Cambricon by approximately 55.75 billion yuan. Among them, Eoptolink Technology Inc. is one of the most representative new trillion-dollar companies. Its total market value was less than a trillion yuan on June 5, 2025, and by June 5, 2026, it had reached 744.9 billion yuan, a increase of over 600%. Companies like Suzhou Dongshan Precision Manufacturing, Suzhou TFC Optical Communication, GigaDevice Semiconductor Inc., Shengyi Technology, Victory Giant Technology, and Montage Technology have also rapidly risen from below a trillion to become a new batch of large-cap technology companies. One significant feature of this round of expansion is that the market value elasticity comes from the real prosperity of the industry chain and resonates with the narrative in the capital market. Sectors such as optical modules, PCB, storage, semiconductor equipment, and AI chips not only follow the global trend of investment in AI infrastructure but also reflect domestic replacements and independent controllability. The pricing of these companies by funds has shifted from the simple expansion of annual profits to the reevaluation of their long-term industrial positions and the global supply-demand landscape. Focus three: Banks and energy remain the foundation, while the contribution of technology growth is changing marginally Although technology growth is the main focus of new trillion-dollar companies, the foundation of large-cap A-share companies still comes from banks, energy companies, telecom operators, and high dividend assets. As of June 5, Industrial and Commercial Bank of China, Agricultural Bank Of China, China Construction Bank Corporation, PetroChina, Contemporary Amperex Technology, Bank Of China, Kweichow Moutai, China Mobile Limited, Foxconn Industrial Internet, and Zhongji Innolight are among the top companies in terms of total market value. The first four companies still come from the banking and oil and petrochemical industries, while companies like Bank Of China, CNOOC Limited, China Shenhua Energy, China Merchants Bank, Ping An Insurance, and other traditional heavyweights also occupy a high market value range. This indicates that the reshaping of the A-share large-cap landscape is not simply a switch from traditional industries to the technology sector but rather a dual structure: on one end, high dividend assets such as banks, energy companies, and utilities maintain a stable market value center, while on the other end, AI computing power, semiconductors, electrical equipment, non-ferrous metals, and other sectors contribute new elasticity. The former provides index stabilizers, while the latter offers structural growth directions. This structural change also explains the market's perception of differentiation over the past year. On the one hand, traditional high dividend assets still have value in a low-interest-rate, stable income preference environment, and on the other hand, the speed of market value expansion in the technology hardware and semiconductor sectors is faster, becoming the main marginal force driving the increase in the number of trillion-dollar companies. Focus four: The distribution of price increases widens, with 13 companies seeing their value rise by over 500% in a year Looking at the distribution of price changes, among the 201 companies over the trillion-yuan mark in the past year, 134 have seen their prices rise, while 67 have experienced a decrease. There are 49 companies with price increases between 0 and 50%, 18 with increases between 50% and 100%, and 67 companies with increases of over 100%, including 13 companies with increases of over 500%. These data indicate that the expansion of the trillion-dollar camp is more driven by structural market trends rather than all large-cap companies rising in sync. Companies with the highest growth rates, such as Grace Fabric Technology (1459%), Yuanjie Semiconductor Technology (1219%), Guangdong Dtech Technology (1193%), Yangtze Optical Fibre And Cable Joint Stock (1173%), and Zhongji Innolight (1054%), are mostly related to the technology hardware, semiconductor, and equipment manufacturing sectors. Funds are not simply buying into "big companies" but continuing to seek high-elasticity industry chains within those big companies. At the same time, 67 companies have seen their value decline over the past year. Traditional large-cap companies such as Kweichow Moutai, China Mobile Limited, and China Life Insurance have experienced varying degrees of decline. This means that an increase in the number of trillion-dollar companies does not necessarily mean that all heavyweight assets are moving in the same direction, but rather that the level of differentiation in A-share large-cap assets is increasing. Focus five: High-priced stocks are not the mainstream, and trillion-yuan valuations come more from scale than unit price Looking at the distribution of stock prices, trillion-dollar companies do not necessarily equate to high-priced stocks. Data shows that there are 39 companies with a market value of over a trillion yuan whose latest closing price is less than 10 yuan, 29 companies with prices between 10 and 20 yuan, and 45 companies with prices between 20 and 50 yuan. In other words, there are a total of 113 companies with prices below 50 yuan among the trillion-dollar companies, accounting for over half. High-priced stocks also have visibility. There are a total of 57 companies with prices above 100 yuan, 14 with prices above 500 yuan, and 5 with prices above 1000 yuan. Apart from traditional high-priced stocks like Kweichow Moutai, a group of technology growth companies have also entered the investors' view with higher stock prices and market values, such as Semight Instruments (2145 yuan/share), Yuanjie Semiconductor Technology (1320.72 yuan/share), Cambricon (1299.20 yuan/share), and Zhongji Innolight (1179.99 yuan/share). This reflects two forms of large-cap companies in the A-share market: one with low prices, high share capital, and stable cash flow in industries like banks, energy, and telecom operators; the other with high prices and high elasticity in growth sectors like semiconductors, AI computing power, and advanced manufacturing. The former represents scale and dividends, while the latter represents growth expectations. Focus six: Beijing leads in overall numbers, while Guangdong and Jiangsu contribute new growth Looking at the distribution by province, the regional agglomeration effect of trillion-dollar companies is apparent. Beijing leads with 47 companies, followed by 36 in Guangdong, 23 in Shanghai, 19 in Jiangsu, and 12 in Zhejiang. The top five regions account for the majority of trillion-dollar companies. Beijing's advantage comes from headquarters resources in central enterprises, finance, energy, and communications, reflecting the concentration of capital and industrial resources. Guangdong, Jiangsu, Zhejiang, and Shanghai reflect the vitality of advanced manufacturing, electronic information, semiconductors, and private economies. The regional distribution of new trillion-dollar companies further illustrates industrial migration. Data shows that there are 17 new trillion-dollar companies in Guangdong, 12 in Jiangsu, 8 in Shanghai, 7 in Zhejiang, and 6 in Beijing. In other words, the new elasticity is mostly coming from regions like the Yangtze River Delta and the Pearl River Delta, where manufacturing and technology industrial chains are concentrated. Focus seven: The main board still dominates, while the Sci-Tech Innovation Board and SME Board contribute growth colors Looking at the listing boards, of the current 201 trillion-dollar companies, 156 are on the main board, 24 on the SME board, and 21 on the Sci-Tech Innovation Board. The main board remains the main gathering place for trillion-dollar companies, which is related to the historical accumulation of large-cap companies in industries like banks, energy, non-bank finance, and traditional manufacturing. However, looking at the new companies, the presence of the SME board and the Sci-Tech Innovation Board has significantly increased. Data shows that among the new trillion-dollar companies, 51 are on the main board, 13 on the SME board, and 9 on the Sci-Tech Innovation Board. Although the number is still less than the main board, the proportion of new companies on the SME board and the Sci-Tech Innovation Board better reflects the valuation increase of technology growth companies in the past year. In terms of exchange distribution, the Shanghai Stock Exchange has 131 trillion-dollar companies, while the Shenzhen Stock Exchange has 70. The Shanghai Stock Exchange benefits from the dual support of central enterprises on the main board and hard technology companies on the Sci-Tech Innovation Board, while the Shenzhen Stock Exchange more reflects the resilience of the SME board and leading manufacturing companies. This structure also indicates that the reshaping of the A-share market value landscape is the result of the combined efforts of the main board stabilizers, the hard technology companies on the Sci-Tech Innovation Board, and the growth leaders on the SME board. This article was reprinted from "Cailianshe" and edited by GMTEight: Liu Jiayin.