The A-share market has rebounded to 3900 points. Who is leading the charge?

"Perspective" is a newly launched lightweight data graphic column by 36Kr - using data to analyze trends and pictures to present key points. "Talk is Cheap. Show me the data."

Author: Fan Liang

On October 9th, the Shanghai Composite Index successfully broke through 3,900 points, reaching a new high in the past decade. It fell across the board on October 17th and returned to 3,900 points today.

What is the core driving force behind this bull market? Is there sufficient performance support?

We use data analysis to answer these questions. Taking October 10th as the benchmark, after excluding new stocks listed this year, a total of 735 companies' stock prices reached new highs within the past 90 trading days. Through the analysis of these "leaders in rising prices", three significant features can be found:

1. Dominated by large - market - capitalization companies, with a significant leading effect.

Although these 735 companies only account for 13.5% of the total number of A - shares, they contribute 32.3% of the total market capitalization. Among them, 36.6% (63/172) of companies with a market capitalization of over 100 billion yuan reached new highs during this period, while the proportion of companies with a market capitalization of less than 10 billion yuan is only 9.6% (342/3550). The market style is highly concentrated on leading enterprises.

Chart by 36Kr

2. Money flows to hard technology.

More than half of the companies reaching new highs (over 360) are concentrated in hard - technology fields such as hardware equipment, semiconductors, machinery, and auto parts. These industries generally have good performance support, with both revenue and profits achieving positive growth, showing a resonance between fundamentals and market sentiment.

Chart by 36Kr

3. Valuations are generally high, and there is a divergence between stock prices and performance.

Among the 735 companies reaching new highs, 363 companies have a price - earnings ratio of over 50 times, and 613 companies have a price - to - book ratio of over 3 times, showing obvious high - valuation characteristics.

Chart by 36Kr

In terms of the matching degree between performance and stock prices, a total of 528 companies' stock prices have risen by more than 50% this year, which is higher than the number of companies with performance growth of over 50%. As of the first half of 2025, there are 206 companies with a net profit growth rate of over 50%, and only 80 companies with a revenue growth rate of over 50%.

Chart by 36Kr

The value of leading hard - technology companies is being discovered and re - evaluated. However, it should be noted that the valuations of related sectors have reached a high level, and the future sustainability of stock prices will highly depend on the over - expected growth and realization of performance.