2025 A-Shares Style Split In-Depth Analysis: Long-Term Trend Research on Hard Tech vs. Traditional Blue Chips

Based on the obtained market data and analysis, I will analyze the style split phenomenon in the 2025 A-share market and its long-term trends from multiple dimensions.

The

fully reflects the structural transformation of market style:

• Cambricon (688981.SS)
  : The annual increase in 2025 reached
  +32.65%
  , with the stock price soaring from $93.81 at the beginning of the year to $124.44, peaking at $153 during the period, and a single-month increase of over 110% in August [0][1]
• Kweichow Moutai (600519.SS)
  : Fell
  -7.80%
  throughout 2025, with the stock price dropping from $1524 to $1405.10, expanding the annual decline to 6.4%, becoming one of the only two trillion-market-cap stocks that closed down during the year [0][2][3]
• Ping An Bank (000001.SS)
  : Fell
  -1.71%
  in 2025, with financial blue chips showing weak performance [0]

: On August 28, Cambricon closed at 1587.91 yuan, surpassing Kweichow Moutai’s 1446.1 yuan for the first time, officially ascending to the “top stock price” in A-shares. As of December 9, Cambricon has topped the A-share stock price list for 8 trading days [2][3].

According to data obtained from online searches:

• STAR 50 Index
  : The annual increase once exceeded
  40%
  , rising 37.3% as of November 18 [4]
• ChiNext Index
  : The annual increase reached
  43.3%
  , rising 49.66% as of December 23, with a P/E ratio of only 40.8 times [4][5]
• Shanghai Composite Index
  : Rose nearly 15% during the year, but traditional blue chips like Moutai fell against the trend [1]

:

• 85 new hundred-yuan stocks were added during the year (excluding new stocks)
• Electronic stocks accounted for 36.5%
  , with hard tech dominating the high-priced stock camp [3]

(as of December 23, 2025) [5]:

• Dominated by high-growth industries such as power equipment, communications, electronics, pharmaceuticals, and computers
• The communications industry rose 23% in the past month, and the electronics industry rose 10%
• The total weight of “technology content” accounted for over 60%

has become a national strategic direction:

• STAR Market
  focuses on “hard tech” enterprises, serving core technology fields such as semiconductors, biomedicine, and artificial intelligence
• Specialized, Sophisticated, Unique, and New
  policies continue to catalyze, and breakthroughs in “chokepoint” technologies receive valuation premiums
• AI computing power demand explosion
  drives the increase in localization rate of semiconductor equipment and materials [4]

:

• The consumer sector faces growth ceilings, and the valuation system shifts from PEG to DCF
• Real estate risks continue to be cleared, and the financial sector is constrained by narrowing interest spreads
• “Anti-involution” policies promote supply-side clearing in traditional industries [4]

:

• Global AI evolves rapidly, and demand for high-end circuit boards and optical devices remains strong
• L3 autonomous driving models are approved, and the new energy vehicle industry chain continues to benefit
• AI spurs incremental demand for electricity, and technological breakthroughs in energy storage and solid-state batteries [5]

:

• High-end consumption recovery falls short of expectations, and optional consumer goods such as white wine are under pressure
• Demographic structure changes, and consumption habits shift from ostentatious to functional
• Under the trend of national tide replacement, the moat of traditional brands is weakened

:

• The scale of STAR Market and ChiNext ETFs grows rapidly
• Active equity funds overweight the hard tech sector
• Northbound funds increase positions in A-share tech leaders [4]

:

• Although value style once dominated (low-valued style performed better in the past 6 months) [6], it is unsustainable
• Financing balances in the consumer and financial sectors decline
• Although Moutai’s financing balance has rebounded recently, its stock price continues to decline [3]

China is in a critical period of transformation from a “world factory” to a “science and technology innovation center”. Hard tech is not only a market choice but also a national strategy. Referring to the US tech stock bull market in the 1990s, the tech-dominated style may last more than 10 years.

:

• Traditional industries
  : Valuation focuses on profit stability and dividend capacity (DCF model主导)
• Hard tech
  : Valuation pays more attention to growth and technical barriers (PEG, PS model主导)

This difference in valuation systems will exist for a long time, leading to continuous capital flow to high-growth tracks.

:

• Generation Z becomes the main consumer force, preferring tech products over traditional consumption
• Aging accelerates, and demand for hard tech such as biomedicine and medical equipment grows rigidly
• Rising labor costs promote substitution of hard tech such as intelligent manufacturing and robots

:

• Sino-US tech decoupling accelerates, and domestic substitution demand is urgent
• Chinese enterprises have global competitiveness in AI, new energy, and other fields
• Hard tech enterprises go overseas to open up incremental market space

:

• Tech leaders like Cambricon are already at historical highs
• The STAR 50 Index has increased by over 40% during the year, with short-term correction pressure
• High-valued sectors are more sensitive to liquidity changes

:

• AI, new energy, and other emerging fields iterate rapidly, and leading companies are easily disrupted
• New technologies may reshape the competitive landscape
• Profitability of some hard tech enterprises has not been verified

:

• During economic recovery, traditional blue chips are expected to see valuation repair
• In a loose liquidity environment, high-dividend assets have allocation value
• Easing geopolitical tensions may推动价值股反弹

:
Looking back at A-share history, companies like Hepalink, QuanTong Education, Anshuo Information, and Baofeng Group once surpassed Moutai briefly, but all proved to be “flash in the pan” and then entered a long-term decline [2].

Based on current data and policy orientation, it is expected that the hard tech main line will continue in the next 1-3 years:

:

• STAR Market and ChiNext have relatively reasonable valuations (ChiNext Index PE is only 40.8 times) [5]
• AI industrialization enters an acceleration period, and application scenarios continue to land
• There is huge room for improvement in localization rate of semiconductor equipment and materials (self-sufficiency rate is still below 30%)
• Policy dividends continue to be released (specialized, sophisticated, unique, and new, STAR Market refinancing relaxation)

:

• Global economic recession may impact demand for tech products
• Geopolitical frictions intensify technical blockade
• Fed rate hikes may suppress revaluation of global risk assets

From a longer-term perspective,

, and the market will move towards dynamic balance:

:

1. Mean reversion law
   : Any style has periodicity and will be corrected after excessive deviation
2. Diversification of investment demand
   : Funds with different risk preferences need different asset classes
3. Economic structure balance
   : Hard tech and traditional industries need to develop synergistically, not one-sidedly
4. International experience reference
   : Although the weight of tech stocks in the US stock market has increased, consumer and financial blue chips still occupy an important position

:

• Phase 1
  (current): Hard tech dominates, traditional blue chips continue to adjust
• Phase 2
  (1-2 years): Tech stocks分化, leading companies remain strong, and theme stocks retreat
• Phase 3
  (3-5 years): Valuation repair of traditional blue chips, market style tends to balance
• Phase 4
  (long-term): Tech weight increases to 50%+, but consumption and finance still occupy half of the market

Referring to mature global markets, A-shares may form in the next 10 years:

• Hard tech
  (semiconductors, AI, new energy, biomedicine): 40-50% of market value
• Consumption
  (high-end white wine, food and beverage, optional consumption): 20-25% of market value
• Finance
  (banks, insurance, securities): 15-20% of market value
• Others
  (energy, materials, utilities, etc.): 10-15% of market value

Compared with the current situation, the weight of hard tech will continue to increase, but traditional blue chips will still occupy an important position.

:

• Focus on
  real leaders
  : Enterprises with core technical barriers and strong commercialization capabilities
• Avoid
  fake tech
  : Companies that only rely on theme speculation and lack profit support
• Allocate
  ETFs
  : STAR 50 ETF and ChiNext ETF to obtain sector Beta returns

:

• Wait for
  valuation repair
  : After adjustment, the valuation of leaders like Moutai has returned to a reasonable range
• Attach importance to
  high dividends
  : Banks, energy, and other sectors provide stable cash flow
• Seize
  cycle reversal
  : There are opportunities for困境反转 in consumer and real estate sectors

:

• Early/mid bull market
  : Overweight hard tech, underweight traditional blue chips
• Late bull market/bear market
  : Increase allocation of defensive assets to reduce portfolio volatility
• Extreme style
  : Reverse operation, avoid chasing ups and downs

:

• Although STAR Market and ChiNext have large increases, some individual stocks’ valuations have overdrawn growth in the next 3-5 years
• It is recommended to focus on high-quality growth stocks with PEG <1.5 and avoid pure theme speculation

:

• High-valued sectors are sensitive to liquidity changes, pay attention to the central bank’s monetary policy
• The Fed’s interest rate hike cycle may trigger revaluation of global risk assets

:

• Emerging fields such as AI and new energy iterate rapidly, and leading companies are easily disrupted
• It is recommended to diversify allocation and avoid betting on a single technical route

:

• Sino-US tech decoupling may accelerate, pay attention to domestic substitution progress
• “Chokepoint” fields such as chips and high-end manufacturing may benefit

: The style split between hard tech and consumer/financial blue chips in 2025 A-shares , but extreme split is unsustainable, and it will move towards dynamic balance in the future.

:

1. Short-term (within 1 year)
   : Hard tech main line continues, but differentiation intensifies, alert to theme stock bubbles
2. Mid-term (1-3 years)
   : Tech dominance remains unchanged, and structural opportunities emerge in traditional blue chips
3. Long-term (3-10 years)
   : Style tends to balance, hard tech weight increases to 40-50%, but traditional blue chips will not disappear

:

• Embrace long-term trends: Hard tech is the core main line in the next 10 years, irreversible
• Maintain strategic focus: Avoid short-term style fluctuations interfering with long-term allocation
• Select high-quality targets: Real tech leaders cross cycles, fake tech will eventually retreat
• Dynamically adjust positions: Flexibly allocate according to valuation levels and market cycles

Cambricon replacing Moutai as the “stock king” is not only a market event but also a microcosm of China’s economic structure transformation. Investors should not only顺应 the long-term trend of technology-powered country but also be alert to valuation risks brought by excessive optimism, and maintain rationality while embracing changes.

---

[0] Jinling API Data - Stock Price Data (Cambricon 688981.SS, Kweichow Moutai 600519.SS, Ping An Bank 000001.SS)

[1] 21 Economic Network - “Cambricon surpasses Moutai to become A-share stock king, has Moutai stepped down from the ‘altar’?” (August 29, 2025)
https://www.21jingji.com/article/20250829/herald/e8bc2b42f899d4d8e2a804a5f398916c.html

[2] Shanghai Securities News/Sina Finance - “When Cambricon’s stock price surpasses Kweichow Moutai” (August 31, 2025)
https://finance.sina.com.cn/roll/2025-08-31/doc-infnwvuy0149072.shtml

[3] Ca联社 - “‘Han Wang’ stock price surpasses Moutai again! Total market value returns to 600 billion, scan of new hundred-yuan stocks during the year” (December 9, 2025)
https://www.cls.cn/detail/2224187

[4] FX168 Finance - “Two innovation sectors lead the market during the year, how to choose investment?” (November 26, 2025)
https://www.fx168news.com/article/969770

[5] 21 Finance - “After four consecutive rises, can ChiNext become the leader of the ‘year-end market’?” (December 28, 2025)
https://www.21jingji.com/article/20251228/herald/1012e4116cdc4370bbb6f72b9db4f808.html

[6] Jinyuan Tongyi Securities - “Index Investment Strategy Monthly Report (June 2025)”
https://pdf.dfcfw.com/pdf/H3_AP202506031684166340_1.pdf?1748978958000.pdf