China Securities Journal | SSE Leading Companies Showcase 4 Major Highlights! 132 Join the "RMB 100 Billion Market Cap Club"

According to Wind data, as of now, the number of leading SSE companies with a market capitalization of over RMB 100 billion (referred to as "leading companies") has reached 132. This includes 114 SSE Main Board companies and 18 SSE STAR Market companies, with a total market value of RMB 46.14 trillion, accounting for 59% of the total market value of all SSE companies.

As pacesetters across various sectors of the national economy, these SSE leading companies have become the ballast and stabilizer for maintaining the stable operation of the capital market. Based on their 2025 annual reports and recent operational data, the SSE leading companies exhibit "4 major highlights".

In terms of performance, the 2025 revenue and net profit of SSE leading companies accounted for 58.6% and 87.2% respectively of the totals for all SSE companies, reflecting their scale advantage and dominant profit position.

Structural upgrading and prominent tech-innovation attributes of the SSE leading companies. In recent years, the industry landscape of the SSE leading companies has gradually shifted from being dominated by traditional finance, energy, and infrastructure to being supported by a diverse range of emerging industries. Leading companies in strategic emerging sectors such as high-end manufacturing, biomedicine, next-generation information technology, and new energy continue to grow. The number of tech-innovation-focused companies with a market cap exceeding RMB 100 billion is steadily increasing, demonstrating significant progress in market structure optimization. Since 2020, among SSE leading companies, the proportion of tech-innovation-focused firms has risen to 32.8%, and their share of total market value has increased to 24.8%.

While maintaining stable operations, generous dividends and notable shareholder returns are another key highlight of SSE leading companies. From 2020 to 2025, dividend payouts by SSE leading companies increased year by year. In 2025, their dividends accounted for 77.7% of the total cash dividends paid by all SSE-listed companies. In terms of payout ratio, the overall dividend payout rate of SSE leading companies remained around 36%, with over 40% of them maintaining a dividend payout ratio of no less than 30% for five consecutive years.

The SSE leading companies are also characterized by compliant operations and strong capital market momentum. In recent years, through M&A, refinancing, and other means, SSE leading companies have continuously strengthened their growth momentum, achieving industrial upgrading and value enhancement. Their M&A activities have focused on horizontal integration, industrial chain extension, and emerging industry layout, effectively improving industrial concentration and core competitiveness. For example, following the completion of the merger between Guotai Haitong, the company's 2025 revenue and net profit increased by 87.40% and 113.52% year-on-year respectively, achieving a "1+1>2" integration effect.