📉【Ten-Year Review: A-shares Did Not Outperform GDP or CPI, But Investors Have Gained Extensive Knowledge】

In June 2015, the Shanghai Composite Index was 5178 points, the ChiNext Index was 4037 points, and the Shenzhen Component Index was 18211 points.

In June 2025, the Shanghai Composite Index is 3377 points, the ChiNext Index is 2043 points, and the Shenzhen Component Index is 10122 points.

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After a full decade, the “three major indices” of A-shares have halved as a norm:

Shanghai Composite Index: -34.78%

Shenzhen Component Index: -44.42%

ChiNext Index: -49.39%

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Meanwhile, over the past ten years:

Annualized GDP growth: 7.08%

Annualized CPI growth: 1.44%

Annualized increase in Shanghai housing prices: 7.18%

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A-shares did not outperform GDP, did not outperform CPI, and certainly did not outperform housing prices.

But—

📚

Investors, through a decade of market baptism, have learned macro analysis, fundamental valuation, financial modeling, and policy assessment, becoming extensively knowledgeable and bearing much hardship.

🏛️

In these ten years:

2582 companies completed IPOs, equivalent to the total of the previous 24 years.

Fund companies have profited from management fees, with public and private offerings taking turns to tell stories.

Industrial capital has cashed out extensively, and securities firms and exchanges are becoming increasingly luxurious.

The “leeks” of the secondary market have been replaced one after another.

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Investment is becoming more and more like a “game of knowledge and patience,” but also increasingly resembles a “feast for structural winners.”

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Will you continue to invest in the next decade?

Do you believe this market will eventually emerge from darkness and welcome a return to value?

Or have you turned to global asset allocation, or engaged in other fields?