In-depth Analysis of Turnover Exceeding Trillion Yuan in Shanghai and Shenzhen Stock Markets

According to the latest market data, the turnover of the Shanghai and Shenzhen stock markets has exceeded the 1 trillion yuan mark for the

(as of December 29, 2025), with a volume increase of over 70 billion yuan compared to the same period the previous day, and the full-day trading volume is expected to [1][2]. Behind this phenomenon lies the fact that the A-share market is undergoing a profound structural change.

• 2025 annual total turnover has exceeded 408 trillion yuan
  , an increase of 58.49% compared to the whole year of 2024, hitting a historical annual high [4]
• From
  August 25 to 28, 2025
  , the turnover exceeded 3 trillion yuan for three consecutive trading days, refreshing the historical record of consecutive 3-trillion-yuan turnover in the A-share market [4]
• The total market value of A-shares has grown from the first time it exceeded the 100 trillion yuan mark on August 18 to
  122.80 trillion yuan
  (as of December 24) [4]

This series of data indicates that the activity of the A-share market has entered a new historical stage. Not only has the trading scale continued to expand, but more importantly, this high activity shows a

rather than a short-term outbreak.

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• On
  May 15, 2025
  , the central bank implemented a
  comprehensive reserve requirement ratio (RRR) cut
  of 0.5 percentage points, releasing
  about 1 trillion yuan of long-term funds
  [5]
• The average level of the deposit reserve ratio dropped from 6.6% to 6.2%
• At the same time, the deposit reserve requirements for auto finance companies and financial leasing companies were phased…