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Market capitalization, as an important indicator to measure the size and market influence of listed companies, has always been closely watched by investors, company management, market regulatory authorities and other parties.

Looking back at the first half of the year, the A-share market has been volatile from the extreme market conditions at the beginning of the year to the strong rebound in the middle period and then to the subsequent shock adjustment. The valuation trough has become more prominent. According to Wind data, in the first half of 2024, the total market value of A-shares is about 80.94 trillion yuan, a decrease of 2.76 trillion yuan compared with the end of 2023. The overall market value of the A-share market has declined to a certain extent.

Focusing on the local market, the overall market value changes of Zhejiang listed companies are in line with the general trend of A-shares. According to Tonghuashun data, among the approximately 706 listed companies in Zhejiang, only 11% of them achieved market value growth in the first half of the year, and the overall market value showed a clear downward trend.

Only two companies in the 100 billion yuan camp remain

Statistical results show that the total market value of Zhejiang listed companies was 669.3585 billion yuan at the beginning of the year. As of July 12, it had fallen to 580.9781 billion yuan, a decrease of 88.3804 billion yuan.

According to statistics from Tonghuashun, at the beginning of 2024, there were four companies among Zhejiang A-share listed companies with a market value of over 100 billion yuan, namely Hikvision, Bank of Ningbo, Sanhua Intelligent Control and Rongsheng Petrochemical, with market values ​​of 315.094 billion yuan, 130.223 billion yuan, 105.857 billion yuan and 103.888 billion yuan respectively.

As of July 12, the value and ranking changed. Only Hikvision and Bank of Ningbo remained with a market value of over 100 billion yuan, and their market values ​​changed to varying degrees. Among them, Hikvision's market value dropped by 34.896 billion yuan to 280.198 billion yuan, while Bank of Ningbo rose by 14.594 billion yuan to 144.817 billion yuan. The market values ​​of the above two companies ranked first and second in Zhejiang stocks.

Ranked third is the Bull Group, whose market value increased by 14.15 billion yuan to 98.668 billion yuan; ranked fourth is Rongsheng Petrochemical, whose market value decreased by 5.67 billion yuan to 98.218 billion yuan; ranked fifth is Zhejiang Energy Power, whose market value increased significantly by 31.913 billion yuan to 97.616 billion yuan.

Further analysis revealed that the market value of Hikvision and Sanhua Intelligent Control declined significantly in the first half of the year, especially Sanhua Intelligent Control, which decreased by 34.75 billion yuan to 71.106 billion yuan in half a year, falling out of the 100 billion yuan camp.

Public information shows that Sanhua Intelligent Control is the world's largest refrigeration control component manufacturer and the world's leading manufacturer of automotive air conditioning and thermal management system control components. Simply put, Sanhua Intelligent Control's main business is selling auto parts.

Tesla, Mercedes-Benz, BMW, Volvo, Toyota, BYD, NIO and other automakers are all customers of Sanhua Intelligent Control. According to its just released 2024 first half performance forecast, Sanhua Intelligent Control expects to achieve revenue of 13.155 billion yuan to 14.408 billion yuan, a year-on-year increase of 5% to 15%, and net profit of 1.464 billion yuan to 1.604 billion yuan, a year-on-year increase of 5% to 15%.

Therefore, securities analysts in the industry believe that with the rapid growth of the new energy vehicle market and the increasing global requirements for environmental protection and energy conservation, Sanhua Intelligent Control is expected to usher in more development opportunities. The company's current market value is at a low level, but it deserves more attention from investors.

Bank stocks are popular

From the perspective of industry distribution, the market value of companies in industries such as banking, pharmaceuticals and biology, basic chemicals, and automobiles has increased to a certain extent, while the market value of companies in industries such as media, home appliances, and electronics has declined significantly.

Among the top five companies with the largest increase in market value, Zhejiang Energy Power increased by 31.913 billion yuan to 97.616 billion yuan; Deye Holdings increased by 20.129 billion yuan to 54.169 billion yuan; Bank of Hangzhou increased by 18.740 billion yuan to 71.153 billion yuan; Juhua Holdings increased by 17.602 billion yuan to 61.338 billion yuan; and Wanfeng Aodi Holdings increased by 16.770 billion yuan to 27.263 billion yuan.

In contrast, among the top five companies with declining market capitalization, the decline was all over 20 billion yuan.

Among them, Hikvision's market value decreased by 34.896 billion yuan to 280.198 billion yuan; Sanhua Intelligent Control decreased by 34.750 billion yuan to 71.106 billion yuan; Flush decreased by 30.466 billion yuan to 52.701 billion yuan; Huadong Medicine decreased by 22.582 billion yuan to 48.630 billion yuan; and Hang Seng Electronics decreased by 21.872 billion yuan to 31.670 billion yuan.

It is worth noting that among the A-shares that rose overall in the first half of the year, the banking sector ranked first with a 17.02% increase. Specifically, 38 of the 42 A-share listed banks rose, accounting for more than 90%. Among them, Nanjing Bank had the highest increase of 51.9%, followed by Changshu Bank, Chengdu Bank, Chongqing Rural Commercial Bank, Shanghai Bank, Hangzhou Bank, Bank of Communications, Bank of Beijing, Agricultural Bank of China, CITIC Bank, Qilu Bank, Shanghai Rural Commercial Bank, Pudong Development Bank, Suzhou Bank, China Merchants Bank, Huaxia Bank and Sunong Bank.

Focusing on Zhejiang listed companies, compared with the substantial market value growth of over 10 billion yuan of Hangzhou Bank and Ningbo Bank, the market value of Zheshang Bank also increased from 65.284 billion yuan at the beginning of the year to 72.489 billion yuan, an increase of 7.204 billion yuan.

Industry insiders said that the current market risk appetite is low, and bank stocks with "low volatility + high dividends" have become popular in the market, and stable and high-quality bank stocks are even more favored as scarce assets.