Just now someone in the comment section said that Chinese listed companies do not include Xiaomi and BYD, so it is better to package Shanghai, Shenzhen, and Hong Kong together and directly include them in the top 20 of China as a whole. 1. Tencent $593.8 billion 2. Alibaba $316.4 billion 3. Industrial and Commercial Bank of China ICBC 313.7 billion US dollars Agricultural Bank of China ABC is about 300 billion US dollars Construction Bank CCB is approximately 276 billion US dollars 6. Bank of China's BOC is approximately 240 billion US dollars 7. Moutai is worth approximately 256 billion US dollars 8. China Mobile $250 billion CATL $248 billion from CATL 10. China National Petroleum Corporation's 227 billion US dollars 11. Ping An Insurance: $180 billion 12. AIA Insurance AIA $160 billion 13. Meituan $124.7 billion 14. Baidu $112.5 billion 15. NetEase $104.4 billion 16. Xiaomi $80 billion 17. BYD BYD $75 billion 18. JD http://(JD. com) $65 billion 19. China Merchants Bank CMB 60 billion US dollars 20. CITIC Securities CITIC $55 billion (Including A+H shares, snapshot on December 21, 2025) Currently, China's total of 20 is approximately 3.8 trillion US dollars The total market value of China, Hong Kong, and mainland China is approximately 21 trillion US dollars (Shanghai ≈ 8.99 trillion+Shenzhen ≈ 4 trillion+Hong Kong ≈ 5 trillion+adjustment of US and Chinese concept stocks). Okay, Xiaomi and BYD are included, what's the result? There are only 8 companies (Tencent, Alibaba, Meituan, Baidu, NetEase, Xiaomi, BYD, CATL) in the top 20 miles of technology and new energy. The total is less than 1.5 trillion yuan, which is less than a fraction of Nvidia's (4.16 trillion yuan) in the United States. The remaining 12 are all banks, insurance companies, petroleum companies, Baijiu companies and securities companies - typical "stock guardian alliance". Further analysis of the market value and company comparison between China and the United States, and the ecology behind the gap: After adding Hong Kong stocks, the total market value of China and Hong Kong barely surged to $21 trillion, seemingly "equaling" the top 10 in the United States (21.5 trillion), but this is just a numbers game - once the structure is dismantled, the truth is revealed. A brief analysis of the comparison between China and the United States (based on a snapshot as of December 1, 2025, data sources: Companies MarketCap, Statista, CEIC, HKEX): At the level of total market value, the US stock market is approximately $67.8 trillion (more than half of the global market is dominated by NYSE and Nasdaq, with technology stocks contributing over 80%); The total market value of China and Hong Kong is approximately 21 trillion US dollars, which is only one-third of that of the United States. The gap is not the scale, but the growth rate: The United States will increase by 25% by 2025, driven by AI+cloud; China and Hong Kong rebounded, but overall saw a 15% pullback, dragged down by real estate and regulation. Top 10/20 company level: The total amount of the top 10 in the United States is 21.5 trillion yuan, all of which are "AI closed-loop" - NVIDIA (4.16 trillion yuan) ranks among the top 3 in China and Hong Kong (Tencent+two banks ≈ 1.2 trillion yuan), with the top 8 technology stocks accounting for 90% (chip, cloud, e-commerce, and autonomous driving are fully covered); Top 20 in China and Hong Kong, with a total of 3.8 trillion yuan: Finance+energy+consumption accounted for 75% (top 5 banks, followed by oil+Baijiu), and technology only accounted for 25%. Xiaomi (80 billion) and BYD (75 billion) enter the top 20, but AI penetration? Almost zero. Digging deeper: The advantage of the United States lies in the "ecological moat" - Silicon Valley+Wall Street+policies, capital flocking to AI (Nvidia tripled in a year), and market value rolling like a snowball; What about China and Hong Kong? The stock industry is conservative (the bank is stable but low growth, and the Baijiu culture is free of global barriers). Although there are Tencent Ali technology stocks, regulation and geography make them like "internal champions", which is difficult to break the ceiling. result? The top 10 in the United States is equivalent to twice the total market value of China and Hong Kong, while Nvidia alone is 1.1 times the total value of the top 20 in China and Hong Kong. Comment: This is not 'China's speed' losing to 'American innovation', it's capital voting ——AI is the new oil, whoever builds the refinery first will eat meat. Wake up, China and Hong Kong's 21 trillion yuan is the passing line, and the United States' 67 trillion yuan is the starting line. In the next decade, without restarting the AI ecosystem, the gap will only turn from science fiction to reality. (Real time data, snapshot on December 21, 2025) What do you think, young man? Welcome to chat in the comment section