GF SEC: What is the proportion of the top 5% of stocks in terms of trading volume in the US stock market?

Hot issue: The trading volume of the top 5% stocks in the US vs A shares US perspective: The trading volume of the top 5% stocks in the US has exceeded 70% three times in history. From 1995 to 2000, the internet stock market; From 2007 to 2008, the subprime mortgage crisis broke out, leading to a safe-haven market; From 2017 to the present, funds have been flocking to large technology companies, with the trading volume of the top 5% stocks in the US currently accounting for about 70% of the total. From the US experience, the following conclusions can be drawn: When major industry trends emerge, trading concentration will break through the long-term threshold of the past. Using the fluctuation range of the past 10-20 years as a threshold may lead to missing out on major opportunities; The trading concentration in the current US stock market has not reached a high level, slightly lower than the peak in September 2020, and far below the level during the internet bubble in 2000. A shares perspective: The trading volume of the top 5% stocks is rapidly increasing but has not yet exceeded 50% and has not reached historical highs. With significant external changes occurring, there is still room for the trading concentration of relevant sectors in A shares to increase. Even in comparison with historical highs, the current trading concentration is still lower than previous highs; Faced with major industry trends, trading concentration itself is expected to reach new highs; It is difficult for the accelerated selling of traditional assets in this round to continue, and the high slope of future trading concentration is expected to slow down. Trading volume/market value ratio of the technology industry: US vs A shares US perspective: During the internet era, both the trading volume ratio and market value ratio of the internet industry in the US reached new highs. As shown in Figure 7, the trading volume ratio of the hardware equipment industry in the US has had a stable threshold (17%) in most periods such as the 1970s to 1980s and the 2000s to the 2010s, but during the internet era in the 1990s and the AI era 23 years later, the trading volume ratio significantly and... (Apologies, the rest of the text could not be translated due to exceeding the character limit. Please resubmit the remaining text for translation.)