Emerging "new blue chips", which focus on the new economy and boast good performance as listed companies, provide quality assets to investors, said analysts.
New blue chips are defined as listed companies with a capital of more than 10 billion yuan (.51 billion) or an annual profit of more than 500 million yuan, according to the Shanghai Stock Exchange.
The SSE has been making efforts to push forward the development of the "new blue chip" sector since June.
New economy covers a wide range of enterprises operating in unconventional industries and services.
These include traditional enterprises that have transformed or upgraded themselves into new-age businesses.
Such companies used to make low-value products; now, they make high value-added products or offer high-value services.
Among them, high-tech companies offer high-end equipment, new energy generating facilities, new materials research and development, and high-end medical and healthcare services.
According to the SSE, of the 1,388 companies listed on it, about 29 percent were related to the "new economy" by November-end, eight percentage points higher than that of 2013.
Two hundred and six companies were newly listed in 2017. Nearly 60 percent, or 123, of the 206 newly listed companies focus on the "new economy".
According to Essence Securities, listed companies that focus on the new economy are characterized by lower energy consumption, an environmentally friendly approach to business, sustainable development, value-added products or services, and knowledge intensity.
They source more financial resources from the capital market nowadays.
For example, Guangzhou-based Kingmed Diagnostics Co Ltd, which went public in Shanghai in September, has seen its share price triple from some 10 yuan on listing to 29.6 yuan on Dec 15.
The third-party medical laboratory group offers services in medical testing, clinical trials, food and hygiene testing, and scientific research. It is seen as one of the rising "new blue chips".
Shanghai-listed Youon Co Ltd, a bicycle supplier, is another example. The Shanghai-based bicycle maker transformed itself from a traditional manufacturer to a provider of GPS-enabled shared bicycles.
It has become one of the largest bike-sharing service providers in a number of cities. Its shares traded at 27 yuan in August and rose to 57.43 yuan on Dec 15.
The idea of new blue chips encourages small startups to focus on developing core competence. China's capital market has a record of welcoming such companies with irreplaceable technologies or business models.
"New blue chips listed in Shanghai will also encourage more leading players in the new economy to go public and list on the SSE, making it a hub for high-growth companies and enabling investors to profit from their growth," said Xu Yilin, deputy general manger of the SSE.
The capital market supports growth of new blue chips by meeting their financial needs, while the latter in turn offer good assets to investors, said a research note of CITIC Securities.
"New economy companies have excellent profitability and encourage long-term investment, which is good for the stability and sustainability of the capital market," the note said.