CITIC Securities: A-share earnings turn positive, and the free cash flow yield continues to increase.

Guotai Junan Securities released a research report stating that as of the morning of April 30th, the annual reports for 2024 and the first quarter reports for 2025 of A-share listed companies have been basically disclosed. Due to the continuous manifestation of policy effects and the driving force of technological innovation trends, the overall profit growth rate of A-shares has turned positive. In terms of major industries, information technology and consumer services have relatively leading growth rates, TMT, natural resources, and midstream manufacturing industries have shown marginal improvement. It is recommended to pay attention to areas with relatively high profit growth rates and marginal improvement in free cash flow.