Lates News

The research report of CITIC Securities pointed out that by 2025, the A-share market as a whole is still in a bottoming out phase, with non-financial sectors seeing stable revenue growth and ROE. In Q2 2025, the year-on-year net profit growth rates for all A-shares, financial, and non-financial sectors were +1.5%, +5.8%, and -1.9% respectively, indicating low volatility. In terms of net profit structure, the industrial sector was mainly affected by declining commodity prices, while TMT sector saw the fastest year-on-year profit growth, matching market trends. The increase in financial profits mainly came from securities firms. Overall, the recommendation is to focus on industries with real profit realization or strong industrial trends, particularly in resources, innovative pharmaceuticals, and gaming. From a medium to long-term investment perspective, it is important to pay attention to industries that may have sustained pricing power due to supply-side factors and external demand growth in China. In terms of short-term profit realization, it is suggested to focus on rare earths, cobalt, tungsten, phosphorus chemical industry, pesticides, fluorine chemical industry, and photovoltaic inverters. Additionally, the release of a series of consumer electronics products in September suggests focusing on the consumer electronics industry and evaluating opportunities in the supply chain.