4月份A股面对冲击展现韧性

Market Performance - In April, the A-share market showed resilience despite the impact of the trade war initiated by the Trump administration, with the Shanghai Composite Index only declining by 1.7% [1][2] - The Shanghai Composite Index reached its lowest point on April 7 at 3040.69 points, with a subsequent recovery to close at 3279.03 points by the end of the month [2][4] - The Shenzhen Component Index and the ChiNext Index also experienced significant declines of 5.75% and 7.4% respectively, but both indices showed recovery towards the end of the month [4][10] Company Earnings - The overall performance of listed companies in 2024 is projected to decline for the second consecutive year, with total operating revenue of 71.7 trillion yuan, a decrease of 0.7% year-on-year, and net profit attributable to shareholders of 5.2 trillion yuan, down 2.28% [11][13] - The primary reasons for the decline in earnings are substantial losses in the real estate and photovoltaic sectors, with 1,333 companies reporting losses, accounting for 26% of the total [11][13] - Notably, four real estate companies reported losses exceeding 10 billion yuan, with Vanke losing 49.5 billion yuan, and other major losses from companies like *ST Jinke and Greenland Holdings [11][13] Quarterly Recovery - In contrast to the annual decline, the first quarter of 2025 showed signs of recovery, with net profit for 5,133 listed companies reaching 1.487 trillion yuan, an increase of 3.6% year-on-year [17][19] - This growth is particularly significant given the backdrop of declining bank profits, with 42 listed banks reporting a total net profit of 564 billion yuan, a decrease of 68 billion yuan compared to the previous year [19] - The recovery in the first quarter suggests that many companies are beginning to improve their performance, indicating a positive start for the Chinese economy in 2025 [17][19]