中信证券：A股中报整体仍磨底 出海是超预期的重要线索

Core Insights - The report from CITIC Securities indicates that the overall A-share mid-year report in 2025 is still in a bottoming phase, with revenue growth and ROE stabilizing in the non-financial sector [1] Financial Performance - In Q2 2025, the net profit year-on-year growth rates for all A-shares, financial, and non-financial sectors were +1.5%, +5.8%, and -1.9% respectively, reflecting a low volatility characteristic [1] - The industrial sector's net profit is primarily dragged down by commodity prices, while consumer profit growth is declining [1] - The TMT sector shows the fastest year-on-year profit growth, aligning well with market trends [1] - The financial sector's incremental growth mainly comes from brokerage firms [1] International Business Impact - Despite facing challenges such as tariffs, exchange rate losses, and cash flow pressures, a number of representative companies have seen their overseas business significantly boost overall revenue and profit margins [1] - The expansion into international markets is identified as a key factor for exceeding expectations in the mid-year report [1]