智通财经网·2025-11-01 07:20Core Insights - A-shares in the non-financial sector have shown signs of recovery, with a year-on-year net profit growth of 1.65% in Q3 2025, compared to 0.89% in the mid-year report [4][6] - The return on equity (ROE) for non-financial A-shares has remained stable over three consecutive quarters, recorded at 6.56% for Q3 2025, slightly down from 6.57% in the mid-year report [6][7] - Major A-share indices have collectively improved in net profit growth, particularly in the technology sector, with notable increases in the ChiNext Index (+6.3%), the Growth Enterprise 50 (+11.5%), and the Sci-Tech 50 (+16.4%) [9][10] Financial Performance - Non-financial A-shares reported a 1.2% year-on-year growth in net profit for Q3 2025, contributing an additional 248 billion yuan compared to the previous year [2] - The cumulative revenue growth for non-financial A-shares in Q3 2025 was 0.31%, a recovery from a decline of 0.56% in the mid-year report [4] - The sales profit margin for non-financial A-shares increased to 4.12% in Q3 2025, up from 4.09% in the mid-year report, indicating a decrease in expense ratios rather than an increase in gross margins [7][6] Sector Contributions - Key sectors contributing to profit growth in Q3 2025 include non-ferrous metals (157 billion yuan), electronics (117 billion yuan), and steel (104 billion yuan) [2] - Sectors such as real estate, coal, and oil & petrochemicals continue to exert significant downward pressure on overall performance, with real estate showing a negative profit contribution of 407.5 billion yuan [2][11] - The technology, media, and telecommunications (TMT) sector, along with essential consumer goods, have shown positive profit growth, indicating a shift in market dynamics [11][12]