Zhongtai Securities(SH:600918) Zhi Tong Cai Jing·2025-11-07 09:10Core Viewpoint - The overall revenue of A-shares is expected to improve, with a year-on-year increase of 1.16% in Q3 2025, and net profit growth rebounding to 5.34% compared to Q2 2025, indicating a recovery in performance across the market [1][2]. Group 1: A-share Performance - In Q3 2025, the overall revenue of A-shares increased by 1.16% year-on-year, showing significant improvement compared to Q2 [1]. - The net profit growth rate for the parent company rose to 5.34%, an increase of 2.88 percentage points from Q2 [1]. - The return on equity (ROE) for A-shares in Q3 was 7.95%, up 0.22 percentage points from Q2, driven by improvements in net profit margin and equity multiplier [1]. Group 2: Industry Performance - The performance of 30 first-level industries showed significant structural differentiation, with the highest net profit growth in industries such as steel, non-ferrous metals, non-bank financials, electronics, and media [2]. - The cyclical sectors displayed a "price drop, stable volume" pattern, with some industries like steel showing significant improvement in profit margins, while others like coal and petrochemicals faced declines [2][3]. - The technology sector remains a key driver of profit growth, with net profit growth rates for electronics, communications, and media at 38.3%, 8.8%, and 37.4% respectively [3]. Group 3: Investment Recommendations - The current investment focus may shift towards "anti-involution" strategies in upstream industries and the expansion of technology applications, with short-term attention on consumption-boosting policies leading to structural rebounds [5]. - Key investment themes include strengthening the technology sector, particularly in AI applications and terminal directions, and focusing on high-growth upstream sectors that are currently undervalued [5]. - There is potential for brokerage firms to benefit from market recovery and policy support, presenting a phase-specific investment opportunity [5].