天风证券：A股盈利周期底部拐点或已迈，三季度盈利指标回升概率较大

Core Viewpoint - The report from Tianfeng Securities indicates that the bottom of the A-share profit cycle may have been reached, with a significant probability of profit indicators rebounding by the third quarter of 2025, suggesting a gradual improvement in A-share profitability [1] Group 1: Profit Growth Projections - For the overall A-share market, the expected revenue growth rates for 2025 and 2026 are 4.78% and 10.98%, respectively [1] - The projected growth rates for net profit attributable to shareholders for 2025 and 2026 are 10.70% and 17.94%, respectively [1] Group 2: Sector-Specific Insights - It is anticipated that all sectors will likely see a significant rebound in revenue growth by 2026, with growth rates expected to expand compared to 2025 [1] - The TMT (Technology, Media, and Telecommunications) and consumer sectors are expected to exhibit more resilience in growth rates, while the public utilities and transportation sectors are facing greater performance pressures [1] Group 3: Upstream Cycle Outlook - In the upstream cycle, the revenue growth for 2025 is expected to be driven solely by the non-ferrous metals and basic chemicals sectors [1] - However, it is projected that the net profit growth for 2026 will turn positive after being negative [1]