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] Summary by Category Profit Growth Projections - For the years 2025 and 2026, the overall revenue growth rates for all A-shares are projected to be 4.78% and 10.98% respectively, while the net profit growth rates attributable to the parent company are expected to be 10.70% and 17.94% [1] Sector Performance - It is anticipated that all sectors will likely see a significant rebound in revenue by 2026, with growth rates expected to expand compared to 2025. The TMT (Technology, Media, and Telecommunications) and consumer sectors are expected to show more resilience in growth, while public utilities and transportation sectors are facing greater performance pressures [1] Upstream Cycle Insights - In the upstream cycle, the revenue growth in 2025 is expected to be driven solely by the non-ferrous metals and basic chemicals sectors. However, it is projected that the net profit growth attributable to the parent company will turn positive in 2026 after being negative [1]