“重估牛”系列之基本面：A股周论：寻找中报的景气线索

Group 1 - The core viewpoint of the report indicates that the second quarter earnings and revenue of A-shares have improved, with significant marginal improvements in the TMT and real estate sectors [2][7][25] - The report highlights that from the perspective of marginal changes, the TMT and real estate sectors have shown substantial improvements in TTM earnings growth, with leading sectors for Q2 2025 including agricultural products, insurance, and comprehensive finance [2][25][39] - The report notes that the overall A-share revenue growth turned positive in Q2 2025, with a revenue growth rate of 0.64%, while the ChiNext and STAR Market led with growth rates of 11.36% and 8.03% respectively [16][22][25] Group 2 - The report identifies sectors that have not yet reached their previous highs and may experience a rebound, including steel, non-ferrous metals, and agriculture, which have seen upward adjustments in earnings expectations since June 2025 [8][39][43] - It emphasizes that 16 secondary industries have not yet returned to their September 2021 highs, indicating strong potential for rebound, particularly in sectors benefiting from favorable policies and improving fundamentals [8][39][43] - The report suggests that the financial sector, particularly banks, telecommunications, and electronics, contributed significantly to earnings growth in Q2 2025, while sectors like real estate and oil & gas faced declines [22][23][25]