策略跟踪报告：A股盈利能力有望延续回升

Group 1 - The core viewpoint of the report indicates that the profitability of A-shares is expected to continue its recovery, with a notable increase in the number of companies issuing positive earnings forecasts for 2025 [3][4] - As of February 9, 2026, 2,976 A-share companies have disclosed their annual earnings forecasts, representing a disclosure rate of 54.32% [8][10] - Among the disclosed forecasts, 1,106 companies (37.16%) issued positive earnings forecasts, with the largest segment being those predicting earnings growth, totaling 625 companies (21.00%) [12][21] Group 2 - The stable sector has the highest proportion of positive forecasts at 57.58%, followed by the cyclical sector at 42.55%, and the financial sector at 42.27% [13][19] - Five industries have a positive forecast rate exceeding 50%, with non-bank financials, non-ferrous metals, and the automotive industry leading in expected profit growth [16][21] - The report highlights significant performance disparities among industries, with defense, automotive, and beauty care sectors turning losses into profits, while energy-related sectors like oil and coal show negative growth [21][24] Group 3 - Investment recommendations suggest focusing on sectors with improving profitability, particularly in non-ferrous metals, basic chemicals, machinery, and TMT (Technology, Media, and Telecommunications) [24] - The report emphasizes that technological innovation and industrial upgrades are key drivers for the recovery in profitability, suggesting a strategic focus on high-end manufacturing and technological innovation sectors [24]