年报出炉：ROE增速分化，哪些指数率先企稳？

Core Viewpoint - The article provides a comprehensive review of the performance of major A-share indices for the years 2024 and Q1 2025, highlighting trends in return on equity (ROE) and the overall economic conditions reflected by these indices [3][4][23]. Group 1: Overall Market Performance - The overall market benchmark, the Wind All A Index, shows a decline in ROE to 7.92% in 2024, a decrease of 6.34% year-on-year, indicating a continuing downward trend [7]. - In Q1 2025, the index ROE further decreased from 2.21% in Q1 2024 to 2.19%, although the rate of decline has slowed compared to previous years [7]. Group 2: Major Indices - The Shanghai Stock Exchange 50 Index, representing the largest 50 companies in the Shanghai market, recorded a ROE of 10.59% in 2024, a slight increase of 0.14% from 2023, but saw a decline in Q1 2025 to 2.60% [8]. - The Shenzhen 100 Index, which includes the largest 100 companies in the Shenzhen market, experienced a significant drop in ROE to 10.59% in 2024, a decrease of 14.32% from the previous year, but rebounded to 3% in Q1 2025, reflecting a 15.88% increase [9][10]. Group 3: A-Series Indices - The CSI A50 Index, a key large-cap index, had a ROE of 11.62% in 2024, with a slight decline to 2.96% in Q1 2025, indicating relative stability [12]. - The CSI A100 Index showed a ROE of 10.48% in 2024, down 7.92% from 2023, but the decline rate slowed in Q1 2025 to 2.62% [12]. - The CSI A500 Index, representing a broader market, had a ROE of 9.82% in 2024, with a further decline to 2.51% in Q1 2025, reflecting ongoing challenges for mid-sized companies [12]. Group 4: Mid and Small Cap Indices - The CSI 300 Index, a core broad-based index, reported a ROE of 10.09% in 2024, down 1.37% year-on-year, with a further decline to 2.58% in Q1 2025, indicating stabilization among large enterprises [15]. - The CSI 500 Index, representing mid-cap companies, saw a significant drop in ROE to 6.02% in 2024, down 17.34%, but showed signs of recovery with a 5.29% increase in Q1 2025 [15]. - The CSI 1000 Index, which tracks small-cap companies, had a ROE of 4.88% in 2024, down 7.04%, but improved to 1.59% in Q1 2025, suggesting a potential bottoming out [16]. Group 5: Innovation and Growth Indices - The ChiNext Index, representing innovative enterprises, had a ROE of 12.48% in 2024, down from previous years, but began to recover in Q1 2025 with a ROE increase [19]. - The Sci-Tech 50 Index, which tracks technology-focused companies, reported a ROE of only 4.34% in 2024, a significant decline of 43.42%, and further dropped to 0.30% in Q1 2025, indicating severe challenges in the tech sector [21][22]. Group 6: Summary - Overall, 2024 was a challenging year for A-share indices, with a general decline in ROE across major indices, particularly in the CSI 2000, Sci-Tech 50, and ChiNext 200, which experienced the steepest declines [23]. - However, signs of recovery were noted in early 2025, particularly among growth-oriented indices like the ChiNext and Shenzhen 100, suggesting a potential turnaround for growth companies [23].