张瑜：或需聚焦A股的境外盈利

Core Viewpoint - The report analyzes the contribution of overseas profits to the A-share market, particularly focusing on the equipment manufacturing sector, which has shown significant growth driven by overseas operations [2][4]. Group 1: Volume - Observation of Overseas Gross Profit Ratio - In 2024, the proportion of gross profit from overseas for manufacturing listed companies is estimated to be 23.7%, slightly higher than the overseas revenue proportion of 22.3% [5][12]. - The equipment manufacturing sector has an even higher overseas gross profit ratio, projected to reach 31.2% in 2024 [5][12]. Group 2: Contribution - Contribution of Overseas Gross Profit Growth in the First Half of the Year - In the first half of the year, the revenue growth for the equipment manufacturing sector was 10.0%, with 3.3% coming from overseas [6][15]. - The gross profit growth for the equipment manufacturing sector was 5.4%, with 4.0% attributed to overseas contributions, indicating a strong reliance on international markets [6][16]. Group 3: Profit - Observation of Growth Rate in the First Three Quarters - The net profit growth rate for all A-share non-financial companies in the first three quarters was 1.7%, a significant improvement from -12.9% for the previous year [7][20]. - The equipment manufacturing sector experienced the highest growth rate at 18.6% in the first three quarters, compared to -14.2% for the previous year, suggesting a strong correlation with overseas performance [7][20]. Group 4: Market Value - Observation of Growth in the First Three Quarters - As of the end of September, the total market value of all A-share non-financial companies was 96.9 trillion, up from 76.8 trillion at the end of the previous year [8][23]. - The manufacturing sector contributed 85% to the market value growth, with the equipment manufacturing sector alone accounting for 70.3% of this increase [8][23].