虹桥国际中央商务区发布了《虹桥支持长三角企业"走出去"人才服务举措》，聚焦企业在港澳签注、签 证办理、海外聘才、合规运营等方面的核心需求，联合人力资源、海外招聘、财税薪酬、跨境安家、医 疗健康等领域的专业机构，推出二十项具体举措，形成从人才出境到海外融入的全流程服务闭环。例 如，为符合条件的企业高管办理亚太经合组织商务旅行卡，便利在APEC经济体之间的跨境商旅活动； 通过米高浦志等具有国际背景的猎头公司，定向猎取海外市场的高管及核心专业技术人才等。 本次论坛上，位于虹桥国际中央商务区东虹桥片区的"虹桥·海创湾"宣布启动，并推出助力人才创新创 业十条举措。此外，由虹桥国际人才服务中心、上海虹桥海外人才一站式服务中心以及苏州、嘉兴、合 肥三市的高层次（综合）人才服务中心共同发起的"长三角城市人才平台协同服务合作倡议"也在论坛上 发布。长三角创业投资基金服务联盟举行战略合作签署仪式，该联盟由上海、江苏、浙江、安徽三省一 市创投机构共同组建，投资领域覆盖集成电路、生物医药、人工智能等关键赛道。 根据联盟合作协议，各成员机构将通过互推优质科创项目，互荐战略合作伙伴，协作调研区域内创业投 资基金相关政策与规定，扩大对区域 ...

Market Overview - The A-share market experienced a pullback this week due to a decline in market risk appetite, with major indices generally falling. The Shanghai Stock Exchange 50 Index had the best performance with a decline of -2.7%, while the ChiNext Index saw the worst performance with a decline of -6.2%. The overall valuation of the Wind All A Index is at the 83rd percentile since 2010 [4]. Industry Performance - In terms of industry performance, the banking, media, and food and beverage sectors experienced relatively smaller declines, with changes of -0.9%, -1.3%, and -1.4% respectively. Conversely, the power equipment, comprehensive, and basic chemicals sectors lagged behind with declines of -10.5%, -9.2%, and -7.5% respectively [4]. Important Events - Key events this week included China's stern diplomatic response to Japan's Prime Minister's erroneous remarks, the Netherlands' suspension of an administrative order against ASML, and President Putin's announcement regarding visa-free policies for Chinese citizens. Additionally, the November LPR rates were published, remaining unchanged at 3.0% for the 1-year and 3.5% for the 5-year, marking the sixth consecutive month of stability [5]. Market Sentiment - The market remains in a bull phase, but short-term fluctuations are expected due to overseas market volatility. Factors such as increased uncertainty regarding the Federal Reserve's potential rate cuts in December, high valuations in tech stocks, and concerns over an AI bubble have contributed to a turbulent week for U.S. stocks, with the Nasdaq index falling by 2.74% [6][7]. Investment Strategy - In the current market environment, the focus should be on defensive and consumer sectors in the short term, while maintaining attention on TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors in the medium term. The market is likely to experience a period of consolidation, with previously lagging sectors such as high-dividend and consumer stocks expected to perform better [7].

Group 1 - The A-share market experienced a pullback this week, with major indices declining due to decreased market risk appetite. The Shanghai Composite Index fell by 2.7%, while the ChiNext Index dropped by 6.2%. The overall valuation of the entire A-share market is at the 83rd percentile since 2010 [1][10][12] - In terms of industry performance, the banking, media, and food and beverage sectors showed relatively smaller declines, with respective changes of -0.9%, -1.3%, and -1.4%. In contrast, sectors such as power equipment, comprehensive, and basic chemicals faced larger declines, with changes of -10.5%, -9.2%, and -7.5% [1][10][14] Group 2 - Recent significant events include China's stern diplomatic response to Japan's remarks, the Netherlands suspending an administrative order against ASML, and Russia's announcement of a visa-free policy for Chinese citizens [2][19][20] - Economic data released this week showed that the one-year and five-year LPR rates in China remained unchanged at 3.0% and 3.5%, respectively. In the U.S., September's non-farm payrolls exceeded expectations, with an increase of 119,000 jobs, leading to speculation that the Fed may delay interest rate cuts in December [2][21] Group 3 - The market is still in a bull phase, but short-term fluctuations are expected. The Shanghai Composite Index saw a weekly decline of 3.9%, while the STAR 50 Index dropped by 5.54%. The volatility in the A-share market is influenced by fluctuations in overseas markets, particularly in the tech sector [3][24][25] - The current market position may represent the starting point of a long-term bull market, supported by improving fundamentals and industry highlights. However, short-term catalysts may be lacking, leading to a phase of consolidation [3][25] Group 4 - Short-term investment focus should be on defensive and consumer sectors, while mid-term attention should remain on TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors. High-dividend and consumer stocks are expected to perform better during market fluctuations [3][35][38] - The TMT sector currently has several catalysts, including Alibaba's launch of a new AI model and Oracle's significant growth in remaining performance obligations. If the market shifts to a fundamentals-driven phase, advanced manufacturing is likely to become a key focus [3][40][43]

Market Overview - On November 17, the Shanghai Composite Index experienced fluctuations, while the ChiNext Index saw a significant decline, although losses narrowed towards the end of trading. The North China 50 Index rose against the trend [1] - At the close, the Shanghai Composite Index fell by 0.46% to 3972.03 points, the Shenzhen Component Index decreased by 0.11% to 13202 points, and the ChiNext Index dropped by 0.2% to 3105.2 points. The Shanghai 50 Index declined by 0.87%, while the North China 50 Index increased by 0.81%. The total trading volume across the Shanghai, Shenzhen, and North exchanges reached 19,305 billion [1] Sector Performance - Sectors such as insurance, banking, brokerage, pharmaceuticals, and electricity saw declines, while military, coal, and real estate sectors experienced gains. Additionally, lithium mining, AI applications, and Huawei computing concepts were active [1] Market Sentiment and Outlook - According to Everbright Securities, the market may still be in a bull market phase, but a wide fluctuation period is expected in the short term. Compared to previous bull markets, there is still considerable room for index growth, but the duration of the bull market may be more important than the magnitude of the increase under the government's "slow bull" policy guidance [1] - In the short term, the market may lack strong catalysts, and year-end behavior of some investors may trend towards caution, leading to a focus on consolidation. Defensive and consumer sectors are recommended for short-term attention, while TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors should be monitored in the medium term [1] - During the consolidation phase, previously lagging sectors may perform better, particularly high-dividend and consumer sectors. In the medium term, TMT is likely to become a main focus under liquidity-driven market conditions, while advanced manufacturing should be emphasized if the market shifts to a fundamentals-driven approach [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report focuses on the performance and capital flow of the ETF fund market in the past week (from November 10th to November 14th), including the overall market, different popular sub - types, and innovative themes and sub - industries, to provide reference for investors [1]. 3. Summary According to Relevant Catalogs 3.1 ETF Market Overall Performance - **Market Performance**: Most stock ETFs rose this week. Hong Kong stock pharmaceutical and biological ETFs had the largest increase, with an average increase of 6.10% for funds above a certain scale. Conversely, A - share TMT ETFs and A - share growth ETFs declined significantly, with average decreases of 4.37% and 3.20% respectively for funds above a certain scale [2][5]. - **Capital Flow**: Funds flowed into A - share TMT ETFs and commodity ETFs, with net inflows of 8.239 billion yuan and 5.957 billion yuan respectively throughout the week. In contrast, A - share large - cap ETFs experienced capital outflows, with a net outflow of 7.556 billion yuan throughout the week [3][7]. 3.2 Different Popular Sub - type ETF Fund Market Performance - **A - share ETFs**: Include various types such as broad - based index (full - market, large - cap/super large - cap, small - and medium - cap, science and technology/growth enterprise board), industry (TMT, mid - stream manufacturing, consumption, pharmaceutical and biological, cycle, financial and real estate), SmartBeta (value, growth, dividend, free cash flow), and theme. Different types of funds have different performance in terms of weekly capital flow, weekly return, recent one - month return, and year - to - date return [14][15][16]. - **Hong Kong stock ETFs**: Also cover broad - based index, industry (TMT, mid - stream manufacturing, consumption, pharmaceutical and biological, financial and real estate), SmartBeta (dividend), and theme. Each type shows different performance characteristics [29][30][31]. - **Hong Kong - Shanghai - Shenzhen ETFs**: Include industry and theme types, with different performance in terms of capital flow and return [37][38]. - **US stock ETFs**: Divided into broad - based index and industry types, with corresponding performance data [39][40]. - **Other QDII - ETFs (excluding Hong Kong and US stocks)**: Provide performance information of relevant funds [41]. - **Bond ETFs**: Present the performance of bond - related ETFs [42]. - **Commodity ETFs**: Mainly gold - related ETFs, all showing a certain degree of increase this week [43]. 3.3 Innovative Themes and Sub - industry ETF Fund Market Performance - **TMT Innovation Theme**: Indexes such as animation and games, film and television themes, and financial technology have different weekly and year - to - date returns, and the corresponding representative funds also show corresponding performance [45]. - **Consumption Sub - industry**: Indexes like liquor, food and beverage, and tourism have different performance, and the representative funds follow suit [46]. - **Pharmaceutical Sub - industry**: Indexes such as vaccine and biotechnology, traditional Chinese medicine, and innovative drugs have different returns, and the corresponding funds perform accordingly [47]. - **New Energy Theme**: Indexes including power utilities, green power, and photovoltaic industry have different performance, and the representative funds show corresponding trends [48]. - **Central and State - owned Enterprise Theme**: Indexes such as mainland state - owned enterprises, Hong Kong stock central enterprise dividends, and central enterprise innovation have different returns, and the corresponding funds perform accordingly [49][50]. - **Stable Growth Theme**: Indexes such as coal, real estate, and non - ferrous metals have different performance, and the representative funds follow suit [51]. - **Hong Kong - Shanghai - Shenzhen/Hong Kong Stock Connect Sub - industry**: Indexes such as Hong Kong - Shanghai - Shenzhen Internet, Hong Kong securities, and Hong Kong stock connect pharmaceuticals have different returns, and the corresponding funds perform accordingly [52]. - **Dividend/Dividend Low - Volatility Index Family**: Indexes such as CSI 300 Dividend, CSI Dividend Low - Volatility, and SSE Dividend have different performance, and the corresponding funds follow suit [53]. - **Growth Enterprise Board Index Family**: Indexes such as Science and Technology Innovation Chip, Growth Enterprise Board Growth, and Growth Enterprise Board 50 have different performance, and the corresponding funds follow suit [54].

Group 1 - The A-share market experienced a general upward trend this week, with the Shanghai Composite Index showing the best performance at a gain of 1.1%, while the Small and Medium-sized Enterprises Board Index had the worst performance with a decline of 0.6% [1][10][12] - The valuation of the Wind All A Index is currently at the 89.2 percentile since 2010, indicating a relatively high valuation level [1][10][16] - The sectors of power equipment, coal, and oil and petrochemicals performed relatively well, with respective gains of 5.0%, 4.5%, and 4.5% [1][12][54] Group 2 - The market style this week leaned towards value, with large-cap value stocks showing a gain of 2.3%, while large-cap growth stocks only gained 0.3% [12][51] - The market is currently in a bull phase, but short-term fluctuations are expected due to influences from overseas markets, including the volatility of the US stock market [3][23][24] - The overall market valuation is at a relatively high level, with the PE-TTM valuation of the Wind All A Index at 22.2 times, which may lead to increased market divergence [23][24][36] Group 3 - Recent economic data shows that China's goods trade maintained a steady growth trend, with a year-on-year increase of 3.6% in the first ten months of 2025 [2][20] - The import and export values for October were 3.7 trillion yuan, with exports decreasing by 0.8% and imports increasing by 1.4% [2][20] - The three major memory manufacturers have suspended DDR5 pricing, which may impact the supply chain [2][21] Group 4 - The report suggests focusing on defensive and consumer sectors in the short term, while continuing to pay attention to TMT and advanced manufacturing sectors in the medium term [34][36] - The TMT sector is expected to become a main line in the mid-term due to liquidity-driven market conditions, while advanced manufacturing may gain attention if the market shifts to a fundamental-driven phase [36][38]

1. Report Industry Investment Rating - The document does not mention the industry investment rating [1] 2. Core Viewpoints - The report focuses on the performance and capital flow of the ETF fund market in the past week, including overall market, different popular sub - types, and innovative themes and sub - industries, to provide reference for investors [1] 3. Summary by Related Catalogs 3.1 ETF Market Overall Performance - Market performance: From November 3rd to 7th, stock ETFs showed mixed performance. Hong Kong dividend ETFs and Hong Kong - themed ETFs (mainly central and state - owned enterprise themes) led the gains, with an average increase of 3.62% and 3.51% respectively for funds above a certain scale. Conversely, Hong Kong and A - share pharmaceutical and biological ETFs led the losses, with an average decline of 3.37% and 3.17% respectively for funds above a certain scale [2][5] - Capital flow: Capital flowed significantly into Hong Kong TMT ETFs, with a net inflow of 9.65 billion yuan for the whole week. In contrast, A - share large - cap ETFs saw a significant net outflow of 12.264 billion yuan [3][9] 3.2 Different Popular Sub - type ETF Fund Market Performance - A - share ETFs: Include various types such as broad - based index (full - market, large - cap/super - large - cap, small - and mid - cap, science and innovation/growth enterprise board), industry (TMT, mid - stream manufacturing, consumption, pharmaceutical and biological, cycle, financial real estate), SmartBeta (value, growth, dividend, free cash flow), and theme. Each type has different fund performance in terms of weekly capital flow, weekly return, recent 1 - month return, and year - to - date return [15][19][25] - Hong Kong ETFs: Include broad - based index, industry (TMT, mid - stream manufacturing, consumption, pharmaceutical and biological, financial real estate), SmartBeta (dividend), and theme. Similar to A - share ETFs, they also have different performance indicators [30][31][34] - Shanghai - Hong Kong - Shenzhen ETFs: Include industry and theme types, with corresponding performance data [35][36] - US ETFs: Include broad - based index and industry types, showing different performance [37][38] - Other QDII - ETFs (excluding Hong Kong and US): Have different performance in terms of capital flow and return [39] - Bond ETFs and commodity ETFs: Also have their own performance characteristics [40][41] 3.3 Innovative Themes and Sub - industry ETF Fund Market Performance - TMT innovation themes: Different themes such as film and television, semiconductor chips, 5G communication, etc. have different weekly and year - to - date returns [43] - Consumption sub - industries: Include national grain, tourism, animal husbandry and breeding, etc., with corresponding performance [44] - Pharmaceutical sub - industries: Such as traditional Chinese medicine, medical care, medical devices, etc., have different performance [45] - New energy themes: Include photovoltaic industry, new energy, low - carbon economy, etc., showing different returns [46] - Central and state - owned enterprise themes: Different themes like inland state - owned enterprises, central enterprise modern energy, etc. have corresponding performance [47] - Steady - growth themes: Include coal, steel, chemical industry, etc., with different weekly and year - to - date returns [48] - Shanghai - Hong Kong - Shenzhen/Hong Kong Connect sub - industries: Such as Hong Kong securities, Hong Kong Connect consumption, etc., have different performance [49] - Dividend/dividend low - volatility index family: Different indices have different performance [50] - Science and innovation/growth enterprise board index family: Include dual - innovation 50, growth enterprise board growth, etc., with corresponding performance [51]

Core Viewpoint - Public funds have significantly increased their holdings in technology stocks, with the TMT sector's allocation surpassing 40%, indicating a potential bubble in institutional holdings [1][2] Group 1: Fund Holdings and Market Trends - Public funds' total market value in the top 50 holdings reached 806.216 billion, with information technology stocks accounting for 415.589 billion, over 50% of the total [1] - Institutional investors' holdings in the TMT sector have reached 40.16%, surpassing previous peaks during the new energy wave [1][2] - Active equity funds increased their stock positions to 85.8%, with significant allocations in the electronic and communication sectors [2] Group 2: Valuation and Market Dynamics - The technology sector is experiencing high valuation levels, with potential risks of overvaluation and market rebalancing due to concentrated holdings [3] - The electronic industry has reached a historical high in institutional holdings, with a 25% allocation [3] - Despite short-term volatility, the long-term outlook for technology stocks remains positive, supported by ongoing AI investments [5][6] Group 3: Investment Strategies and Recommendations - Some funds suggest that the current market conditions may present buying opportunities for quality companies despite recent profit-taking [6] - Investment strategies recommend balanced allocations, with a focus on AI computing and internet sectors during market adjustments [6]

Report Title - The report is titled "Analysis of Public Offering Equity and FOF Fund Q3 Reports: Growth Mainline Spreading at Multiple Levels, Institutional Herding Progressing Synchronously" [1] Investment Rating - The document does not mention the industry investment rating. Core Viewpoints - In Q3 2025, the A-share market showed characteristics of a high-beta, comprehensively rising, growth-led structural bull market, with the Hong Kong stock market moving in tandem. Growth indices outperformed value indices, and the market showed multi-level diffusion of investment opportunities and synchronous institutional herding. Active equity funds continued to experience slight net redemptions, but the overall scale increased significantly driven by net value. Funds concentrated on increasing allocations in the TMT direction and adjusted positions from relatively weak sectors [3]. Summary by Directory 1. Fund Market Overview - **Performance Review**: The A-share market in Q3 2025 showed a high-beta, comprehensively rising, growth-led structural bull market. Broad-based indices generally rose significantly, with the ChiNext leading. The Shanghai Composite Index, Shenzhen Component Index, and CSI 300 rose 12.73%, 29.25%, and 17.90% respectively, while the ChiNext Index and STAR 50 Index rose 50.40% and 49.02%. The Hong Kong stock market moved in tandem with the A-share market. In terms of style, large, medium, and small-cap growth indices significantly outperformed value indices, with large-cap growth leading [10]. - **Industry Index Performance**: In Q3, 30 out of 31 Shenwan industries, except for the banking industry, achieved positive returns. Technology manufacturing and non-ferrous metals performed well, while the financial sector was generally weak. The top 5 industries in terms of increase were communication (48.65%), electronics (47.59%), power equipment (44.67%), non-ferrous metals (41.82%), and comprehensive (32.77%) [13]. - **Equity Fund Performance**: In Q3 2025, the average net value of various types of equity funds increased significantly. The average maximum drawdown of balanced hybrid funds with lower stock positions was the lowest, at 4.72%, while that of ordinary stock funds was the highest, at 6.20%. In terms of the Sharpe ratio, partial equity hybrid and flexible allocation funds were relatively high in the short term, and balanced hybrid funds showed better risk-return performance in the long term [23]. - **Scale and Share**: As of the end of Q3 2025, the total scale of active equity funds was 3.99 trillion yuan, a significant increase of 20.81 pct quarter-on-quarter, and the total share was 2.64 trillion shares, a decrease of 5.27 pct quarter-on-quarter. Equity funds continued to experience slight net redemptions, but the overall scale increased significantly driven by net value [30]. - **Newly Issued Funds**: In Q3, the number and scale of newly issued active equity funds increased significantly. A total of 109 funds were newly issued, with a total scale of 5.3925 billion yuan, an increase of 2.3277 billion yuan compared to the previous quarter, reaching a new high in the past three years. Among them, partial equity hybrid funds had the largest newly issued scale, at 4.8082 billion yuan [32]. 2. Fund Holding Characteristics - **Stock/Hong Kong Stock Positions**: In Q3 2025, the equity fund positions increased, with an average stock position of 88.98%, an increase of 1.42 percentage points compared to the end of the previous quarter. The Hong Kong stock position of equity funds slightly decreased this quarter, with the average investment market value of Hong Kong stocks accounting for 13.55% of the net value, a slight decrease of 0.20 percentage points compared to the previous quarter [39]. - **Heavyweight Stock Sector Allocation**: In Q3, the technology sector was the most heavily held by active equity funds, and the holding ratio further increased significantly compared to Q2. The funds concentrated on increasing allocations in the TMT direction and adjusted positions from relatively weak sectors such as banking and food and beverage [43]. - **Heavyweight Stock Industry Allocation**: The electronics industry remained the most heavily held by equity funds, and the allocation ratio further increased, while the banking industry was significantly reduced. The concentration of the top five industries increased from 49.27% in Q2 to 58.58% [47]. - **Top Ten Heavyweight Stocks**: The top 10 stocks by market value accounted for by equity fund heavyweight holdings were Contemporary Amperex Technology Co., Limited, Tencent Holdings, Xinyisheng, Zhongji Innolight, Alibaba Group Holding Limited, SMIC, Industrial Foresight, Luxshare Precision Industry Co., Ltd., Zijin Mining Group Co., Ltd., and Kweichow Moutai Co., Ltd. Stocks with a relatively large increase in market value accounted for in Q3 were Zhongji Innolight, Industrial Foresight, and Xinyisheng [49]. - **Heavyweight Stock Market Value & Concentration**: The market value style of equity fund holdings strengthened towards large-cap stocks. The concentration of the top 50, 100, and 200 stocks increased significantly in Q3, and the herding trend returned [58]. 3. Fund Company Analysis - **TOP20 Fund Company Scale**: In Q3 2025, the equity fund scales of the top 20 active equity fund companies increased significantly compared to Q2. The top 5 institutions remained unchanged from the previous quarter, and among the companies ranked 6 - 20, the equity scale of Yongying Fund increased significantly, rising 11 places [61]. - **TOP20 Fund Company Heavyweight Industries**: The first major heavyweight industries of the top 20 fund companies were mainly electronics and pharmaceutical biology. Dacheng Fund's first major heavyweight industry was non-ferrous metals, showing some differentiation [62]. - **TOP20 Fund Company Heavyweight Stocks**: In Q3, the average concentration of the top three heavyweight stocks of the top 20 active equity fund companies was 13.49%, and that of the top five was 20.01%, slightly decreasing compared to the previous quarter. Xingquan Fund had the highest concentration of the top three heavyweight stocks, at 24.69% [64]. 4. Theme Fund Analysis - **Fund Performance**: In Q3, the performance of various industry theme funds was differentiated. Technology theme funds performed the best, rising 45.96% in the quarter, followed by new energy and cyclical theme funds. Financial theme funds had the worst performance, only rising 3.25% [68]. - **Pharmaceutical and Consumption Themes**: In pharmaceutical theme funds, the sub - sectors with a relatively high market value accounted for were chemical preparations and other biological products. In consumption theme funds, the sub - sectors with a relatively high market value accounted for were liquor and agriculture, forestry, animal husbandry, and fishery [72]. - **Technology and New Energy Themes**: In technology theme funds, the sub - sectors with a relatively high market value accounted for were artificial intelligence and semiconductors. In new energy theme funds, the sub - sectors with a relatively high market value accounted for were photovoltaics and energy storage [76]. 5. FOF Holding Analysis - **High - Allocation Funds**: In Q3 2025, the active equity fund with the highest allocation in FOF heavyweight holdings was "Fuguo Steady Growth", followed by "Bodaogrowth Zhihang" and "Caixin Asset Management Digital Economy" [78]. - **High - Quantity Funds**: In Q3 2025, the active equity fund most heavily held by FOF was still "Fuguo Steady Growth", followed by "Bodaogrowth Zhihang" and "Invesco Great Wall Quality Evergreen" [80]. - **Allocation/Quantity Changes**: In Q3 2025, the active equity fund with the largest increase in both allocation and quantity in FOF heavyweight holdings was "E Fund Growth Power" [82]. - **New - Generation Fund Managers**: Among the active equity funds managed by new - generation fund managers with less than 3 years of management experience, the FOF heavyweight fund with the highest allocation in Q3 was "E Fund Strategic Emerging Industries", managed by Ouyang Liangqi [84].

Core Viewpoint - The article highlights a stabilization and rebound in the ROE (Return on Equity) of A-shares, indicating a recovery in overall profitability across the market, with significant improvements in growth sectors such as TMT and the ChiNext board [3][4]. Group 1: Overall Market Performance - The ROE of the entire A-share market increased from 6.74% in Q3 2022 to 6.80% in Q3 2023, marking a year-on-year growth of 0.75% and breaking a downward trend [5][6]. - The growth sectors, particularly the ChiNext and technology-focused indices, showed substantial improvements, with the ROE of the ChiNext index rising by 12.30% year-on-year [7][8]. Group 2: Sector Analysis - The TMT (Technology, Media, and Telecommunications) sector maintained high growth, with the ROE of technology leaders increasing from 8.04% to 10.26%, a growth of 27.59% [16]. - The consumer sector exhibited mixed results, with the ROE of the consumer index declining from 17.18% to 16.51%, while the household appliances sector showed a slight increase from 12.66% to 12.90% [17][18]. - The pharmaceutical sector showed signs of stabilization, with the overall ROE rising from 8.43% to 8.52%, while the renewable energy sector began to show improvement, with the ROE of the photovoltaic industry increasing from 1.50% to 1.75% [19][20]. Group 3: Profitability Drivers - The rebound in A-share ROE is primarily driven by improvements in net profit margins and stabilization in asset turnover rates, indicating enhanced operational efficiency rather than increased leverage [22][23]. - The sectors with the most significant revenue improvements include TMT, financial services, and midstream manufacturing, while the consumer sector remains under pressure [24].