文 | 银行螺丝钉 （转载请注明出处） 前段时间，上市公司2025年三季报陆续公布了。 有朋友问，上市公司的定期报告有哪些，在哪里查看呢？ 过去几年，哪些公司赚钱了，哪些亏钱了？ 今年前3季度，上市公司盈利增长恢复了么？ 针对大家的这些疑问，螺丝钉也通过直播课，进行了讲解。 长按识别下面二维码，添加 @课程小助手 微信，回复「 1111 」即可观看直播回放。 （提示：回复后可以耐心等待几秒哦～） 上市公司的定期报告及披露时间 A股上市公司每年会有4份定期报告，分别是一季报、半年报（中报）、三季报和年报。 港股与A股类似，港股上市公司定期报告，也主要是季报、年报等。 不同的是，港股对季报披露时间，并没有强制要求。 实际的披露时间，通常也会比A股要晚一些。 另外，港股的财政年度有可能不是自然年度，而是可以自定义的。 所以三季报，大家主要看A股指数的相关数据。港股指数的数据三季度还不完全，只是定性参考下，等年报数据看会更准确。 这些定期报告，各自的披露时间，如下表所示。 | | A服 | 港股 | | --- | --- | --- | | 季度报告 | 1个月内披露 | 港股对季度报告无强制要求 A + H股公司 ...

文 | 银行螺丝钉 （转载请注明出处） 想要获取这门课程，可以扫下方二维码添加 @课程小助手 ，回复「 基金定投 」领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 ◆◆◆ wnl 银行螺丝钉 #螺丝钉小知识 基金定投是非常适合懒人的投资方式，但是如何才能聪明地做好基金定投？ 定投前要准备什么？如何制定好定投计划？ 4种定投方法，哪个更适合你？如何止盈？ 这里有一门限时免费的福利课程，能帮助你搞清楚这些问题。 上市公司的定期报告何时披露，又如 何查询呢? 如果用一个公式，总结股票指数基金投资的 收益来源，那就是：指数基金净值=估值× 盈利+分红。 港股与 A股类似,港股上市公司定期报告, 也主要是季报、年报等。 不同的是,港股对季报披露时间,并没有强 制要求。实际的披露时间,通常也会比A股 要晚一些。 另外，港股的财政年度，有可能不是自然年 度，而是可以自定义的。 这些定期报告，各自披露时间如下表所示。 | | AN | 港股 | | --- | --- | --- | | 季度报告 | 1个月内披露 | 港股对季度报告无强制要求 A + H股公司需按内地规则披露 | | 中期报告 | 2 ...

Group 1 - The core viewpoint of the article emphasizes the recovery of profitability among listed companies in the first three quarters of 2025, with a notable increase in earnings growth compared to previous periods [1][18]. - The article discusses the importance of monitoring quarterly reports from listed companies, which include quarterly reports, semi-annual reports, and annual reports, with specific disclosure timelines for A-shares and Hong Kong stocks [3][4][5]. - It highlights the various methods to access these reports, including official stock exchange websites and company websites [7]. Group 2 - The article explains that long-term earnings growth is a primary driver of market increases, summarizing the relationship between index fund returns and company earnings [9]. - It provides an overview of different representative indices in A-shares and Hong Kong stocks, analyzing their earnings growth [11][12]. - The performance of the CSI All Share Index shows stable earnings growth, with a recovery in profitability in 2025 after a decline in previous years [17][18]. Group 3 - The CSI 300 Index, representing large-cap stocks, has shown stable earnings growth, with a significant increase in earnings growth rate to 12.27% in Q3 2025 [20][21]. - The Hang Seng Index also demonstrated stable earnings, recovering to a growth rate of 16.54% in Q3 2025 after fluctuations in earlier quarters [23][24]. - The H-share Index exhibited similar trends, with a recovery in earnings growth to 16.09% in Q3 2025 [26]. Group 4 - The CSI 500 Index, representing mid-cap stocks, experienced significant fluctuations in earnings, but showed improvement in 2025 with growth rates of 16.28% in Q3 [29][31]. - The CSI 1000 Index, representing small-cap stocks, also faced volatility, recovering to an earnings growth rate of 8.65% in Q3 2025 [35]. - The ChiNext Index, representing growth-oriented stocks, had high earnings growth rates, with Q3 2025 showing a growth rate of 36.26% [38]. Group 5 - The article discusses the performance of various strategy indices, noting that the CSI Dividend Index has shown stable earnings growth, while the Hang Seng Dividend Low Volatility Index has experienced larger fluctuations [43][45]. - The CSI A500 Index, representing leading growth stocks, saw a significant improvement in earnings growth to 11.8% in Q3 2025 [48][50]. - The consumer sector indices, including the CSI Consumer Index and Consumption 50 Index, displayed varying earnings growth, with the latter showing more stability [55][60]. Group 6 - The healthcare sector, represented by the Hang Seng Healthcare Index, experienced rapid earnings growth in early 2025, although it faced a decline in Q3 [67][70]. - The technology sector in Hong Kong showed strong earnings growth, with a notable increase of 128.92% in Q1 2025, although growth rates slowed in subsequent quarters [73].

Group 1 - The core viewpoint of the article emphasizes the importance of monitoring the earnings growth of listed companies as a key driver for market performance [8][74] - A-share companies release four periodic reports annually: quarterly reports, semi-annual reports, quarterly reports, and annual reports, while Hong Kong stocks have similar requirements but with more flexible disclosure timelines [4][5] - The earnings growth of listed companies is crucial for the long-term upward trend of stock indices, as it influences both valuation and dividends [8][9] Group 2 - The overall earnings situation of A-shares can be observed through the CSI All Share Index, which showed a significant earnings growth of over 20% in 2021, but faced stagnation in 2023 and 2024, with a slight decline of approximately 0.23% in 2024 compared to 2023 [21][23] - In Q1 2025, A-share companies experienced a year-on-year earnings growth of about 4.46%, which slowed to approximately 2.19% in Q2 2025, influenced by external factors such as tariff crises and declining profits in major state-owned energy enterprises [23][24][25] - The CSI 300 index, representing large-cap stocks, showed stable earnings growth, with a year-on-year increase of around 3%-5% in recent quarters, reflecting the resilience of large companies during economic fluctuations [27][28] Group 3 - The CSI 500 index, representing mid-cap stocks, exhibited significant earnings volatility, with a year-on-year growth of 6.51% in Q1 2025 and 3.6% in Q2 2025, indicating recovery after previous declines [30][31] - The CSI 1000 index, representing small-cap stocks, had a remarkable earnings growth of 68.02% in 2021, but faced declines in 2023 and 2024, with a recovery in Q1 2025 at 16.13%, followed by a slowdown to 0.44% in Q2 2025 [34][36] - The ChiNext Index, representing growth-oriented stocks, showed a strong earnings growth of 30.79% in Q1 2025, which decreased to 13.39% in Q2 2025, reflecting the inherent volatility of growth stocks [36] Group 4 - The Hang Seng Index, representing Hong Kong stocks, experienced a year-on-year earnings growth of 16.32% in Q1 2025, but saw a significant drop to only 0.14% in Q2 2025, with technology and healthcare sectors performing well while energy sector profits declined [38][40] - The H-share Index, representing large-cap Hong Kong stocks, displayed stable earnings growth, similar to the Hang Seng Index, but also faced a slowdown in Q2 2025 [40][41] - The Hang Seng Consumer Index showed a strong recovery with a year-on-year growth of 29.48% in Q2 2025, driven by new consumer companies listing in Hong Kong [62][63] Group 5 - The healthcare sector in Hong Kong, represented by the Hang Seng Healthcare Index, demonstrated significant earnings growth, with a year-on-year increase of 172.89% in Q1 2025 and 59.75% in Q2 2025 [68][70] - The Hong Kong technology sector also showed robust earnings growth, with a year-on-year increase of 128.92% in Q1 2025 and 51.24% in Q2 2025, indicating a strong recovery in this sector [72]

Core Viewpoint - The article emphasizes the importance of monitoring the profitability growth of listed companies as a key driver for market performance and investment strategies [8][40]. Group 1: Regular Reports of Listed Companies - Listed companies have periodic reports that provide insights into their profitability growth [5][6]. - Various methods to access these reports include official stock exchange websites, individual company websites, and financial terminals like Wind [14]. Group 2: Profitability Trends in A-shares - A-shares have shown stable profitability, with a notable decline in 2024 compared to 2023, with a decrease of approximately 0.23% [19]. - In the first quarter of 2025, listed companies experienced a year-on-year profitability growth of about 4.46% [20]. Group 3: Performance of Different Indices - The CSI 300 index, representing large-cap stocks, has shown stable profitability growth, with annual net profit growth consistently positive over the past five years [21]. - The CSI 500 index, representing mid-cap stocks, saw a significant profit increase of over 49% in 2021, but experienced substantial declines in 2022 and 2024, with a recovery of 6.5% in the first quarter of 2025 [25]. - The CSI 1000 index, representing small-cap stocks, had a remarkable profit growth of 68% in 2021, but faced declines in 2023 and 2024, with a recovery of approximately 16% in the first quarter of 2025 [31]. Group 4: Sector-Specific Insights - The consumer sector has experienced significant profit fluctuations, with a recovery in net profit growth in the first quarter of 2025 [37]. - The pharmaceutical sector saw a surge in profits during the mask event in 2020-2021, followed by a decline in 2023-2024, but is showing signs of recovery in 2025 [39][42]. Group 5: Market Dynamics and Future Outlook - The article suggests that the core driver of market growth is the profitability of listed companies, with potential for recovery in the economic environment if profitability continues to improve in 2025 [40][44].

Group 1 - The core viewpoint of the article emphasizes the importance of listed companies' earnings growth as a primary driver for market performance [42] - The article discusses the four regular reports that listed companies publish annually: quarterly reports, semi-annual reports, three-quarter reports, and annual reports [3][5] - It highlights the stability of earnings growth in large-cap stocks, represented by the CSI 300 index, which has shown consistent positive growth over the past five years [21] Group 2 - The overall earnings situation of A-shares is observed through the CSI All Share Index, with a notable decline in earnings growth in 2024 compared to 2023, approximately 0.23% [18] - Mid-cap stocks, represented by the CSI 500 index, experienced significant fluctuations in earnings, with a notable increase of 6.5% in the first quarter of 2025 after a decline in previous years [24] - Small-cap stocks, represented by the CSI 1000 index, showed a dramatic increase of 68% in earnings in 2021, but faced consecutive declines in 2023 and 2024, with a recovery of about 16% in the first quarter of 2025 [27][28] Group 3 - The article notes that the leading strategy, represented by the CSI A500 index, typically shows higher earnings growth than the overall market, although it has seen a decrease in growth rates from 2022 to 2024 [30] - The dividend strategy, represented by the CSI Dividend Index, has shown stable earnings growth in recent years, contrasting with its performance during the 2019-2020 period [34] - The consumer sector has experienced significant earnings volatility, with a recovery in net profits in the first quarter of 2025 after a decline in 2021 due to external factors [36]