Core Viewpoint - The overall revenue and net profit of all A-shares in the first three quarters have achieved year-on-year growth, with a notable improvement in net profit growth rates, driven by low base effects from the previous year and strong performance in TMT and non-bank sectors [1][21]. Group 1: Overall Performance - All A-shares achieved a cumulative year-on-year revenue growth of 1.35% in Q3 2025, an increase of 1.23 percentage points from H1 2025 [1]. - The cumulative year-on-year net profit growth for all A-shares in Q3 2025 was 5.54%, a significant increase of 2.95 percentage points from H1 2025 [3]. - The cumulative year-on-year growth rate of net profit for non-financial A-shares in Q3 2025 was 1.92%, up by 0.70 percentage points from H1 2025 [3]. Group 2: Sector Performance - The TMT sector continued to show high prosperity, with a net profit growth of 21.66% in Q3 2025, reflecting a marginal increase of 4.42 percentage points from H1 2025 [52][53]. - The non-bank financial sector drove the overall A-share net profit growth, with a year-on-year increase of 38.97% in Q3 2025 [61]. - The materials sector led the net profit growth at 36.43% in Q3 2025, showing a significant improvement from previous quarters [52]. Group 3: Financial Metrics - The overall return on equity (ROE) for all A-shares in Q3 2025 was 7.73%, a slight increase of 0.13 percentage points from Q2 2025 [34]. - The net cash flow from operating activities as a percentage of revenue for non-financial A-shares was 10.54% in Q3 2025, indicating a positive trend [41]. - The total revenue for all A-shares in Q3 2025 was 458.582 billion, a 0.70% increase from Q3 2024 [22]. Group 4: Inventory and Production - The willingness to replenish inventory and expand production among non-financial A-shares remains weak, with a year-on-year inventory growth of -2.47% in Q3 2025 [45]. - Capital expenditure for non-financial A-shares showed a year-on-year decline of 2.43% in Q3 2025, indicating cautious investment behavior [45]. Group 5: Future Outlook - The positive outcomes from Sino-US economic negotiations and the gradual implementation of new domestic growth policies are expected to further enhance the profitability trend of listed companies [21].