证券研究报告 | 策略研究 gszqdatemark 2025 05 06 年 月 日 投资策略 A 股 25Q1 盈利与供需特征如何？——25Q1 财报分析（一） 一、业绩增长：A 股盈利回升转正，净利率是主要驱动 1.1 业绩增长：A 股盈利 24Q4 进一步下探、25Q1 回升转正 ——全 A/全 A 非金融业绩增速 2024 年四季度进一步下探，2025 年一 季度回升转正。全 A/全 A 非金融 25Q1 归母净利润同比分别为 3.58%/4.28%，环比分别变动 5.94/17.26pct；全 A/全 A 非金融 24Q4 归 母净利润同比分别为-2.36%/-12.99%，环比分别变动-2.30/-5.75pct。 ——上市板看，主板业绩保持韧性、创业板业绩弹性较强；宽基指数看， 大盘业绩增速小幅回落，中小盘盈利明显修复；行业风格看，科技 TMT、 可选消费、中游制造业绩占优，中游制造、科技 TMT、上游资源增速改善。 1.2 营收增长：A 股营收增速连续两期修复，但仍小幅负增 ——全 A/全 A 非金融营收增速连续两期修复，但仍小幅负增。全 A/全 A 非金融 25Q1 营业收入同比分别为-0 ...

Overall Performance - A-share listed companies achieved a total operating income of approximately 72 trillion yuan in 2024, showing steady progress supported by a series of incremental policies [1] - The Shanghai Stock Exchange main board companies generated a total operating income of 49.57 trillion yuan, while the Shenzhen Stock Exchange companies reported 20.82 trillion yuan [2] - The Beijing Stock Exchange had 265 companies with a total operating income of 1808.45 billion yuan, remaining stable compared to 2023 [2] Profitability - The net profit of Shanghai Stock Exchange main board companies reached 4.35 trillion yuan, a year-on-year increase of 1.9% [3] - The net profit of companies on the Shenzhen Stock Exchange totaled 8064.47 billion yuan, while the Beijing Stock Exchange companies reported a net profit of 110.30 billion yuan [3] R&D Investment - R&D investment by A-share companies continued to increase, with Shanghai Stock Exchange companies investing over 1 trillion yuan, accounting for nearly 40% of national R&D expenditure [4] - The average R&D intensity of companies on the Beijing Stock Exchange reached 5.04% in 2024, with over 60% of companies increasing their R&D investment year-on-year [4][5] Dividend Distribution - In 2024, 1259 companies on the Shanghai Stock Exchange announced cash dividends totaling 1.77 trillion yuan, a 6% increase year-on-year [7] - The Shenzhen Stock Exchange companies disclosed a total dividend amount of 5789.55 billion yuan, reflecting a year-on-year growth of 14.97% [7] Export Performance - China's goods trade exports reached a new high in 2024, with a year-on-year growth of 7.3%, and overseas business income of listed companies accounted for 14.3% of total revenue [8] - The Shanghai Stock Exchange main board companies achieved overseas income of 6.09 trillion yuan, while Shenzhen Stock Exchange companies reported 4.18 trillion yuan, with significant growth in export-oriented companies [8] High-Value Products - High-value products are increasingly penetrating global markets, with the median gross margin of overseas sales for companies on the Science and Technology Innovation Board reaching 40.8% [9] - 37 companies ranked first globally in terms of shipment volume, market share, and sales in their respective fields, showcasing the international influence of domestic innovations [9]

（原标题：【盘中播报】34只A股跌停 银行行业跌幅最大） 证券时报•数据宝统计，截至下午13:59，今日沪指跌0.12%，A股成交量785.69亿股，成交金额9296.16亿 元，比上一个交易日增加13.60%。个股方面，3764只个股上涨，其中涨停90只，1463只个股下跌，其 中跌停34只。从申万行业来看，计算机、汽车、机械设备等涨幅最大，涨幅分别为2.44%、1.88%、 1.71%；银行、钢铁、建筑材料等跌幅最大，跌幅分别为2.78%、0.98%、0.66%。（数据宝） 今日各行业表现（截至下午13:59） | 申万行业 | 行业 | 成交额 | 比上日 | | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | 涨跌 | （亿元） | （%） | 领涨（跌）股 | （%） | | | （%） | | | | | | 计算机 | 2.44 | 1031.38 | 30.71 | 创意信息 | 19.93 | | 汽车 | 1.88 | 657.36 | 24.57 | 菱电电控 | 20.00 | | 机械设备 | 1.71 | 839.15 | 18.71 ...

证券时报·数据宝统计，截至下午13:59，今日沪指跌0.15%，A股成交量722.11亿股，成交金额8215.76亿 元，比上一个交易日减少5.62%。个股方面，3528只个股上涨，其中涨停68只，1688只个股下跌，其中 跌停59只。从申万行业来看，美容护理、机械设备、传媒等涨幅最大，涨幅分别为3.27%、1.43%、 1.21%；公用事业、综合、石油石化等跌幅最大，跌幅分别为2.04%、0.79%、0.71%。（数据宝） 今日各行业表现（截至下午13:59） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 美容护理 | 3.27 | 60.52 | -7.83 | 锦波生物 | 9.58 | | 机械设备 | 1.43 | 707.92 | 10.08 | 大叶股份 | 19.98 | | 传媒 | 1.21 | 239.96 | -13.59 | 冰川网络 | 8.20 | | 基础化工 | 0.79 | 571.41 | 3.62 | 聚赛龙 | 20.01 ...