中国股票策略-2025 年第三季度财报季总结：市场流动性与 “反内卷” 推升盈利预期China Equity Strategy_ 3Q25 results season wrap - market liquidity and anti-involution lifting earnings estimates

ab 28 November 2025 Global Research China Equity Strategy 3Q25 results season wrap - market liquidity and anti-involution lifting earnings estimates Improved topline growth with divergent trends in sector margins MSCI China's 3Q25 revenue growth accelerated slightly to 2% YoY while earnings growth was sustained at 4% YoY. Post the results season, consensus earnings were revised up in the past month, most notably in non-bank financials. From a sector perspective, non-bank financials and tech continued to pos ...