CITIC Securities: Significant Profit Recovery of Large Market Value Leaders in Last Year's Annual Report, Performance Pressure Still Prominent for Small and Medium Market Value Enterprises.

CITIC Securities stated that as of January 31, 2026, a total of 2976 A-share companies had disclosed their 2025 annual performance forecasts, with a total disclosure rate of 54.0%. Among them, the proportion of companies forecasted to have better-than-expected results reached 37%, an increase from 33% in the 2024 annual report forecasts. This round of performance forecasts shows structural features of "technology-driven, external demand support, and financial pressure," with significant profit recovery in large-cap leading companies and continued performance pressure on small and medium-sized companies.