Decoding the new growth momentum of A-share companies in the first half of the year: AI leads the growth and reshapes the pattern of "anti-inner circle".

As of 8 p.m. on August 29, a total of 5,343 A-share listed companies have disclosed their 2025 semi-annual reports, with 4,116 of them achieving profits, accounting for 77.04%. Excluding financial and "three barrels of oil" companies, the total operating income of A-share listed companies amounted to 25.98 trillion yuan, a year-on-year increase of 0.61%; the net profit attributable to the mother was 1.34 trillion yuan, with a year-on-year increase of 3.02%. From a structural perspective, one of the most prominent features is the coexistence of new and old driving forces: the artificial intelligence industry has transitioned from "speculation" to "performance realization", with many companies in the industry chain seeing significant performance growth; the "anti-inner loop" policy has driven the restructuring of supply and demand in multiple traditional industries, leading to profit recovery.