Shenwan Hongyuan: The industries in which the proportion of A-share Q2 profits has significantly increased are mainly concentrated in the cyclical and manufacturing sectors.

Shenwan Hongyuan released a research report stating that in the second quarter of 2025, the overseas environment is complex and volatile, global trade tariff conflicts are intensifying, and geopolitical risks are resurfacing. At the same time, new quality productivity represented by artificial intelligence is driving continuous progress in the technology industry domestically. The domestic demand sector is still in the process of bottoming out, with some industries gradually emerging from the trough and showing improvement. Particularly noteworthy is that the manufacturing sector, which represents China's global competitive advantage, has shown signs of recovery. In terms of dynamics, compared to ten years ago, the industries with a significant increase in profit share in 2025Q2 are mainly concentrated in cyclical and manufacturing industries, which are also the areas where China holds a competitive advantage in the global market.