From Scale Growth to Structural Shift: Q3 Reports from Shanghai and Shenzhen Listed Companies Reflect Economy Moving Toward New Growth Drivers

Official data show that as of October 31, a total of 5,224 companies listed in Shanghai and Shenzhen had disclosed their 2026 third-quarter reports. These companies posted combined operating revenue of 5.66 trillion yuan and net profit of 5.1 trillion yuan in the first three quarters, up 5.8% and 8.5% year on year, respectively. Both the scale and growth rate hit their highest levels since 2022. The rolling return on equity (ROE) stood at 7.9%. Of the Shanghai and Shenzhen listed companies, 73% were profitable. By board, net profit at main-board companies in Shanghai and Shenzhen rose 1.1% and 18.0% year on year, both posting positive growth. Net profit at STAR Market and ChiNext companies rose 474.6% (106.9% excluding CXMT) and 22.7%, respectively. Market analysts believe three main drivers are behind the rapid earnings growth: accelerating development of the artificial intelligence (AI) industry, rising upstream energy and resource prices, and strong export growth. They argue that the growth in listed companies' profits is shifting from traditional heavyweight sectors toward the new economy and global pricing segments. (中证报)