A total of 16 out of 19 industry sectors turned profitable, with 12 sectors posting revenue growth and 10 sectors recording gains in both revenue and net profit. All manufacturing sub-sectors were profitable, among which 8 achieved revenue growth and 5 saw net profit expansion. Excluding the financial sector, real-economy listed companies generated combined revenue of 32.51 trillion yuan, up 6.6% year-on-year, while net profit reached 1.95 trillion yuan, an increase of 22%. Constituents of the CSI 300 Index contributed 22.30 trillion yuan in revenue, representing 59% of the total market share, and delivered 2.78 trillion yuan in net profit, accounting for 78% of the market total, further cementing the stabilizing role of core assets.

During the first half of 2026, the domestic economy operated within a reasonable range, with GDP growing 4.7% year-on-year. Prices recovered moderately, foreign trade showed robust momentum, and new growth drivers expanded rapidly. As of August 31, a total of 5,557 listed companies across the domestic stock market — comprising the Shanghai, Shenzhen, and Beijing exchanges — had released their 2026 interim reports. The data indicates steady improvements in operational quality and efficiency among listed companies, accelerated industrial restructuring, surging technological innovation, a recovering traditional cycle, and increasingly well-established shareholder return mechanisms, marking notable progress in high-quality development.

In the first half of the year, listed companies across the entire market achieved operating revenue of 37.76 trillion yuan, up 7.6% year-on-year, maintaining a steady growth rate. Net profit totaled 3.58 trillion yuan, rising 19.5%, with growth momentum accelerating by 16.7 percentage points compared with the previous full year. In the second quarter alone, revenue reached 19.92 trillion yuan and net profit 1.95 trillion yuan, with both metrics growing significantly faster than in the first quarter. Breaking down the data, three-quarters of companies were profitable, 60% saw revenue growth, and 40% recorded higher net profit, while 2,015 firms achieved simultaneous growth in both revenue and net profit. The median revenue growth rate across the market stood at 5.7%, with median net profit growth at 0.9%.

Incremental gains were notable among companies listed since 2024, whose earnings growth exceeded the overall average with a median revenue increase of 11.4%. The ChiNext board demonstrated strong momentum, with revenue up 22.3% and net profit climbing 32.7%. The STAR Market delivered even more impressive results, posting nearly 40% revenue growth and a 4.4-fold surge in net profit. Beijing Stock Exchange companies saw their revenue scale surpass 138 billion yuan, accompanied by strengthening profitability, with 28 firms doubling their net profit. State-controlled listed companies improved their earnings, while private enterprises exhibited vigorous growth momentum, with net profit growth rates of 12.4% and 29.6% respectively — up 12.9 and 20.9 percentage points from the previous full year.

Industrial profits grew notably, and consumption and foreign trade trends remained positive. Nationwide, industrial enterprises above a designated size saw total profits rise 18.7% year-on-year in the first half, while industrial listed companies sustained profitability improvements, delivering net profit of 1.61 trillion yuan, up 31.2%. Amid external supply constraints on upstream raw materials and energy, coupled with rigid demand growth, prices for nonferrous metals and coal stayed elevated, driving net profit gains of 106.7% and 28.2% respectively in those sectors. Hard-tech enterprises played a pivotal supporting role, with the integrated circuit industry achieving a 2.4-fold increase in net profit as domestic chip ecosystems expanded. Domestic innovative drugs entered their commercialization window, with research value rapidly crystallizing, as the biomedicine sector posted 9.9% net profit growth. Breakthroughs in advanced machine tools, aerospace, and other critical fields helped the high-end equipment manufacturing sector achieve 13.1% revenue growth and 16.7% net profit growth.

Consumer services continued to improve. New energy vehicles approached a 50% penetration rate across all categories in the first half, with listed companies in the sector reporting 15.9% revenue growth. Black household appliances and smart wearables industries saw net profit growth exceeding 50%. Domestic travel trips surpassed 3.46 billion, with robust demand for county-level tourism and performance events boosting related service sectors. The transportation industry recorded 6.5% revenue growth, while tourism, hotels, and catering saw net profit growth above 10%. Total social logistics volume expanded 5.1%, with household and personal goods logistics maintaining resilience, and four listed express delivery companies grew revenue by 8.9%. Youth consumption trends became increasingly community-oriented, with cultural and emotional spending emerging as significant drivers of domestic demand. The pet industry grew revenue by 11.3%, while gaming and cosmetics sectors increased net profit by 65.7% and 24.7% respectively.

Foreign trade structure improved, with goods exports rising 13.4% year-on-year in the first half, marking 11 consecutive quarters of positive growth. Overseas operations of listed companies demonstrated stable scale and fresh vitality. A total of 3,196 listed companies disclosed overseas revenue, collectively reaching 6.06 trillion yuan, up 22.9%, with 553 companies generating more than half of their revenue from overseas markets. Structurally, high-tech and high-value-added products contributed increasingly. In the AI hardware space, electronic component exports grew 62.6%, with overseas revenue growth for electronics sector listed companies exceeding 40%. In the new energy field, lithium battery and wind turbine exports grew over 30%, while energy storage industry listed companies achieved 27.1% growth in overseas revenue. In high-end equipment, ship and marine engineering equipment exports rose 19.9%, with marine equipment industry companies continuing their rapid overseas revenue growth from the prior year.

Innovation vitality continued to surge, and green transition progressed steadily. Listed companies actively cultivated new quality productive forces, with total R&D investment reaching 847.3 billion yuan, up 3% year-on-year. Overall R&D intensity stood at 2.24%, roughly flat with the prior year. The three growth-focused boards intensified technology efforts, with the STAR Market maintaining R&D intensity above 10% for years, while the ChiNext and Beijing exchanges exceeded 4%. New-generation information technology and bio-industry sectors led innovation efforts, each with R&D spending surpassing 60 billion yuan and R&D intensity exceeding the overall level by 4.3 and 4.5 percentage points respectively. Across the market, 127 companies invested over one billion yuan in R&D, and 923 companies achieved R&D intensity above 10%, indicating significantly improved commercialization of innovation outcomes.

Green transition advanced steadily. The three-year energy conservation and carbon reduction initiative commenced, focusing on nine high-energy-consuming industries including steel and cement, promoting upgrades toward high-end, low-carbon equipment and accelerating the retrofit of restricted processes. With increased policy and financial support, energy-saving and environmental protection industry listed companies achieved double-digit growth in both revenue and net profit. The circular economy and "zero-waste city" initiatives deepened, with power batteries entering a wave of large-scale retirement. The waste resource utilization industry grew revenue by 26.3% and net profit by 1.6-fold.

Market entry and exit mechanisms remained smooth and orderly, while shareholder returns boosted confidence. As of August 31, the total number of listed companies reached 5,558, with strategic emerging industries and high-tech manufacturing jointly accounting for 60%. In 2026, 102 companies completed initial public offerings, with the ChiNext, STAR, and Beijing exchanges accounting for 82%, primarily concentrated in electronics and machinery equipment sectors. Meanwhile, 21 companies were delisted, with two-thirds from the Shanghai and Shenzhen main boards — including four forced delistings for major violations, 13 financial-based delistings, and one voluntary delisting. Hong Kong Exchange financing volumes surpassed the previous full-year level, with quality asset supply continuing to expand. Since the beginning of the year, 33 new A+H share companies emerged, nearly 100 mainland enterprises listed in Hong Kong, and a wave of hard-tech companies in AI and biomedicine appeared, further solidifying Hong Kong's position as a global asset allocation hub.

A normalized and sustainable shareholder return mechanism is taking shape, with interim dividend intensity increasing year by year. As of August 31, 872 listed companies announced cash dividend plans for the first quarter and interim period, up 54 from the prior year, with strategic emerging industry companies accounting for half. Total cash dividends across the market reached 740.3 billion yuan, with an overall dividend payout ratio of 28.7%. 57 companies announced their first-ever dividends, and 5 companies distributed dividends multiple times within the year. State-controlled listed companies played a stabilizing role, contributing 80% of total dividend amounts, with 15 companies paying over 10 billion yuan and 56 companies exceeding one billion yuan. Numerous listed companies launched buyback and share increase plans, reinforcing investor confidence with tangible actions. As of August 31, excluding canceled buybacks, 1,051 listed companies announced 2026 buyback proposals totaling over 220 billion yuan, with self-funded buybacks accounting for 39% and an overall completion rate of 34%. Market-capitalization-management buybacks grew noticeably in number, with planned amounts surpassing 100 billion yuan, complementing incentive-based buybacks and enhancing long-term returns in the capital market. Additionally, 273 listed companies announced share increase plans for 2026, with state-owned capital platforms China Reform Holdings and China Chengtong cumulatively increasing holdings by over 60 billion yuan.