According to Zhitong Finance APP, GF Securities has released a research report indicating that with the completion of A-share interim report disclosures, noteworthy positive developments have emerged across aggregate dimensions in this reporting cycle. A-share order indicators continue to show improvement, with the primary industries demonstrating high H1 year-over-year growth rates and significant growth contribution being: computer technology, basic chemicals, defense and military industry, power equipment, and automotive sectors.

Beyond the well-recognized high-growth AI computing power orders, the firm has conducted further examination of other industries, identifying sectors with high year-over-year order growth in H1 2025: wind power (cables/turbines/tower foundations), lithium batteries, lithium battery equipment, motorcycles, semiconductors (equipment), CXO, automation equipment (such as 3C equipment), other power supply equipment, IT services, and computer equipment.

GF Securities' main perspectives are as follows:

First, maintaining previous key judgments, the market has established "bull market thinking," and once trends form, they are difficult to reverse in the short term. Since late June, changes have occurred in the capital market's "four reservoirs," and the positive spiral of "capital inflow - profit effect - capital inflow" has been activated. For investors already holding technology mainline positions in this bull market cycle, at current valuation differentiation levels that are not particularly high, the necessity of participating in "high-low rotation" is limited. The firm recommends continuing to maintain focus on technology industry mainlines.

Based on high-frequency tracking of various market funds, recent significant changes include: ① Foreign capital has maintained net inflows into AH shares for three consecutive weeks, ② New account openings continued to rise in August, ③ Net inflows into non-broad-based equity ETFs, ④ Some recovery in new issuance shares of fixed income plus funds and equity-oriented hybrid funds.

Second, with the completion of A-share interim report disclosures, this reporting cycle presents a noteworthy positive change in aggregate dimensions: companies have ended four consecutive years of deleveraging cycles, with asset-liability ratios stabilizing. Among these, non-interest-bearing liability ratios maintain healthy structures, with [contract liabilities + advance receipts] growth rates rising for three consecutive quarters.

[Advance receipts + contract liabilities] can approximately represent corporate [order] conditions. "Advance receipts" may involve pre-contract payments (such as earnest money), while "contract liabilities" require established contracts as prerequisites (performance obligations). When combined, these indicators can be understood as advance payments received for order intentions, making their trend changes partially explanatory of the scale of goods or services companies will deliver in the future, serving as trackable order indicators.

Historically, among A-shares and typical manufacturing industries, year-over-year growth rates of [advance receipts + contract liabilities] show positive correlation with "profit growth rates." Furthermore, this has indicative significance for A-share overall and manufacturing sector stock price performance.

In the first quarter report, industries selected by the firm based on significant improvement in Q1 2025 order indicators (advance receipts + contract liabilities), such as components, wind power equipment, and computer equipment, demonstrated strong fundamentals and market performance in Q2, with generally improved revenue growth rates and leading stock price performance, validating the forward-looking guidance role of order indicators for business prosperity.

Which industries are contributing to the continued improvement in A-share order indicators in the interim report?

A-share [advance receipts + contract liabilities] year-over-year growth rates continue significant improvement in the interim report, with primary industries showing high H1 year-over-year growth rates and high growth contribution being: computer technology, basic chemicals, defense and military industry, power equipment, and automotive.

Beyond well-recognized high-growth AI computing power orders, the firm has further examined other industries, identifying sectors with high year-over-year order growth in H1 2025: wind power (cables/turbines/tower foundations), lithium batteries, lithium battery equipment, motorcycles, semiconductors (equipment), CXO, automation equipment (such as 3C equipment), other power supply equipment, IT services, and computer equipment.

These industries have shown 2-3 consecutive quarters of order improvement, and this indicator demonstrates positive correlation with stock price performance, making it suitable as a validation approach for industry comparisons in the next phase.

Risk warnings include geopolitical conflicts exceeding expectations, overseas inflation recurrence, and U.S. economic resilience causing global liquidity easing pace to fall below expectations.