Q3业绩解读:景气正在扩散,成长并非只有一种答案

华尔街见闻
Nov 03, 2025

摘要 1 盈利新格局:GDP>营收>盈利增长的不等式正在逆转 截至2025年10月31日,全部A股2025年三季报披露完毕。全部A股营收展现韧性,Q3单季度同比增速为3.8%,连续两个季度维持正增长的同时,自2023年来首次超过名义GDP。这背后体现的是:一方面国内反内卷限制了投资与部分行业企业的生产活动;另一方面较高证券化率的出口行业维持高景气且有企业开始陆续出海,对上市公司业绩拉动比GDP更为...

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