Currently, A-shares have entered a phase of intensive disclosure of their third quarter reports, with multiple positive signals from macro, policy, and performance perspectives continuously converging. The structural highlights of profits of listed companies, combined with the resilience of the macro economy and clear policy support, provide solid support for the stable operation of the capital market.

From a macro fundamental perspective, the trend of economic stability and improvement has not changed.According to data from the National Bureau of Statistics, the GDP in the first three quarters increased by 4.6% year-on-year, with a growth rate of 4.5% in the current quarter, a 0.2 percentage point increase from the second quarter, and a month on month growth rate of 1.2%. The nominal GDP growth rate in the third quarter reached 6.0%, the highest since the second quarter of 2022. The added value of equipment manufacturing industry and high-tech manufacturing industry increased by 10.2% and 14.3% respectively in the first three quarters, and new driving forces continued to grow. At the same time, the Central Committee of the Communist Party of China and the State Council recently issued the "Opinions on Developing New Quality Productivity", deploying 19 key measures; The "Opinions on Promoting the Deep Integration of Science and Technology Innovation and Industrial Innovation" issued by the Central Office and the State Council, as well as the "15th Five Year Plan for Enhancing Industrial Basic Capacity" issued by eight departments, have been successively implemented, and the shift in growth momentum is receiving institutional support.

From a policy perspective, the orientation of policies to protect the capital market is clear.On October 10th, Wu Qing, Chairman of the China Securities Regulatory Commission, presided over an expert symposium on the capital market and financial situation. The attending experts suggested continuing to strengthen the construction of market stability mechanisms, expanding the channels for medium and long-term capital inflows, and researching more incremental policy tools for reserves. On October 19th, Chairman Wu Qing deployed at the 2026 Financial Street Forum Annual Meeting to "consolidate and improve the construction of market stability mechanisms and strengthen policy tool reserves"; On the same day, the first batch of 18 active ETFs were approved for registration and launched for issuance on October 23, with a total expected to bring nearly 36 billion yuan in incremental funds. In fact, in the past 20 trading days, the cumulative net inflow of stock ETFs has reached nearly 250 billion yuan, including about 236.1 billion yuan for broad-based ETFs. Several top public funds have announced self purchases, and the active layout of market funds has begun.

From the performance of listed companies, the disclosure of the third quarter report has started well.As of October 23rd, approximately 85.1% of the 174 companies that have disclosed their performance forecasts for the first three quarters are expected to be happy. The performance of industries such as computer hardware, semiconductors, chemicals, non-ferrous metals, pharmaceuticals, and biology is impressive. The semiconductor sector's performance is expected to increase significantly. As of October 23, out of 42 companies that have disclosed their third quarter reports or performance forecasts, 38 have achieved profits and 35 have seen a year-on-year increase in net profit. Among them, 22 have more than doubled their growth rate, PCB、 The prosperity of sub sectors such as semiconductor equipment is prominent; Domestic computing power leader Haiguang Information saw a year-on-year increase of 57.6% in revenue and 45.1% in net profit for the first three quarters, while Ganfeng Lithium's net profit attributable to the parent company was 5.012 billion yuan, a significant year-on-year increase.

Overall, the macro fundamentals are stable and improving, the policy direction is clear, and the performance structure of listed companies is full of highlights. The positive factors supporting the stable and healthy development of the capital market are continuously accumulating. The current market transactions and valuations are within a reasonable range, and the risk release is relatively sufficient. With the gradual implementation of the third quarter performance certainty, the market is expected to regain its momentum. It is recommended that investors anchor their performance mainline, view the value of high-quality assets from a long-term perspective, and seize investment opportunities in the process of economic transformation and upgrading.