--- title: "CITIC Securities: After the mid-term report, performance upgrades are concentrated in pharmaceuticals, TMT, and mid-to-high-end manufacturing, with revenue or profit reaching historical highs for the same period" description: "China Merchants Securities released a research report indicating that the upward revision of mid-year performance in 2025 is mainly concentrated in the pharmaceutical, TMT, and mid-to-high-end manufac" type: "news" locale: "en" url: "https://longbridge.com/en/news/256240327.md" published_at: "2025-09-07T00:41:02.000Z" --- # CITIC Securities: After the mid-term report, performance upgrades are concentrated in pharmaceuticals, TMT, and mid-to-high-end manufacturing, with revenue or profit reaching historical highs for the same period > China Merchants Securities released a research report indicating that the upward revision of mid-year performance in 2025 is mainly concentrated in the pharmaceutical, TMT, and mid-to-high-end manufacturing sectors, with expected revenue or profit reaching historical highs. The earnings expectations of 794 A-share listed companies have been adjusted upward, benefiting from factors such as the overseas expansion of innovative drugs, capital expenditures in cloud manufacturing, and domestic substitution in semiconductors. It is recommended to pay attention to industries such as digital chip design, communication network equipment, gaming, and lithium batteries According to the Zhitong Finance APP, China Merchants Securities released a research report stating that before and after the disclosure of the semi-annual performance of listed companies, the stocks with upward revisions in earnings are mainly concentrated in pharmaceuticals (chemical preparations, medical research and development outsourcing, other biological products, raw materials), TMT (digital chip design, IT services III, vertical application software, communication network equipment and devices, gaming III, printed circuit boards, analog chip design), mid-to-high-end manufacturing (chassis and engine systems, other specialized equipment, energy and heavy equipment, aviation equipment III, lithium batteries), as well as securities, copper, pesticides, other chemical products, and thermal power. ## **The main viewpoints of China Merchants Securities are as follows:** **Earnings Upward Revisions: Concentrated in Pharmaceuticals, TMT, and Mid-to-High-End Manufacturing** As of August 31, the semi-annual performance of A-share listed companies has basically been disclosed. Compared to before the disclosure (July 15), the consensus earnings expectations for 794 stocks in 2025 have been upwardly adjusted. The companies that achieved upward revisions in earnings are mainly concentrated in: Pharmaceuticals: Chemical preparations, medical research and development outsourcing, other biological products, raw materials, etc., mainly benefiting from the overseas revenue generation of innovative drugs and accelerated growth in business development, driving high growth in related industry chain performance, while some companies' new products have led to better-than-expected profit recovery; TMT: Digital chip design, IT services III, vertical application software, communication network equipment and devices, gaming III, printed circuit boards, analog chip design, etc., mainly benefiting from higher-than-expected capital expenditures from domestic and overseas cloud manufacturers, accelerated domestic substitution in semiconductors, driving better-than-expected profits in related industry chains, improved prosperity in the Xinchuang sector, and a rebound in the stock market driving rapid recovery in the performance of some software companies, with gaming benefiting from new games and IP contributions; Mid-to-High-End Manufacturing: Chassis and engine systems (increased penetration of new energy vehicles + domestic substitution of core components), other specialized equipment (demand for computing power driving revenue growth in liquid cooling), energy and heavy equipment (infrastructure acceleration in emerging countries, overseas revenue generation), aviation equipment III (military trade breakthroughs + civil use expansion), lithium batteries (simultaneous increase in volume and price); Others: Securities (active market trading), copper (simultaneous increase in volume and price), pesticides, other chemical products (some products with simultaneous increases in volume and price + overseas revenue generation), thermal power (cost decline, performance recovery exceeding expectations), etc. **Revenue or Profit Hits Historical Highs for the Same Period** The stocks that achieved cumulative revenue in the first half of 2025 and single-quarter revenue in the second quarter of 2025 hitting historical highs for the same period are concentrated in: TMT: Consumer electronics components and assembly, printed circuit boards, digital chip design, other computer equipment, other electronics III, communication network equipment and devices, analog chip design, with hardware mainly benefiting from the upward technology cycle, strong demand for computing power, AI servers, etc., and increased orders for PCBs and domestic chips; as well as some software such as IT services III, vertical application software, etc.; Mid-to-High-End Manufacturing: Chassis and engine systems, other automotive components, automotive electronic and electrical systems, body accessories and trim (supported by automotive intelligence and trade-in demand), metal products, instruments and meters (demand prosperity from downstream consumer electronics, robots, etc.), other specialized equipment (strong demand for liquid cooling), other general equipment (electrification of tools and overseas expansion), home appliance components III, grid automation equipment, wind power components (prosperity in domestic and overseas demand, accelerated wind power construction), lithium batteries, etc In addition, industries such as gold (price increase), small home appliances (boosted by national subsidies, domestic and foreign sales prosperity), express delivery (increased online shopping penetration and volume growth), and air transportation (passenger recovery, declining oil prices) have a high proportion of individual stocks reaching new income highs. The individual stocks with cumulative net profits in the first half of 2025 and single-quarter net profits in the second quarter of 2025 reaching historical highs are concentrated in: TMT: Consumer electronics components and assembly, digital chip design, communication network equipment and devices, etc.; Mid-to-high-end manufacturing: Chassis and engine systems, metal products, instruments and meters, other specialized equipment, etc.; Pharmaceuticals: Chemical preparations, other biological products; Others: Gold, beer, civil explosives, thermal power generation, rural commercial banks, urban commercial banks. In summary, the upward revision of the mid-2025 report and areas of new highs are mainly concentrated in TMT, mid-to-high-end manufacturing, and pharmaceuticals. 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