<p>，/PRNewswire/ -- 2026 年第一季度的 CKGSB 投资者情绪调查显示，中国上市公司之间的企业表现出现显著分化，私营企业的盈利恢复强劲，而国有企业则继续显著滞后。</p>
<p>在 2026 年第一季度，上市私营企业的过去十二个月（TTM）净利润增长率同比大幅反弹至 22.5%，而国有企业在同期则继续下降 14.5%，尽管整体市场情绪和宏观经济条件有所改善。</p>
<p>这种分化在行业分类中也有所体现。战略性新兴企业的 TTM 净利润增长率为 21.0%，而传统企业则下降了 6.1%，进一步突显了中国上市公司内部结构性复苏动态的不均衡。对于长期投资者而言，这些发现强调了中国股市中向创新驱动行业的持续结构性轮动。</p>
<p>&#34;中国股市的企业表现正变得越来越两极分化，&#34; CKGSB 会计与金融教授、投资研究部主任及该调查的作者刘静指出。&#34;虽然私营企业和与新生产力相关的增长导向行业正经历强劲的势头，但国有企业和传统行业仍面临压力。&#34;</p>
<p>尽管盈利形势不均，投资者对股市的情绪仍然保持相对韧性。约 63.8% 的受访者预计 A 股将上涨，比上次调查期提高了 1.4 个百分点。对香港股市的预期也略微改善至 62.1%。</p>
<p>然而，报告强调，整体市场的反弹主要是由估值扩张驱动，而非盈利恢复。综合分析显示，2026 年第一季度 A 股上市公司的 TTM 净利润增长仅约 1.0%，而市盈率上升了 31.2%，导致总股本回报约为 32.5%。</p>
<p>调查还发现，随着自 2026 年初以来一系列政策措施的出台，房地产市场的情绪有所改善，尽管实际投资意愿仍然低迷。</p>
<p>CKGSB 投资者情绪调查是中国资本市场中为数不多的学术基础、高频率、大样本的投资者情绪晴雨表之一。通过将行为洞察与基本金融数据相结合，它跟踪情绪与不断变化的宏观经济和股市动态之间的关系。这些发现对全球投资者重新评估中国股市中估值驱动收益与盈利基本面之间的平衡尤为相关。</p>
<p>来源：CKGSB</p>
<p><img src="https://imageproxy.pbkrs.com/https://rt.prnewswire.com/rt.gif/query-RGF0ZUlkPTIwMjYwNTIwJk5ld3NJdGVtSWQ9Q042NDA3MCZUcmFuc21pc3Npb25fSWQ9MjAyNjA1MjAwNjEwUFJfTkVXU19VU1BSX19fX19DTjY0MDcw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://rt.prnewswire.com/rt.gif/query-RGF0ZUlkPTIwMjYwNTIwJk5ld3NJdGVtSWQ9Q042NDA3MCZUcmFuc21pc3Npb25fSWQ9MjAyNjA1MjAwNjEwUFJfTkVXU19VU1BSX19fX19DTjY0MDcw"/></p>

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<p>2026 年第一季度 CKGSB 投资者情绪调查显示，中国私营企业与国有企业之间存在显著的业绩差距。私营企业的净利润同比增长 22.5%，而国有企业则下降了 14.5%。尽管整体市场有所改善，投资者情绪依然强劲，63.8% 的人预计 A 股将会上涨。然而，市场的反弹更多是由估值扩张驱动，而非盈利复苏，因为 A 股公司仅报告了 1.0% 的净利润增长</p>

<p>, /PRNewswire/ -- The Q1 2026 CKGSB Investor Sentiment Survey reveals a striking divergence in corporate performance across China's listed companies, with private enterprises experiencing a strong earnings recovery while state-owned enterprises continue to lag significantly behind.</p>
<div class="lb-trans"><p>，/PRNewswire/ -- 2026 年第一季度的 CKGSB 投资者情绪调查显示，中国上市公司之间的企业表现出现显著分化，私营企业的盈利恢复强劲，而国有企业则继续显著滞后。</p>
</div><p>In the first quarter of 2026, trailing twelve-month (TTM) net profit growth among listed private enterprises rebounded sharply to 22.5% YoY, while state-owned enterprises recorded a continued decline of 14.5% over the same period, even as overall market sentiment and macroeconomic conditions improve.</p>
<div class="lb-trans"><p>在 2026 年第一季度，上市私营企业的过去十二个月（TTM）净利润增长率同比大幅反弹至 22.5%，而国有企业在同期则继续下降 14.5%，尽管整体市场情绪和宏观经济条件有所改善。</p>
</div><p>The divergence extends across industry classification as well. Strategic emerging companies posted TTM net profit growth of 21.0%, while traditional companies recorded a decline of 6.1%, further highlighting uneven structural recovery dynamics within the listed companies in China. For long-term investors, the findings highlight continued structural rotation toward innovation-led sectors within China's equity landscape.</p>
<div class="lb-trans"><p>这种分化在行业分类中也有所体现。战略性新兴企业的 TTM 净利润增长率为 21.0%，而传统企业则下降了 6.1%，进一步突显了中国上市公司内部结构性复苏动态的不均衡。对于长期投资者而言，这些发现强调了中国股市中向创新驱动行业的持续结构性轮动。</p>
</div><p>&#34;Corporate performance in China's equity market is becoming increasingly bifurcated,&#34; Liu Jing, CKGSB's Professor of Accounting and Finance, Director of Investment Research Department and the author of the survey, notes. &#34;While private enterprises and growth-oriented sectors linked to new productive forces are experiencing strong momentum, state-owned enterprises and traditional industries remain under pressure.&#34;</p>
<div class="lb-trans"><p>&#34;中国股市的企业表现正变得越来越两极分化，&#34; CKGSB 会计与金融教授、投资研究部主任及该调查的作者刘静指出。&#34;虽然私营企业和与新生产力相关的增长导向行业正经历强劲的势头，但国有企业和传统行业仍面临压力。&#34;</p>
</div><p>Despite this uneven earnings landscape, investor sentiment toward equity markets has remained broadly resilient. Approximately 63.8% of respondents expect A-shares to rise, up 1.4 percentage points from the previous survey period. Expectations for Hong Kong equities also improved modestly to 62.1%.</p>
<div class="lb-trans"><p>尽管盈利形势不均，投资者对股市的情绪仍然保持相对韧性。约 63.8% 的受访者预计 A 股将上涨，比上次调查期提高了 1.4 个百分点。对香港股市的预期也略微改善至 62.1%。</p>
</div><p>However, the report emphasizes that the broader market rally continues to be driven primarily by valuation expansion rather than earnings recovery. Aggregate analysis shows that A-share listed companies delivered only about 1.0% TTM net profit growth in Q1 2026, while price-to-earnings ratios rose by 31.2%, resulting in total equity returns of approximately 32.5%.</p>
<div class="lb-trans"><p>然而，报告强调，整体市场的反弹主要是由估值扩张驱动，而非盈利恢复。综合分析显示，2026 年第一季度 A 股上市公司的 TTM 净利润增长仅约 1.0%，而市盈率上升了 31.2%，导致总股本回报约为 32.5%。</p>
</div><p>The survey also finds that sentiment toward real estate has improved following a series of policy measures introduced since early 2026, although actual investment willingness remains subdued.</p>
<div class="lb-trans"><p>调查还发现，随着自 2026 年初以来一系列政策措施的出台，房地产市场的情绪有所改善，尽管实际投资意愿仍然低迷。</p>
</div><p>The CKGSB Investor Sentiment Survey is one of the few academically grounded, high-frequency, large-sample barometers of investor sentiment in China's capital markets. By bridging behavioral insights with fundamental financial data, it tracks sentiment alongside evolving macroeconomic and equity market dynamics over time. The findings are particularly relevant for global investors reassessing the balance between valuation-driven gains and earnings fundamentals in China's equity markets.</p>
<div class="lb-trans"><p>CKGSB 投资者情绪调查是中国资本市场中为数不多的学术基础、高频率、大样本的投资者情绪晴雨表之一。通过将行为洞察与基本金融数据相结合，它跟踪情绪与不断变化的宏观经济和股市动态之间的关系。这些发现对全球投资者重新评估中国股市中估值驱动收益与盈利基本面之间的平衡尤为相关。</p>
</div><p>SOURCE CKGSB</p>
<div class="lb-trans"><p>来源：CKGSB</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://rt.prnewswire.com/rt.gif/query-RGF0ZUlkPTIwMjYwNTIwJk5ld3NJdGVtSWQ9Q042NDA3MCZUcmFuc21pc3Npb25fSWQ9MjAyNjA1MjAwNjEwUFJfTkVXU19VU1BSX19fX19DTjY0MDcw" alt="" original-src="https://rt.prnewswire.com/rt.gif?NewsItemId=CN64070&amp;Transmission_Id=202605200610PR_NEWS_USPR_____CN64070&amp;DateId=20260520"/></p>

06:10 ETCKGSB 投资者情绪调查显示，2026 年第一季度中国私营企业与国有企业之间的表现出现显著分歧