<p>，/PRNewswire/ -- 2026 年第一季度的 CKGSB 投資者情緒調查顯示，中國上市公司之間的企業表現出現顯著分化，私營企業的盈利恢復強勁，而國有企業則繼續顯著滯後。</p>
<p>在 2026 年第一季度，上市私營企業的過去十二個月（TTM）淨利潤增長率同比大幅反彈至 22.5%，而國有企業在同期則繼續下降 14.5%，儘管整體市場情緒和宏觀經濟條件有所改善。</p>
<p>這種分化在行業分類中也有所體現。戰略性新興企業的 TTM 淨利潤增長率為 21.0%，而傳統企業則下降了 6.1%，進一步突顯了中國上市公司內部結構性復甦動態的不均衡。對於長期投資者而言，這些發現強調了中國股市中向創新驅動行業的持續結構性輪動。</p>
<p>&#34;中國股市的企業表現正變得越來越兩極分化，&#34; CKGSB 會計與金融教授、投資研究部主任及該調查的作者劉靜指出。&#34;雖然私營企業和與新生產力相關的增長導向行業正經歷強勁的勢頭，但國有企業和傳統行業仍面臨壓力。&#34;</p>
<p>儘管盈利形勢不均，投資者對股市的情緒仍然保持相對韌性。約 63.8% 的受訪者預計 A 股將上漲，比上次調查期提高了 1.4 個百分點。對香港股市的預期也略微改善至 62.1%。</p>
<p>然而，報告強調，整體市場的反彈主要是由估值擴張驅動，而非盈利恢復。綜合分析顯示，2026 年第一季度 A 股上市公司的 TTM 淨利潤增長僅約 1.0%，而市盈率上升了 31.2%，導致總股本回報約為 32.5%。</p>
<p>調查還發現，隨着自 2026 年初以來一系列政策措施的出台，房地產市場的情緒有所改善，儘管實際投資意願仍然低迷。</p>
<p>CKGSB 投資者情緒調查是中國資本市場中為數不多的學術基礎、高頻率、大樣本的投資者情緒晴雨表之一。通過將行為洞察與基本金融數據相結合，它跟蹤情緒與不斷變化的宏觀經濟和股市動態之間的關係。這些發現對全球投資者重新評估中國股市中估值驅動收益與盈利基本面之間的平衡尤為相關。</p>
<p>來源：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 投資者情緒調查顯示，中國私營企業與國有企業之間存在顯著的業績差距。私營企業的淨利潤同比增長 22.5%，而國有企業則下降了 14.5%。儘管整體市場有所改善，投資者情緒依然強勁，63.8% 的人預計 A 股將會上漲。然而，市場的反彈更多是由估值擴張驅動，而非盈利復甦，因為 A 股公司僅報告了 1.0% 的淨利潤增長</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 投資者情緒調查顯示，中國上市公司之間的企業表現出現顯著分化，私營企業的盈利恢復強勁，而國有企業則繼續顯著滯後。</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，上市私營企業的過去十二個月（TTM）淨利潤增長率同比大幅反彈至 22.5%，而國有企業在同期則繼續下降 14.5%，儘管整體市場情緒和宏觀經濟條件有所改善。</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>這種分化在行業分類中也有所體現。戰略性新興企業的 TTM 淨利潤增長率為 21.0%，而傳統企業則下降了 6.1%，進一步突顯了中國上市公司內部結構性復甦動態的不均衡。對於長期投資者而言，這些發現強調了中國股市中向創新驅動行業的持續結構性輪動。</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;中國股市的企業表現正變得越來越兩極分化，&#34; CKGSB 會計與金融教授、投資研究部主任及該調查的作者劉靜指出。&#34;雖然私營企業和與新生產力相關的增長導向行業正經歷強勁的勢頭，但國有企業和傳統行業仍面臨壓力。&#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>儘管盈利形勢不均，投資者對股市的情緒仍然保持相對韌性。約 63.8% 的受訪者預計 A 股將上漲，比上次調查期提高了 1.4 個百分點。對香港股市的預期也略微改善至 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，報告強調，整體市場的反彈主要是由估值擴張驅動，而非盈利恢復。綜合分析顯示，2026 年第一季度 A 股上市公司的 TTM 淨利潤增長僅約 1.0%，而市盈率上升了 31.2%，導致總股本回報約為 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>調查還發現，隨着自 2026 年初以來一系列政策措施的出台，房地產市場的情緒有所改善，儘管實際投資意願仍然低迷。</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 投資者情緒調查是中國資本市場中為數不多的學術基礎、高頻率、大樣本的投資者情緒晴雨表之一。通過將行為洞察與基本金融數據相結合，它跟蹤情緒與不斷變化的宏觀經濟和股市動態之間的關係。這些發現對全球投資者重新評估中國股市中估值驅動收益與盈利基本面之間的平衡尤為相關。</p>
</div><p>SOURCE CKGSB</p>
<div class="lb-trans"><p>來源：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 投資者情緒調查顯示，2026 年第一季度中國私營企業與國有企業之間的表現出現顯著分歧