Foreign media: According to Bloomberg data, the average profit growth of the top 300 A-share listed companies in the Q2 2025 earnings season (as of April) is expected to reach 6.3%, while the Hang Seng Index component stocks only saw 2%.
This divergence comes from two aspects: first, A-share companies have achieved significant results in overseas expansion, with nearly 60% of companies reporting revenue growth mentioning contributions from overseas markets. For example, CATL's overseas sales ratio increased from 15% in 2020 to 30%, and its net profit surged by 42%. Second, A-shares are more focused on traditional industries such as energy and manufacturing, benefiting from rising commodity prices and the energy demand driven by AI.
In contrast, the Hong Kong stock market is dominated by technology stocks. Companies like Alibaba, JD.com, and Meituan are caught in price wars in the instant delivery sector, which has eroded their profits. After the escalation of the Middle East situation, the Hang Seng Index fell nearly 3% this month, while the CSI 300 remained almost flat. The divergence between the two markets is expected to continue.
Original article: toutiao.com/article/1859469149065284/
Statement: This article represents the personal views of the author.