10月31日，A股2026年三季报宣告收官，5572家上市公司合计实现营收56.65万亿元，比上年同期增长5.42%；归母净利润5.10万亿元，同比增长7.76%。超六成公司录得营收增长，逾七成实现盈利，整体情况良好，韧性凸显。
不过，Q3单季来看，总体营收19万亿元，同比仅增长2.22%；归母净利润1.53万亿元，同比下滑11.02%。
分板块来看，分化明显，行业冷暖一目了然：最赚钱的依然是金融业，工商银行以3431.10亿元净利润继续领跑A股；日子最难过的还是房地产，合计亏损531.87亿元。
盈利增长和下滑的行业则近乎五五开。科技赛道强势领跑，在AI算力产业链带动下信息技术板块的营收、归母净利润分别录得31.95%和140.25%的增速；材料板块不遑多让，量价齐升催化叠加低基数效应，营收、净利分别录得14.06%、54.03%的增速，排名第二；日常消费则净利增速下滑最多，主因生猪、白酒等集体承压。
金融依然最赚钱，房地产日子最难过
从营收来看，前三季度共有3437家上市公司实现同比正增长，占比超过62%。其中，416家增长超50%，138家增长超100%。首药控股-U（688197.SH）、领先股份（603991.SH）、行云科技（300209.SZ）分别以4561.73%、1977.44%、1896.66%的营收增速，位列前三。三者分属不同行业，且均有偶发因素、基数偏低，并不具备代表性。
盈利层面，共有4076家公司实现盈利，占比超过73%。其中，增速超50%的高达1208家，超100%的769家。赚钱能力最强的依然是金融业，前三季度合计赚了2.27万亿元，但增速略微下滑1.51%。国航远洋（920571.BJ）、澳福科技（688021.SH）、德明利（001309.SZ）分别以98070.64%、34856.86%、32399.91%的增长率，摘得前三甲。
分行业来看更能说明问题，11个wind一级行业中，7个录得营收正增长，包括信息技术、材料、能源、医疗保健、工业、日常消费和金融；5个盈利录得同比增长，包括信息技术、材料、房地产、能源和医疗保健。
营收最拉胯的还是房地产行业，同比减少24.93%，公用事业、通讯服务、可选消费均只是微降。
盈利方面分化更强，日常消费、公用事业、通讯服务、可选消费分别同比下降32.36%、21.96%、16.72%、10.69%，工业、金融微降3.82%和1.51%；但日子最难过的依然是房地产，合计亏损531.87亿元。
值得注意的是，日常消费中，生猪板块全部巨亏，11家生猪养殖公司合计亏损达到222.17亿元；向来高毛利的白酒也在深度调整中寻底，均给板块增速带来负面影响。
信息技术盈利暴增140.25%，AI算力产业链领跑
延续2025年强势表现，信息技术在2026年前三季度拔得双头筹，且增速显著放大。
前三季度，信息技术板块实现营收6.14万亿元、归母净利润2191.59亿元，分别增长31.95%、140.25%，遥遥领先。而2025年，该板块营收、净利的增速分别为15.26%、32.93%，彼时的排名分别为第一、第二。
具体到信息技术板块内的1109家公司中，共有770家营收正增长，占比接近七成。其中，增速超50%的达145家，超100%的49家。前五名分别为长鑫科技（688825.SH）、大普微-UW（301666.SZ）、东芯股份（688110.SH）、联讯仪器（688808.SH）和普冉股份（688766.SH），增速均在300%以上。
营收领跑同时，信息技术的盈利增速也很夯。板块内576家实现归母净利润正增长，占比过半，其中，实现翻倍的高达222家，10倍以上的25家。前五名分别为德明利、佰维存储（688525.SH）、长江通信（600345.SH）、国科微（300672.SZ）和利扬芯片（688135.SH），增速均在45倍以上。
再细分来看，带领全行业业绩暴增，主要是AI算力产业链，比如存储、芯片等居前。长鑫科技前三季度实现营收2690.24亿元，同比增长738.51%；归母净利润1320.40亿元，同比增长2600.77%。业绩暴增源于在AI、智能终端等新兴应用的带动下，存储芯片市场景气度不断攀升，强劲的终端需求直接拉动了公司产品的出货量与产出规模的稳步扩大。且公司在最新的业绩会上直言，“预计明年营收仍将保持增长。”
同为存储赛道的德明利、佰维存储等亦为TOP级选手，盈利增速分别高达323倍和287倍。国海证券研报指出，当前存储板块处于Al驱动的结构性景气周期，高端HBM、服务器存储供需趋紧，普通消费级存储弹性减弱；行情由前期单纯张价预期驱动，逐步转向业绩兑现验证阶段。
利扬芯片、国科微、必易微（688045.SH）等芯片环节也表现强劲，净利增速均在32倍以上。中原证券研报表示，当前AI应用正在加速渗透至编程、影视游戏、数学研究、网络安全等领域，物理AI的突破进程也在加速。Agent自主化的执行意味着模型被调用的频次也在大幅增长，让算力供应持续不足，算卡租赁价格继续呈现走高趋势。相对而言，受到缺芯因素的影响，国内算力紧张程度更高。随着2027年国产卡产能的释放和新卡的推出，国内算力需求有望得到更好的满足。我们继续对国内AI算力产业发展持乐观预期，建议持续重点关注AI产业链的上游及中游环节，包括半导体设备、芯片、存储、光通信、服务器、AIDC、云计算等环节。
周期发威，材料向上
信息技术之外，材料板块的业绩也可圈可点。前三季度，该板块共实现营收8.76万亿元，同比增长14.06%；归母净利润5053.32亿元，同比增长54.03%，均排在第二名。
具体到板块内部，875家材料企业中有651家营收实现正增长，占比超74%；增速超50%的有90家，超100%的有27家。前五名分别为领先股份、融捷股份（002192.SZ）、丰元股份（002805.SZ）、佛塑科技（000973.SZ）、盛新锂能（002240.SZ），增速均在275%以上。
盈利方面，共有467家录得正增长，占比过半；增速超50%的261家，超100%的179家。前五名分别为山东玻纤（605006.SH）、赣锋锂业（002460.SZ）、东岳硅材（300821.SZ）、恒光股份（301118.SZ）和万里石（002785.SZ），增速均在36倍以上。
需要注意的是，材料行业包括了有色金属、锂电材料等多个细分行业，而他们均属于周期性行业。前三季度的业绩大增，多数是受益于下游需求扩容带来的量价齐升。
以锂盐企业赣锋锂业、天齐锂业举例，前三季度盈利分别录得195倍、30倍的增长，核心驱动是锂产品的量价齐升。碳酸锂期货价格从年初的10万元/吨上方震荡上行，5月15日盘中摸至年内新高20万元/吨，之后虽震荡下行至Q3末的11万元/吨，但相较去年1-9月均在5-9万元低位区间，同比升幅明显。同期，多公司产能释放，进而实现营收、净利的双增。同为锂电产业链上的湖南裕能、恩捷股份、龙蟠科技等亦属此类。
“有矿的”各色金属企业同样受益。今年以来，与AI算力、半导体等强相关的锗、铟、锑、钽、钼等战略小金属涨幅领跑；工业金属里铜、铝、锌、锡的价格也有所上涨；轻稀土在供给管控和海外磁材补库驱动下，价格中枢抬升。
以云南锗业为例，前三季度录得营收13.64亿元、归母净利润1.76亿元，同比增长70.71%和869.79%，主要就得益于其磷化铟、锗产品等量价齐升。SMM数据显示，截至10月23日，国内4英寸、3英寸、2英寸磷化铟衬底均价分别为7100元/片、3900元/片、1275元/片，年初至今涨幅分别为64.9%、97.0%、5.8%。
值得一提的是，材料板块的多企业业绩暴增，实际还叠加了低基数效应。比如山东玻纤、恒光股份及多家锂盐企业2025年前三季度其实录得亏损。
另外，周期威力不仅在上行期体现，下行时亦很明显。比如在笔者此前文章《锂周期再摇摆：锂企前三季度业绩炸裂，Q3环比转弱｜行业风向标》中就曾提到，今年第三季度，随着锂价快速回落，锂企Q3业绩环比普遍承压。若后续锂价继续不乐观，该板块的业绩将集体回落。（本文首发于钛媒体APP，文｜价值刻度，作者｜桃子）
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On 31 October, three quarterly newspapers in 2026 announced the closure of A stock, bringing the total of 5572 listed companies to $56,665 trillion, an increase of 5.42 per cent over the same period in the previous year; and net profits to mothers of $5.10 trillion, an increase of 7.76 per cent over the same period. Over 60 per cent of the companies recorded a growth in earnings, more than 70 per cent achieved a profit, and overall performance was good and resilience was highlighted.
However, in the Q3 single-season period, the total profit was 19 trillion yuan, an increase of 2.22 per cent over the same period, while net profit to the mother was 1.53 trillion yuan, a decrease of 11.02 per cent over the same period.
The compartments show a clear division, and the industry warms itself: The financial sector continues to earn the most, with business banks continuing to take A shares at a net profit of $34,3110 million, and real estate at a combined loss of $53,187 million.
The earnings-growing and declining industries are close to 50%. The technology track is strong, with the net earnings of the IT blocks driven by the AI Calculator Industrial Chain recording an increase of 31.95 per cent and 140.25 per cent, respectively, in net profits earned by the mother; the material plates are uncompromising, upscaled, catalytic folding and low-base effects, with a rate of 14.06 per cent and 54.03 per cent, respectively, of the increase in revenue and net gains, ranking second; and daily consumption is the one with the highest decline in net gains, mainly due to collective pressure on pigs and white wine.
Finance is still making the most money. Real estate is the worst.
In terms of revenue collection, a total of 3,437 listed companies registered positive growth over the previous three quarters, or more than 62 per cent. Of these, 416 increased by over 50 per cent and 138 by over 100 per cent. Primary drug control shares - U (688197.SH), leading shares (603991.SH) and cloud technology (300209.SZ) - were ranked third in the order of 4561.73 per cent, 1977.44 per cent, and 1896.66 per cent, respectively. The three belong to different industries, with occasional factors, a low base figure and no representation.
At the profit-making level, 4076 companies were profitable, representing more than 73 per cent. Of these, the increase exceeded 50 per cent by up to 1208 and exceeded 100 per cent by 769. The financial sector continues to be the strongest earner, with a combined gain of RMB 227 trillion in the first three quarters, but a slight decrease of 1.51 per cent. The top three axes were taken by the National Oceanic Ocean (920571.BJ), Australian Technology (688021.SH) and Deminli (001309.SZ) at 98070.64 per cent, 34856.86 per cent and 32399.91 per cent, respectively.
By industry, it is even more telling that 7 of the 11 wind-level industries recorded positive growth, including information technology, materials, energy, health care, industry, daily consumption and finance; and 5 profit-making, including information technology, materials, real estate, energy and health care.
Real estate accounts for the largest share of revenues, with a decrease of 24.93 per cent over the same year, and utilities, communications and alternative consumption.
The profit side is more divided, with daily consumption, utilities, communications services, and optional consumption falling by 32.36 per cent, 21.96 per cent, 16.72 per cent, 10.69 per cent, and industry and finance by 3.82 per cent and 15.1 per cent, respectively; but the worst still is real estate, with a combined loss of $5.3187 billion.
It is worth noting that, in daily consumption, there was a total loss of raw pigboards, with a combined loss of 22,217 million yuan in 11 pig farming companies, and that the historically high-māori white wine was also found in the depth adjustment, which had a negative impact on the rate of increase of the plates.
Information technology profits surged by 140.25 per cent, and the AI computer chain runs.
As a result of the strength of 2025, information technology was raised in both positions in the first three quarters of 2026 and increased significantly.
In the first three quarters, the IT block received $6.14 trillion and net profit to the mother ($2,191.59 billion), an increase of 31.95 per cent and 140.25 per cent, respectively, leading the way. In 2025, the rate of increase was 15.26 per cent and 32.93 per cent, respectively, respectively, compared to first and second place.
Of the 1109 companies specifically on the IT board, a total of 770 registered positive growth, or nearly 70 per cent. Of these, more than 50 per cent increased to 145 and more than 100 per cent to 49. The top five were Long Seng technology (688825.SH), Grand Pluwa-UW (301666.SZ), East Chips (688110.SH), Interstelling Instruments (688808.SH) and Puang Seng (688766.SH), at a rate of over 300 per cent.
At the same time, the revenue from information technology is increasing at a high rate. The 576 net returns to the mother ' s profits within the plate have increased by more than half, with 222 or more of them doubling. The top five, Deminelli, Mongwi storage (688525.SH), Yangtze communications (600345.SH), Skowa (300672.SZ) and Liyan chips (688135.SH), are growing at a rate of more than 45 times.
By way of breakdown, this led to a surge in industry-wide performance, mainly in the AI computing industry chain, such as storage, chips, etc. In the first three quarters of the long-term technology, 26.924 billion yuan was earned, an increase of 738.51 per cent over the same period, while the net profit of the mother was 13.24 billion yuan, an increase of 2600.77 per cent over the same period. The surge in performance was driven by emerging applications such as AI, smart terminals, where the market landscape for the storage of chips continued to climb, and strong end demand directly driven the steady increase in the volume and output of company products. And the company stated at the latest performance meeting that “the revenue collection is expected to continue to grow next year”.
Demingley and plwe storage, which are also stored on the tracks, are the TOP class players, with gains increasing by 323 and 287 times, respectively. NISR notes that the current storage plate is in the Al-driven structural climate cycle, with high-end HBM and server storage supply and demand tightening, with reduced general consumer-level storage elasticities; and that the pattern is driven by simple price expectations from the prior period, moving towards the performance performance validation phase.
The chips, such as the liyan chips, the National Microscope and the Premium (688045.SH), also showed strong performance, with net gains increasing by more than 32 times. According to China Portfolio, current AI applications are accelerating penetration into programming, video games, mathematics research, network security, and the physical AI breakthrough process is accelerating. The implementation of the Autonomy of Agent means that the number of times the model is being deployed is also increasing significantly, keeping the calculator supply short and the price of card leases on a continuing high trend. In relative terms, domestic calculations are more stressful, influenced by core shortages. With the release of the national production card in 2027 and the introduction of the new card, domestic computing needs are expected to be better met. We continue to be optimistic about the development of the AI computing industry in the country, suggesting a sustained focus on the upstream and midway links of the AI industrial chain, including semiconductor equipment, chips, storage, light communications, servers, AIDC, cloud computing, etc.
Periodically, material up.
In addition to information technology, material blocks can also perform well. In the first three quarters, the block received a total of RMB 8.76 trillion, an increase of 14.06 per cent over the same period, and net profit of RMB 50,532 million, an increase of 54.03 per cent over the same period, ranked second.
Within the plate, 651 of the 875 material enterprises registered positive growth, accounting for over 74 per cent, and 90 of the 50 per cent and 27 of the 100 per cent. The first five were leading shares (002192.SZ), large shares (00285.SZ), plastics technology (000973.SZ) and fresh lithium energy (002240.SZ) at a rate of over 275 per cent.
On the profit side, a total of 467 registered positive growth, or more than half; 261 with a 50 per cent increase and 179 with a 100 per cent increase. The first five, Shandong Boofi (605006.SH), Cain Lithium Industry (00246.SZ), Silicon (300821.SZ), Serenary shares (301118.SZ) and Miles (00278.SZ), increased by more than 36 times.
It should be noted that the material industry includes various subdivisions such as non-ferrous metals and lithium, all of which are cyclical. Much of the significant increase in performance in the first three quarters was due to the increase in volume resulting from downstream demand expansion.
For example, the lithium industry in the lithium salt industry and the lithium industry in Tianjia recorded 195 and 30 times the increase in profits in the first three quarters, respectively, with the core driving factor being a rise in the volume of lithium products. The price of lithium carbonate futures went up from $100,000 at the beginning of the year to $200,000 per ton on the 15 May disk, then down to $110,000 per ton at the end of Q3, but was significantly higher than last January-September, when it was between 5 and 9,000. Over the same period, multi-company capacity was released, resulting in double revenue and net gains. This is also the case with Hunan Yuen, Eun Jie, and Yong Chi on the lithium power chain.
“Minerated” non-ferrous metal enterprises benefit equally. Since the beginning of the year, strategic small-metal bands such as 锗, 铟, 锑, 锑, 钽, 钽, 钽, 钼, 钼, 钼 have increased; the price of copper, aluminium, zinc, tin in industrial metals has also risen; and the price centre has risen, driven by supply controls and the overseas magnetizers.
In the Yunnan industry, for example, a profit of RMB 1,364 million was recorded in the first three quarters, resulting in a net profit of RMB 176 million for the mother, an increase of 70.71 per cent and 869.79 per cent over the same period, mainly as a result of the rise in the price of its phosphorus and its products. SMM data show that as of 23 October, the average domestic phosphate liners were 4 inches, 3 inches and 2 inches, respectively, 7,100 yuan/filtration, 3900 yuan/filtration, 1275 yuan/filtration, with an increase of 64.9 per cent, 97.0 per cent and 5.8 per cent respectively at the beginning of the year.
It is worth mentioning that the multi-enterprise performance of the material block has increased dramatically and that the low-base effect has actually been superimposed. In the first three quarters of 2025, losses were recorded in Shandong, the Sunlight shares and several lithium salt companies.
Moreover, the cyclical power is evident not only in the up and down but also in the down. For example, in the previous article, Lithium Cycle Swinging: The Performance of Lithium Enterprises Flowed in the First Three Quarterly, the Q3 Ring to the Low Wind Wind in the Industry, it was mentioned that, in the third quarter of this year, the performance of Lithium Q3 was generally under pressure as the price of lithium fell rapidly. If subsequent lithium prices continue to be less than favourable, the performance of the plate will fall collectively. (This article was first sent to titanium media APP, the value scale of the texture, by the author of the peaches)
Auto-fetched and translated by AI Atlas. All rights belong to the original author.