B[CITIC Construction Investment: The profit recovery of the military industry sector is accelerating Waiting for the issuance of large-scale orders during the "15th Five-Year Plan"] On September 13, CITIC Construction Investment's research report pointed out that with the full disclosure of the 2026 semi-annual reports of listed companies in the military industry sector, the trend of accelerated recovery of sector profits is clear: the 26H1 sector achieved operating income of 4,159.95 billion (+7.93%), net profit attributable to the parent company was 25.326 billion yuan (+20.98%); gross profit margin rebounded by 0.92 percentage points to 18.85%, net profit margin rebounded by 0.66 percentage points to 6.09%, and operating net cash flow turned from negative to positive. The accelerated recovery of segment profits in 26H1 showed significant structural characteristics: growth was mainly contributed by shipping, ground military equipment and military trade-related directions, while profits from traditional core tracks such as aerospace still declined year-on-year. The "comprehensive recovery" of the overall segment profits has yet to be further verified after the implementation of large-scale orders during the "15th Five-Year Plan". The agency judged that China's military industry has evolved from relying on domestic single demand to a new three-wheel drive pattern of "domestic demand foundation, foreign trade expansion, and civilian feedback", with growth momentum becoming more diverse and sustainable. A[Semi-annual report submission of Shanghai Stock Exchange companies: Net profit growth after non-deduction reaches a new high since 2022] On August 30, the Shanghai Stock Exchange announced that as of now, Shanghai Stock Exchange listed companies have completed the disclosure of their 2026 semi-annual reports. Data show that in the first half of 2026, 2,318 Shanghai-listed companies achieved a total operating income of 26.22 trillion yuan, a year-on-year increase of 6.3%, a net profit of 2.82 trillion yuan, a year-on-year increase of 17.6%, and a net profit after non-exclusion of 2.69 trillion yuan, a year-on-year increase of 17.2%. The growth rate hit a new high since 2022. Data also shows that in the first half of this year, nearly 80% of Shanghai-listed companies achieved profitability. Among them, 924 companies' net profits increased year-on-year, 339 companies' net profits increased by more than 50%, and 142 companies turned losses into profits. Blue-chip companies continue to play the role of "ballast". In the first half of this year, SSE 180 companies achieved operating income of 17.87 trillion yuan and net profit of 2.36 trillion yuan, a year-on-year increase of 6.9% and 14.8% respectively.
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