Thirty-eight stocks held by China Central Huijin are among the top 100 A-share listed companies by net profit in the 2025 third-quarter financial reports.

III. Insurance 9. China Life Insurance (Stock Code: 601628): Net profit attributable to shareholders for the third quarter was RMB 167.804 billion (up 60.54% year-on-year), ranking 5th (14th in the semi-annual report); 10. Ping An Insurance (Group) Company of China, Ltd. (Stock Code: 601318): Net profit attributable to shareholders for the third quarter was RMB 132.856 billion (up 11.47% year-on-year), ranking 6th (9th in the semi-annual report); 11. New China Life Insurance (Stock Code: 601336): Net profit attributable to shareholders for the third quarter was RMB 14.799 billion (up 33.53% year-on-year), ranking 26th (35th in the semi-annual report). III. Securities 12. CITIC Securities (Stock Code: 600030): Net profit attributable to shareholders for the third quarter was RMB 23.159 billion (up 37.86% year-on-year), ranking 34th (38th in the semi-annual report); 13. Huatai Securities (Stock Code: 601688): Net profit attributable to shareholders for the third quarter was RMB 12.733 billion (up 1.69% year-on-year), ranking 52nd (61st in the semi-annual report); 14. China Galaxy Securities (Stock Code: 601881): Net profit attributable to shareholders for the third quarter was RMB 10.968 billion (up 57.51% year-on-year), ranking 61st (68th in the semi-annual report); 15. East Money Information (Stock Code: 300059): Net profit attributable to shareholders for the third quarter was RMB 9.097 billion (up 50.57% year-on-year), ranking 74th (82nd in the semi-annual report); 16. Shenwan Hongyuan Group (Stock Code: 000166): Net profit attributable to shareholders for the third quarter was RMB 8.016 billion (up 108.22% year-on-year), ranking 83rd (102nd in the semi-annual report); 17. China Construction Securities (Stock Code: 601066): Net profit attributable to shareholders for the third quarter was RMB 7.089 billion (up 64.95% year-on-year), ranking 93rd (94th in the semi-annual report); 18. China International Capital Corporation (CICC) (Stock Code: 601995): Net profit attributable to shareholders for the third quarter was RMB 6.567 billion (up 129.75% year-on-year), ranking 97th (100th in the semi-annual report). IV. Petroleum Industry 19. PetroChina (Stock Code: 601857): Net profit attributable to shareholders for the third quarter was RMB 126.279 billion (down 4.90% year-on-year), ranking 7th (6th in the semi-annual report); 20. Sinopec (Stock Code: 600028): Net profit attributable to shareholders for the third quarter was RMB 29.984 billion (down 32.23% year-on-year), ranking 28th (27th in the semi-annual report). V. Coal Industry 21. China Shenhua Energy (Stock Code: 601088): Net profit attributable to shareholders for the third quarter was RMB 39.052 billion (down 9.98% year-on-year), ranking 19th (23rd in the semi-annual report); 22. China Coal Energy (Stock Code: 601898): Net profit attributable to shareholders for the third quarter was RMB 12.485 billion (down 14.75% year-on-year), ranking 54th (56th in the semi-annual report). V. Liquor Industry 23. Kweichow Moutai (Stock Code: 600519): Net profit attributable to shareholders for the third quarter was RMB 64.627 billion (up 6.25% year-on-year), ranking 13th (12th in the semi-annual report);

How should we view the A-share market performance on October 28, 2026?

Weiran’s Market Commentary Top 5 News Highlights (2026-10-28) 1. Completion of RMB 800 billion new policy-oriented financial instrument deployment: By October 28, the three policy banks—China Development Bank, Export-Import Bank of China, and Agricultural Development Bank of China—had fully deployed the entire RMB 800 billion of the 2026 new policy-oriented financial instruments, with allocations of RMB 365 billion, RMB 120 billion, and RMB 315 billion, respectively. This initiative serves as a quasi-fiscal tool to bolster capital for major projects amid pressure to stabilize growth, thereby stimulating infrastructure and manufacturing investment and offsetting economic slowdown. It directly benefits A-share sectors including infrastructure construction, construction machinery, water conservancy, transportation equipment, and local government financing vehicle (LGFV)-related stocks; central SOE construction leaders and regional infrastructure firms stand to gain significantly. Risks include slower-than-expected project implementation, idle fund circulation, and narrowing bank net interest margins; if physical workloads fall short of expectations, related sectors may experience sharp corrections due to expectation gaps. 2. PetroChina’s Q3 net profit up 21.6%: PetroChina announced that its revenue for the first three quarters totaled RMB 2.32 trillion (up 7.0% year-on-year), with net profit attributable to shareholders reaching RMB 155.776 billion (up 21.9% year-on-year); Q3 revenue stood at RMB 793.573 billion (up 10.4% year-on-year), and net profit reached RMB 51.84 billion (up 21.6% year-on-year). The growth stems from higher crude oil prices, increased natural gas output, and the company’s aggressive cost control over oil and gas production. This is bullish for A-share stocks in the “Big Three Oil Companies,” upstream oil & gas exploration, oilfield services, and the natural gas value chain; upstream resource stocks exhibit pronounced earnings leverage under high oil price conditions. Risks lie in elevated oil prices increasing costs for downstream oil-consuming industries such as aviation and chemicals, narrowing refining margins, and downward revisions to resource stock earnings expectations should international oil prices decline. 3. Unitree Robotics’ first three-quarter net profit up 270%, but Q3 net profit down 49% sequentially: Unitree Robotics released its first post-IPO quarterly report, reporting RMB 1.817 billion in revenue for the first three quarters (up 55.71% year-on-year) and RMB 387 million in net profit attributable to shareholders (up 270.54% year-on-year); however, Q3 net profit amounted to RMB 113 million (down 17.37% year-on-year and 49% quarter-on-quarter), while R&D expenses surged 191.48% year-on-year. The strong first-three-quarters growth stemmed from revenue expansion, whereas the Q3 sequential decline primarily reflected intensified investment in model development and computing power. This is bullish for A-share stocks in robot reducers, servo motors, sensors, and computing power-related supply chains. Risks include elevated valuations across the robotics sector and potential investor concerns about growth-stock delivery capability triggered by deteriorating Q3 earnings quality; stocks failing to meet earnings expectations face downward pressure. 4. Guotai Haitong plans to establish a RMB 20-billion Shanghai Linghang Sci-Tech Innovation Fund: Guotai Haitong announced that its wholly owned subsidiary, Guotai Haitong Kaiyuan, will jointly establish the Shanghai Linghang Sci-Tech Innovation Fund with International Group Asset Management Co., Ltd. and others. The fund’s total committed capital is RMB 20 billion, of which Kaiyuan commits RMB 4 billion and serves as fund manager, while International Group Asset Management commits RMB 2 billion. By deploying private equity funds into sci-tech innovation, securities firms serve national strategic goals while expanding asset management revenues. This is bullish for leading securities firms and the STAR 50 Index; the fund targets key industries including next-generation information technology, advanced equipment manufacturing, new materials, biopharmaceuticals, artificial intelligence, and the digital economy. Risks include long investment cycles and uncertain exits for equity funds, as well as capital allocation constraints on securities firms, resulting in limited near-term profit contributions.

PetroChina's Q3 Net Profit Up 21.6% Year-on-Year

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PetroChina reported a 21.6% year-on-year increase in third-quarter net profit to 51.84 billion yuan, driven by higher oil and gas prices. Revenue grew 7% while ethylene output surged 26.4% during the nine-month period.

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