A股2025年年报及2026年一季报分析：盈利底部企稳景气向上游与科技方向集中

图表目录图表1.全A/全A非金融累计营收、业绩增速概览 4图表2.全A非金融毛利率及ROE(TTM)杜邦拆解 5图表3.全A非金融ROE(TTM)三率走势 5图表4.全A非金融毛利率净利率走势 5图表5.全A非金融四费率走势 6图表6.全A非金融2026Q1资产负债率弱于季节性 6图表7.大类行业占全A/非金融累计净利润（TTM）比重变化 7图表8.一级行业占全A非金融累计净利润（TTM）比重变化 7图表9.全A盈利贡献拆解 8图表10.全A非金融盈利贡献拆解 9图表大类行业ROE（TTM）及变动概览 10图表12.一级行业ROE(TTM)及变动概览 10图表13.大类行业毛利率（TTM）及变动概览 图表14.一级行业毛利率（TTM）及变动概览 图表15.上游资源行业营收、业绩增速概览 12图表16.中游资源加工行业营收、业绩增速概览 12图表17.消费行业营收、业绩增速概览 13图表18.TMT行业营收、业绩增速概览 13图表19.中游先进制造行业营收、业绩增速概览 14图表20.大类及一级行业单季&累计营收/业绩增速及变动概览 14图表21.扩散度和离散度（ALPHA）二维框架 15图表22.扩散度与离散度二维指标 16全A2025年年报及2026年一季报概览202520262025年一季报业绩迎来大幅反弹。2025AA1.4%2026A2026Q1全A归母净利润同比增速升至6.0%，全A非金融净利润同比增速反弹至9.3%。（全文同、环比指标比较口径样本为上年度全部上市公司（剔除北交所），TTM指标为跨年度上市公司样本。全文如无特殊说明，皆指累计同比数据对比）营收、业绩增速概览与展望2025A股2025年报累计归母净利（下或简称业绩/净利润2.8%/下降-2.8/3.4Pct。A股2026Q16.0%/9.3%2025（2.8%/-1.4%）大幅3.2/10.8Pct。A股2026Q1135.7%/535.5%A/非金融单季业绩环比增速皆创近年新高。全部A股/非金融2025年报累计营收同比增速分别为0.9%/0.5%，较2025Q3（0.9%/0.3%）变动-0.1/0.2PctA股/2026Q14.3%/2025（0.9%/0.5%）3.5/3.9Pct。图表1.全A/全A非金融累计营收、业绩增速概览60% 全部A50%

50%40%

160% 全部A累计盈利同比增速 全部A累计盈利同比增速120% 100120% 100% 80% 60%40% 40% 30%30% 20%20% 10%10% 0%0% -10%-10%-20%

累计营收同比增速

-20%-30%

20%0%

20102012201420162018202020222024202660% 全部A

90% 全部A

600% 全A50%40%30%20%10%

70%500500% 400% 300% 200% 100%0%30%10%0% -10%-10% 0%0%-2

-30%-50%

单季盈利环比增速-100% 201020122014201620182020202220242026全A非金融ROE分析全A非金融ROE低位企稳，毛利率明显改善。2026Q1全A非金融ROE（TTM）为6.5%，相较2025Q4的6.5%基本持平，表明整体盈利能力正在底部区间企稳。从杜邦分析拆解来看：毛利率显著回升，净利率受汇率拖累：2026Q1A17.9%，提升幅度较为显著，主要受益于中上游资源品涨价及部分制造业行业反内卷。但净利润率的回升幅度弱于毛利率，2025损益后，企业的实际经营盈利修复或更为强劲。资产周转率仍处低位，但拐点可期：2026Q1A57.1%左右。A4.4%（产成品存货已在低位开始反弹，后续若价格因素传导顺畅，资产周转率向上弹性有望显现。资产负债率低位企稳：2026Q1A63.4%2025Q4小幅下降，且仍弱于季节性，意味着去杠杆周期仍然处于下滑的惯性状态中。全部A股非金融折线图🔺25Q4- 🔺26Q1-25Q3 25Q4图表2.全A非金融毛利率及ROE(TTM)杜邦拆解全部A股非金融折线图🔺25Q4- 🔺26Q1-25Q3 25Q4毛利率17.8%17.9%17.8%17.6%17.6%17.6%17.6%17.7%17.9%(Pct)0.150.24管理费用率3.2%3.2%3.3%3.3%3.3%3.3%3.3%3.3%3.3%0.02(0.02)销售费用率3.2%3.3%3.3%3.1%3.1%3.1%3.1%3.2%3.1%0.11(0.02)财务费用率0.8%0.9%0.9%0.9%0.9%0.8%0.8%0.9%1.0%0.070.06研发费用率2.5%2.5%2.5%2.6%2.6%2.6%2.6%2.6%2.6%0.04(0.00)四费率9.7%9.9%10.0%9.9%9.9%9.9%9.8%10.0%10.1%0.240.01销售净利率4.5%4.4%4.4%4.0%4.1%4.1%4.1%4.0%4.1%(0.13)0.06资产周转率61.3%60.9%59.9%59.6%59.1%58.0%57.9%57.6%57.1%(0.25)(0.47)资产负债率63.6%63.9%63.7%63.6%63.3%63.9%63.7%63.6%63.4%(0.11)(0.21)ROE7.8%7.7%7.3%6.7%6.7%6.7%6.7%6.5%6.5%(0.24)0.02图表3.全A非金融ROE(TTM)三率走势 图表4.全A非金融毛利率净利率走势100%

全部A股非金融：资产周转率TTM 全部A股非金融：资产负债率TTM全部A股非金融：销售利润率TTM(右轴）全部A股非金融：ROETTM（右轴）

15%

21%

全部A股非金融：累计毛利率TTM全部A股非金融：销售利润率TTM(右轴）

%80%

13%

20%

%%60%

11%

19% %189%

%40%20%

17%7%16%5%

%%2025Q32024Q22025Q32024Q22023Q12021Q42020Q32019Q22018Q12016Q42015Q32014Q22013Q12011Q42010Q32009Q22008Q12025Q32024Q2025Q32024Q22023Q12021Q42020Q32019Q22018Q12016Q42015Q32014Q22013Q12011Q42010Q32009Q22008Q1

15%

%图表5.全A非金融四费率走势 图表6.全A非金融2026Q1资产负债率弱于季节性 全部A股非金融：销售费用率TTM6% 全部A股非金融：管理费用率TTM全部A股非金融：财务费用率TTM全部ATTM全部A股非金融：四项费用率TTM（右轴）5%

12%10%

68%66%

Q1：资产负债率TTM64%4% 8%62%3% 6% 60%58%2% 4%56%1% 2%54%2025Q32025Q32024Q22023Q12021Q42020Q32019Q22018Q12016Q42015Q32014Q22013Q12011Q42010Q32009Q22008Q1

202620252024202320222026202520242023202220212020201920182017201620152014201320122011201020092008行业业绩概览大类行业利润结构从225Q4及206Q1A（TTTMTAI利润占比仍延续加速；而下游消费占比则延续走弱。图表7.大类行业占全A/非金融累计净利润（TTM）比重变化25Q25Q225Q325Q426Q150%25%40%20%30%15%20%10%10%5%0%上 中 中 可 必 游 游 游 选 需 资 传 先 消 消 源 统 进 费 费 资 制 稳源 造

0%TMT金 上 中 TMT融 游 游 资 传 先源 统 进资 制源 造

可 必 建TMT选 需 筑TMT消 消 地费费产稳定注：左图为大类行业累计净利润（TTM）占全A盈利比，右图为占全A非金融比。图表8.一级行业占全A非金融累计净利润（TTM）比重变化25Q2 25Q3 25Q4 26Q111%8%11%8%5%2%-1%-4%-7%有煤石 钢基建 国机汽电 纺家轻商消 食医农 建房电交 传计通电色炭油 铁础材 防械车力 织电工贸费 品药林 筑地力通 媒算信子金 石属 化化工军设 服 制零造售务新能源饮料牧渔产及运用事业机上游资源中游传统资源中游先进制造可选消费必需消费 建筑地产稳定TMT一级行业盈利贡献拆解全A非金融2026Q1累计业绩同比增速为9.3%，较2025年年报的-1.4%大幅提升10.8Pct。9.3%5.52.01.91.81.51.20.9Pct10.8Pct1.6Pct，3.6Pct2.5Pct2.2Pct、钢铁、农林牧渔、汽车等景气下滑，贡献-1.4Pct、-1.2Pct、-1.2Pct。全部A股 6.0%3.2%-3.0%-0.1%2.9%-0.7%-0.2%全部A股 6.0%3.2%-3.0%-0.1%2.9%-0.7%-0.2%0.5%-0.7%-1.0%-0.3%-0.6%-0.6%0.0%-0.3%-0.1%0.2%-0.2%0.5%0.7%-0.2%0.0%0.2%-0.1%0.1%0.2%-0.1%0.1%0.3%-0.1%0.0%0.1%0.0%0.0%0.0%0.0%0.0%-0.1%0.0%-0.2%-0.2%0.0%-0.1%-0.1%0.1%0.1%0.0%0.1%0.1%-0.1%0.2%-0.5%-0.8%0.3%-0.5%-0.7%0.3%0.8%0.4%0.4%1.1%0.7%0.5%1.1%0.6%0.6%-0.1%-0.8%0.7%0.1%-0.6%0.7%0.9%0.2%0.8%0.0%-0.8%1.1%0.6%-0.5%1.4%2.9%1.5%1.8%1.0%-0.8%-2.4%1.0%3.5%0.4%2.0%1.6%1.9%0.1%-1.8%-0.3%-1.5%-1.2%0.8%-0.1%-0.9%-1.0%0.0%1.0%0.0%0.7%0.6%3.9%3.8%-0.1%2.8%3.2%535)089915,93815,0392.8%1,43453,38751,95425Q4行业贡献幅度（绝对贡献）△26Q1-△26Q1-25Q4净利25Q4润多增润增速差（亿元）△26Q1-26Q125Q1净利润增速润多增（亿元）（亿元）（亿元）25Q1净利26Q1润 润△25Q4-25Q424Q4净利润增速润多增（亿元）（亿元）（亿元）24Q4净利25Q4润 润板块及行业分类△26Q1-25Q4速差贡献幅度（边际贡献）26Q1行业贡献幅度（绝对贡献）上游资源中游传统资源中游先进制造可选消费必需消费建筑地产稳定TMT金融上游资源中游传统资源中游先进制造可选消费必需消费建筑地产稳定TMT金融6,5426,499(-43)-0.7%1,2841,61633325.9%3,7494,27252313.9%1,7611,311(-450)-25.5%4,1493,539(-610)-14.7%3,9533,020(-9333,8164,63481821.4%26,70028,4951,7956.7%1,8302,40257231.3%46756810221.8%1,1341,129(-6)-0.5%566552(-14)-2.5%1,231(-223)-15.4%61.1%1,0341,32829528.5%7,1047,2611572.2%61531.9%(-231)-4.1%(-528)-14.4%43623.1%387-0.7%94924.7%(-524)7.1%(-1,638)-4.5%石油石化有色金属交通运输房地产基础化工商贸零售煤炭银行电子计算机建筑食品饮料医药消费者服务轻工制造家电建材国防军工纺织服装通信机械传媒电力设备及新能源电力及公用事业汽车农林牧渔钢铁非银行金融3,7443,336(-408)-10.9%1,3622,13877657.0%1,9051,650(-255)-13.4%(-1,599)(-1,997)(-399)-25.0%1,1521,2551049.0%184(-135)(-319)-173.5%1,4351,025(-410)-28.6%21,44121,7493081.4%1,3091,66135226.9%28451523181.1%1,6961,308(-389)-22.9%2,1731,776(-397)-18.3%1,4951,454(-41)-2.7%8775(-13)-14.4%157101(-56)-35.9%1,1911,090(-101)-8.5%189163(-26)-14.0%16716700.1%1421813927.5%2,0472,1901427.0%1,2121,33712610.4%1762699352.6%1,0391,41137235.7%1,9502,0601105.6%1,3711,37880.6%481308(-173)-35.9%(-57)198255449.4%5,2386,7311,49428.5%1,0541,20815414.6%49793643988.4%4695669620.5%(-90)(-92)(-1)-1.5%37551413937.0%83981518.2%279258(-21)-7.7%5,6405,8091693.0%35451416045.1%56173117209.1%461391(-69)-15.1%814732(-81)-10.0%50751691.7%2939932.2%6353(-10)-15.7%324299(-24)-7.5%2722(-5)-17.5%4035(-6)-13.9%6763(-4)-6.3%513533203.9%381395143.6%111108(-3)-2.3%3354097422.0%610601(-9)-1.5%377288(-89)-23.7%134(-17)(-151)-112.7%6431(-33)-50.9%1,4561,438(-18)-1.2%56225.5%(-337)31.4%35233.9%39823.4%3528.0%334191.7%38920.9%(-139)1.6%(-192)18.2%(-114)128.0%3197.8%3168.3%494.4%2246.6%4620.1%771.0%22-3.5%(-6)-14.0%(-43)-33.8%(-122)-3.0%(-112)-6.7%(-95)-55.0%(-298)-13.7%(-119)-7.2%(-97)-24.2%22-76.9%(-288)-500.3%(-1,512)-29.8%上游资源中游传统资源中游先进制造TMT可选消费建筑地产稳定必需消费6,5426,499(-43)-0.7%1,2841,616333上游资源中游传统资源中游先进制造TMT可选消费建筑地产稳定必需消费6,5426,499(-43)-0.7%1,2841,61633325.9%3,7494,27252313.9%1,7611,311(-450)-25.5%4,1493,539(-610)-14.7%3,9533,020(-933)-23.6%3,8164,63481821.4%3,7443,336(-408)-10.9%1,3622,13877657.0%1,9051,650(-255)-13.4%(-1,599)(-1,997)(-399)-25.0%184(-135)(-319)-173.5%1,4351,025(-410)-28.6%1,1521,2551049.0%1,6961,308(-389)-22.9%1,3091,66135226.9%28451523181.1%2,1731,776(-397)-18.3%1,4951,454(-41)-2.7%8775(-13)-14.4%157101(-56)-35.9%1,1911,090(-101)-8.5%189163(-26)-14.0%16716700.1%1421813927.5%2,0472,1901427.0%1,2121,33712610.4%1762699352.6%1,0391,41137235.7%1,9502,0601105.6%1,3711,37880.6%481308(-173)-35.9%(-57)198255449.4%1,8302,40257231.3%46756810221.8%1,1341,129(-6)-0.5%566552(-14)-2.5%1,4541,231(-223)-15.4%1,4501,466161.1%1,0341,32829528.5%1,0541,20815414.6%49793643988.4%4695669620.5%(-90)(-92)(-1)-1.5%83981518.2%279258(-21)-7.7%37551413937.0%461391(-69)-15.1%35451416045.1%56173117209.1%814732(-81)-10.0%50751691.7%2939932.2%6353(-10)-15.7%324299(-24)-7.5%2722(-5)-17.5%4035(-6)-13.9%6763(-4)-6.3%513533203.9%381395143.6%111108(-3)-2.3%3354097422.0%610601(-9)-1.5%377288(-89)-23.7%134(-17)(-151)-112.7%6431(-33)-50.9%61531.9%(-231)-4.1%(-528)-14.4%43623.1%387-0.7%94924.7%(-524)7.1%56225.5%(-337)31.4%35233.9%39823.4%334191.7%38920.9%3528.0%3197.8%(-192)18.2%(-114)128.0%3168.3%494.4%2246.6%4620.1%771.0%22-3.5%(-6)-14.0%(-43)-33.8%(-122)-3.0%(-112)-6.7%(-95)-55.0%(-298)-13.7%(-119)-7.2%(-97)-24.2%22-76.9%(-288)-500.3%石油石化有色金属交通运输房地产商贸零售煤炭基础化工建筑电子计算机食品饮料医药消费者服务轻工制造家电建材国防军工纺织服装通信机械传媒电力设备及新能源电力及公用事业汽车农林牧渔钢铁板块及行业分类24Q4净利25Q4净润 润（亿元）（亿元）△25Q4-24Q4润多增（亿元）25Q4润增速25Q1净利26Q1净润 润（亿元）（亿元）△26Q1-25Q1润多增（亿元）26Q1润增速△26Q1-△26Q1-25Q4净利25Q4润多增润增速差（亿元）25Q4行业贡献幅度（绝对贡献）26Q1行业贡献幅度（绝对贡献）△26Q1-25Q4速差贡献幅度（边际贡献）全部A股非金融25254 24892(-362)-14%7935 867774293%1103108%-14%93%108%-0.2%7.2%7.4%1.3%1.3%0.0%2.1%-0.1%-2.1%-1.8%-0.2%1.6%-2.4%-2.8%-0.4%-3.7%0.2%3.9%3.2%3.7%0.5%-1.6%1.9%3.6%3.1%5.5%2.5%-1.0%1.2%2.2%-1.6%0.0%1.6%-1.3%0.2%1.5%-1.6%-0.3%1.4%0.4%1.8%1.3%-1.5%-0.9%0.7%1.4%2.0%0.6%0.9%1.5%0.6%-1.6%-1.0%0.5%-0.2%0.1%0.3%0.0%0.1%0.2%-0.2%-0.1%0.1%-0.4%-0.3%0.1%-0.1%-0.1%0.0%0.0%-0.1%-0.1%0.2%-0.1%-0.2%0.6%0.3%-0.3%0.5%0.2%-0.3%0.4%0.0%-0.4%1.5%0.9%-0.5%0.4%-0.1%-0.6%0.0%-1.1%-1.2%-0.7%-1.9%-1.2%1.0%-0.4%-1.4%大类及一级行业ROE(TTM)概览AROE低位企稳的背后，ROE的修复呈现出上中游及科技强、下游消费弱的特2026Q1ROEROEROE企稳动力明显强于老经济。从行业层面看，2026Q1ROE（TTM）的环比改善主要集中在以下三条线索：1）周期品受益于供需ROE（ROEROE2）TMT方向维持AIROE改善幅度位居前列。3）优势ROE实现了一定程度的修复。图表11.大类行业ROE（TTM）及变动概览2525Q426Q126Q125Q4CT左轴）

12%10%8%-6%-4%-2%--上 游 资 源 资源

0%TMT中 可 必 建TMT游 选 需 筑先 消 消 地进 费 费 产制 稳造 定图表12.一级行业ROE(TTM)及变动概览2525Q426Q126Q125Q4CT左轴）

20%15%---

10%5%0%-5%-10%-15%---20%有煤石钢基建国机汽电纺家轻商消食医农建房电交传计通电色炭油铁础材防械车力织电工贸费品药林筑地力通媒算信子金 石 化 军属 化 工 工设服 制零者饮 牧 产及运 机备装 造售服料 渔及新能源务公用事业上游资源中游传统资源中游先进制造可选消费必需消费 建筑地产稳定TMT2026Q1全A非金融净利率企稳的核心是毛利率的大幅改善，但上下游毛利率的分化同样剧烈。毛及景气度高的电子，其毛利率中枢显著抬升。整体仍在回落。毛利率明显弱化的行业集中在农林牧渔、食品饮料等。图表13.大类行业毛利率（TTM）及变动概览25Q25Q426Q126Q125Q4CT左轴）00

35300

250-

20-TMTMT

15-上 中 中游 游 游资 传 先源 统 进资 源

可 必 选 需 消 消 费 费 产稳定

10图表14.一级行业毛利率（TTM）及变动概览25Q25Q426Q1 26Q125Q4CT左轴）040040030-20-10-%有煤石钢基建国机汽电纺家轻商消食医农建房电交传计通电色炭油铁础材防械车力织电工贸费品药林筑地力通媒算信子金 石 化属 化 工军工设服 制零者饮 牧 产及运机备装 造售服料 渔及新能源务公输用事业上游资源中游传统资中游先进制造源可选消费必需消费建筑地产稳定TMT

6050大类及一、二级行业营收、业绩概览上游资源：有色金属业绩持续亮眼，石油化工边际改善。受大宗商品涨价推动，有色金属2026Q1归母净利润同比增长高达88.4%，工业金属、稀有金属、贵金属呈现量价齐升的景气推动。地缘冲突也对原油价格形成托底，石油石化单季盈利同比增长14.6%，呈现明显修复。煤炭行业盈利降幅收窄，景气度边际上延续修复。-11.1%-8.7%-0.2%15.4%32.2%31.8%11.4%36.1%25.6%17.4%13.9%-11.1%-8.7%-0.2%15.4%32.2%31.8%11.4%36.1%25.6%17.4%13.9%45.3%27.7%40.1%39.0%8.54-0.39-10.5031.40-1.09-16.6%-14.6%-0.2%9.6%15.4%31.8%6.3%9.4%22.0%13.9%10.6%26.3%25.6%45.3%39.0%14.4016.3611.6834.7012.72-24.2% -16.0% -5.1% 10.8950.3%107.6%88.4%-19.1630.0% 124.3% 56.8% -67.4978.5% 113.4% 151.3% 37.9557.3% 81.4% 100.4% 19.02-30.6% -27.6% -5.1% 22.5542.3% 57.0% 88.4% 31.4412.6% 34.4% 56.8% 22.38104.8% 107.3% 151.3% 44.0757.4% 63.0% 100.4% 37.45单季营收同比增速累计营收同比增速单季净利润同比增速累计净利润同比增速大类、一、二级行业上游资源石油石化大类、一、二级行业上游资源石油石化煤炭有色金属-4.7%-0.63-2.7%3.1614.6%25.972.4%1.4%-1.2%-2.52-4.0%-2.8%-1.2%1.64-8.1%-3.3%3.0%6.29-8.8%-7.9%3.0%10.88-10.2%-5.4%-4.2%1.16-10.0%-8.9%-4.2%4.7168.5%-77.0%77.6%154.54-24.8%-31.2%77.6%108.72-1.5%4.5%1.1%-3.383.1%3.6%1.1%-2.496.4%-5.9%-11.6%-5.756.6%4.3%-11.6%-15.88-11.4%8.07-0.7%13.68-7.7%10.12中游传统资源加工行业2026Q1明显分化，受益于油价上涨背景下的成本传导较为顺畅，基础化工2026Q1整体显著改善，其中化纤方向改善幅度最大，农用化工在产品涨价背景下，营收盈利延续改善。大类、一、二级行业中游资源加工钢铁基础化工大类、一、二级行业中游资源加工钢铁基础化工建材单季营收同比增速累计营收同比增速单季净利润同比增速累计净利润同比增速3.8%-4.8%-0.8%3.94-4.0%-4.2%-0.8%3.38231.1%-4.2%-50.9%-46.715884.4%449.4%-50.9%-500.320.1%-9.5%-5.8%3.68-6.5%-7.2%-5.8%1.44142.3%-7.3%-190.5%-183.19181.8%113.9%-190.5%-304.4517.9%7.9%17.7%9.804.4%5.4%17.7%12.397.1%33.0%51.1%18.12-4.9%0.0%51.1%51.092.3%1.9%-1.4%-3.35-2.6%-1.5%-1.4%0.1219.5%2.0%-4.1%-6.023.6%3.2%-4.1%-7.305.5%8.8%15.0%6.254.2%5.3%15.0%9.6921.8%64.0%37.0%-27.055.0%9.0%37.0%27.9910.5%25.6%27.9%2.386.0%10.9%27.9%17.0431.1%148.4%49.8%-98.615.3%12.7%49.8%37.144.7%1.0%8.3%7.363.1%2.6%8.3%5.7447.4%48.2%41.6%-6.5721.6%25.8%41.6%15.77 -6.8%-4.6%4.3%8.92-1.9%-2.6%4.3%6.91-44.1%-247.4%0.3%247.73-21.7%-32.3%0.3%32.69 11.6%-0.8%12.2%13.0513.1%9.2%12.2%3.05104.1%22.2%45.2%23.0466.3%59.4%45.2%-14.214.5%-0.7%1.4%2.144.4%3.0%1.4%-1.60-22.3%130.5%-9.5%-140.03-37.0%-26.0%-9.5%16.49-6.0%-11.7%3.1%14.75-6.5%-7.8%3.1%10.9016.7%-66.2%50.4%116.61-33.8%-70.3%50.4%120.72-3.1%-8.1%2.4%10.56-2.7%-4.2%2.4%6.6416.0%-227.4%-17.5%209.9831.2%-14.0%-17.5%-3.46-10.4%-17.6%-6.6%10.99-7.8%-10.6%-6.6%3.99-5.7%-205.4%-601.4%-396.0542.3%-54.7%-601.4%-546.6913.4%20.9%23.4%2.557.0%10.5%23.4%12.9128.4%89.9%72.7%-17.220.4%27.0%72.7%45.6616.7%10.1%13.2%3.1213.1%12.3%13.2%0.8876.4%-82.3%48.2%130.5775.9%42.2%48.2%6.06下游消费：整体复苏偏弱，局部存在亮点。商贸零售、消费者服务2026Q1分别实现18.2%和32.2%的盈利增长，而农林牧渔由于猪肉价格持续下行，一季度盈利承压明显。4.8%2.4%6.2%-5.0%2.6%5.2%1.6%-2.9%-4.6%-7.0%4.8%2.4%6.2%-5.0%2.6%5.2%1.6%-2.9%-4.6%-7.0%4.0%4.8%10.4%5.3%6.3%3.2%16.1%2.4%-8.8%-0.7%-10.3%-1.6%-1.5%-7.1%-26.2%-1.5%-1.7%-1.5%-3.4%-0.9%-0.9%-2.1%2.0%-4.3%1.2%-3.6%-25.2%-12.6%2.26-1.555.69-2.878.149.410.68-0.599.1221.942.88-0.216.507.656.5313.528.010.32-1.89-19.4012.632.1%2.5%-3.0%-1.1%5.2% 6.4%-4.4%-2.1%6.6%2.8%8.9% 4.2%3.3% 2.1%0.8% 0.2%2.4%-0.2%-7.7%-13.5%-1.5%-1.5%-1.5%-2.0%-1.5%-1.0%-1.0%-1.3%-1.6%7.4%-7.8%-1.6%-11.5%3.5%3.8%-7.8%-0.7%-2.7%7.0%-6.6%34.4%-1.3%12.8%5.4%7.3%-8.5%15.0%-0.5%8.1%-10.1%-2.6%5.7%-8.2%-6.9%-3.7%6.3%3.2%16.1%2.4%-0.7%-0.9%-0.9%-2.1%2.0%-4.3%1.2%-3.6%6.5%5.8%-1.3%12.8%5.4%7.3%-8.5%15.0%-12.6%3.734.359.694.48-3.43-5.15-3.02-2.322.139.272.74-1.667.507.021.307.1213.5610.970.6417.36-7.14-18.6%37.8%-27.7% 34.7%-23.9% 27.1%2.7% 187.0%2.7% -67.6%3.5% -25.0%-0.3% -24.1%-13.6% -39.1%49.3%-2865.1%-19.2%-133.3%-10.0%156.2%-39.2% 141.6%37.7% 144.6%-22.4% 0.4%-4.9% -320.1%7.4% -635.2%-332.9% 59.8%-61.5%-494.8%-9.9%-9.1%-10.4%-2.3%3.8%-5.5%-110.4%-81.6%-50.7%-63.9%-426.1%47.7%32.2% -5.5836.2% 1.47-3.3% -30.3367.0% -119.99-7.5% 60.05-2.5% 22.51-10.1% 13.94-37.8% 1.26-42.2%2822.94-27.4% 105.96-6.3%-162.49-22.0%-163.543.9% -140.70-15.7%-16.16-57.6% 262.500.7% 635.86152.2% 92.3818.2%513.044.1% 68.019.1% 435.24225.5% 177.80-18.6%-14.4% 32.2% 46.58-21.2% -19.2% 36.2% 55.34-12.6% -0.4% -3.3% -2.87-25.9% -1.5% 67.0% 68.489.1% -8.5% -7.5% 0.9711.3% 3.0% -2.5% -5.48-1.6% -6.5% -10.1% -3.63 -8.1% -16.4% -37.8% -21.3458.3% -372.7% -42.2% 330.57-24.6% -54.3% -27.4% 26.94-8.2% 27.5% -6.3% -33.76-12.6% 81.9% -22.0% -103.83-4.1% -1.3% 3.9% 5.14-25.3%-35.9%-15.7% 20.15-1.0% -33.2% -57.6% -24.45 7.3% -16.3% 0.7% 16.97 -128.3% -87.9% 152.2% 240.07-29.2%-173.5%18.2%191.69-50.2% -128.3% 4.1% 132.43-41.2% -101.1% 9.1% 110.22 -24.9% 271.6% 225.5% -46.11 -3.8%8.6%0.6%1.5% 5.2% 2.6%-0.6% 2.8% 3.2%-55.5%74.1%-23.7%-1.9% 0.4% -0.8%-7.99-2.600.48-97.89-1.2022.4742.0911.229.1611.786.81-3.0%-0.2%0.0%-1.2%-26.9%-4.1%1.3%-0.3%-3.3%-3.0%0.6%2.6%3.2%-23.7%-0.8%-6.9%-25.4%-2.9%-14.9%-53.6%-11.6%-1.9%-7.5%-2.9%-4.7%-0.6%2.8%7.9%9.5%-15.3%-11.6%-1.1%1.3%1.5%1.3%-3.9%-1.5%-6.6%-3.4%7.3%7.7%5.2%3.4%-1.5%1.8%3.8%5.9%7.3%7.7%5.2%3.4%0.731.243.51-20.482.184.533.758.785.921.45-2.54-1.2% 11.3% 1.7%8.4% 150.2% 3.4%-10.0% 108.6% 13.9%1.7% -320.9%-55.5%-8.6% 125.6% -5.0%-15.2%-81.4%-10.0%-19.8% -91.6% -16.8%-8.3% -36.8% 24.8%11.5% 294.0% 15.6%-56.9%-133.3%-112.7%-63.8%-149.8%-154.7%-9.54-146.79-94.69265.38-130.6171.3574.7861.59-278.3020.55-4.93-3.0% -2.7% 1.7% 4.431.2% 12.0% 3.4% -8.644.7% 10.9% 13.9% 3.07-39.9% -150.2% -55.5% 94.75-4.8% -0.7% -5.0% -4.31-5.0% -18.3%-10.0% 8.26-5.8% -22.5% -16.8% 5.66-7.2% -12.3% 24.8% 37.084.7% 17.8% 15.6% -2.1614.3% -35.9%-112.7%-76.8612.2% -44.9% -154.7%-109.78大类、一、二级行业必需消费医药食品饮料农林牧渔单季营收同比增速累计营收同比增速单季净利润同比增速累计净利润同比增速可选消费消费者服务家电纺织服装轻工商贸零售科技与电力设备延续景气。AI算力需求大幅提升叠加国产替代加速，TMT板块成为一季报最大亮209.1%45.1%的增速，通信设备、半导体等二级细分方向增速较其一级行业更高。中游高端制造方面，汽车行业整体呈现一定的盈利承压态势。26Q1汽车行业营业收入仍维持正增长23.7%26Q1行业归母净利润202510.4%2025Q426Q1大类、一、二级行业计算机通信传媒大类、一、二级行业计算机通信传媒TMT电子单季营收同比增速累计营收同比增速单季净利润同比增速累计净利润同比增速20.1%28.1%26.0%-2.1719.7%22.2%26.0%3.77189.2%209.1%19.8861.8%81.1%2.3%-2.1%-0.5%1.562.9%1.1%-0.5%-1.62-565.2%27.3%-29.9%-57.23-3.6%20.6%-29.9%-50.5532.1%49.4%36.4%-12.9434.2%38.6%36.4%-2.2372.3%56.4%164.3%107.8947.3%50.4%164.3%113.883.8%8.0%18.6%10.677.4%7.6%18.6%11.04178.4%-130.0%141.1%271.1080.2%32.2%141.1%108.952.5%10.7%8.8%-1.84-11.4%-7.1%8.8%15.96221.5%150.5%237.2%86.72115.9%132.0%237.2%105.182.4%3.2%5.2%2.012.0%2.3%5.2%2.896.7%-2.787.0%7.0%-3.020.9%0.7%-0.2%-0.920.5%0.5%-0.2%-0.722.9%-22.0%-7.8%14.204.6%-0.1%-7.8%-7.707.8%10.0%27.4%17.408.5%8.9%27.4%18.5220.7%1897.6%62.7%-1834.8524.1%60.9%62.7%1.82-0.844.8%4.8%4.2%-0.67-3.4%-2.3%1.0940.1%52.6%-54.96-17.7022.1%20.3%-2.2%-22.48175.9%41.6%-6.0%-47.55107.7%25827.0%-6.0%-25833.000.1%-9.9%-6.0%3.90-4.6%-6.2%-6.0%0.185.7%-83.4%-14.5%68.9415.8%-0.6%-14.5%-13.877.3%12.7%18.9%6.203.2%5.7%18.9%13.19-14.4%-184.2%35.1%219.3712.8%-33.7%35.1%68.86-1.9%9.4%4.6%-4.79-5.7%-1.1%4.6%5.77-9.0%64.9%-1.0%-65.93-9.9%1.1%-1.0%-2.096.5%15.2%17.7%2.4711.7%12.7%17.7%5.0110.6%34.5731.1%26.9%-27.8%36.4%5.6%-30.86-1.5%9.2%5.6%-3.6217.4%-22.4%109.6%132.0223.8%16.2%109.6%93.3817.2%10.1%18.8%8.6917.5%15.3%18.8%3.4922.0%-14.7%0.4%15.1015.3%7.0%0.4%-6.609.2%0.1%4.1%3.995.8%4.3%4.1%-0.1737.2%47.4%14.6%-32.7939.9%40.9%14.6%-26.3224.6%24.2%30.2%6.0624.4%24.4%30.2%5.8757.2%71.4%42.3%-29.1351.9%56.5%42.3%-14.2616.9%17.4%62.2%44.7723.3%21.7%62.2%40.52161.1%266.7%63.5%-203.2083.8%116.1%63.5%-52.6210.2%3.4%8.7% -0.9%9.6% 9.7%10.6%10.2%3.4%8.7% -0.9%9.6% 9.7%10.6%3.9%-1.3% 2.4%8.8% 6.4%23.0%3.8%13.7%9.7%-35.1%-1.1%2.1%-0.5%2.5%8.9%3.4%12.2%12.5%10.5%4.6%-105.7%-12.9%2.3%-1.370.34-7.145.060.975.868.760.755.680.6015.218.860.5514.8811.808.6%7.1%8.3% 5.4%8.9% 9.1%8.4%7.1%1.0% 1.3%8.7% 8.0%15.7%11.8%10.1%10.0%-9.0%-6.2%1.9% 2.2%-26.3%-21.8%2.1%-0.5%2.5%8.9%3.4%12.2%12.5%10.5%4.6%3.4%2.3%6.3%2.5%4.9%14.3%7.4%16.3%0.9%0.9%26.7%1.5%15.7%38.5%4.7%-0.7%7.8%10.4%5.5%16.3%-0.2%5.7%15.0%1.5%15.7%38.5%-5.00-5.91-6.581.872.014.220.730.4810.761.1524.1310.791.699.9923.487.5% -5.4%-23.7%-18.30-21.7% -36.8% -49.7% -12.9326.8% 49.5% -12.6% -62.0213.6%-22.6% 3.6% 26.255.9% 67.4% -23.5% -90.9435.6% 322.1% 6.7% -315.443.4% -75.3% 53.7% 129.018.1% -16.4% -5.5% 10.97-44.0%166.3%-13.9%-180.29-23.6% 100.5% -22.7%-123.18-70.9% 762.5% -12.8%-775.2943.9%601.3%22.0%-579.33135.5% 11.7% -25.5% -37.2117.6% 34.9% -5.8% -40.6552.4% 58.9% 45.7% -13.162.3% 0.6% -23.7%-24.24-15.6% -20.4% -49.7% -29.3915.2% 21.9% -12.6% -34.5014.4% 10.4% 3.6% -6.714.2% 12.2% -23.5% -35.7814.9% 29.5% 6.7% -22.8029.4% -8.1% 53.7% 61.83 17.6% 12.0% -5.5% -17.51-18.2% 0.1% -13.9%-14.02-31.9% -22.4% -22.7% -0.26-7.7% 10.5% -12.8% -23.2720.8% 35.7% 22.0% -13.73-12.5% 10.8% -25.5% -36.2514.7% 16.8% -5.8% -22.5835.1% 41.3% 45.7% 4.45大类、一、二级行业中游先进制造汽车大类、一、二级行业中游先进制造汽车机械国防军工电力设备及新能源单季营收同比增速累计营收同比增速单季净利润同比增速累计净利润同比增速图表20.大类及一级行业单季&累计营收/业绩增速及变动概览单季营收同比增速 累计营收同比增速 单季净利润同比增速 累计净利润同比增速大类&一级行业25Q325Q4 26Q1 △26Q1- 25Q325Q426Q1 △26Q1- 25Q3 25Q4 26Q1 △26Q1- 25Q3 25Q4 26Q1 △26Q1-25Q4(Pct) 25Q4(Pct) 25Q4(Pct) 25Q4(Pct)上游资源-0.1%6.7%7.1%0.4-3.7%-1.1%7.1%8.24.1% 17.1%31.3%14.2-4.7%-0.7%31.3%31.9有色金属15.4%32.2%31.8%-0.49.6%15.4%31.8%16.450.3%107.6%88.4%-19.242.3%57.0%88.4%31.4煤炭-11.4%-8.8%-0.7%8.1-16.3%-14.4%-0.7%13.7-25.2%-17.8%-7.7%10.1-31.3%-28.6%-7.7%20.9石油石化-4.7%-2.0%-2.7%-0.6-7.0%-5.8%-2.7%3.2-2.3% -11.3%14.6%26.0-10.8%-10.9%14.6%25.5中游传统资源3.7%0.7%6.9%6.2-0.3%0.0%6.9%7.083.3%-46.7%21.8%68.529.4%25.9%21.8%-4.1钢铁3.8%-4.8%-0.8%3.9-4.0%-4.2%-0.8%3.4231.1% -4.2%-50.9%-46.75884.4%449.4%-50.9%-500.3基础化工5.5%8.8%15.0%6.24.2% 5.3%15.0%9.721.8% 64.0%37.0%-27.05.0%9.0%37.0%28.0建材-3.1%-8.1%2.4%10.6-2.7%-4.2%2.4%6.616.0%-227.4%-17.5%210.031.2%-14.0%-17.5%-3.5中游先进制造7.1%4.4%8.0%3.66.4%5.8%8.0%2.220.0% 37.2%-0.5%-37.711.4%13.9%-0.5%-14.4国防军工-35.1%-1.1%4.6%5.7-9.0%-6.2%4.6%10.8-44.0%166.3%-13.9%-180.3-18.2%0.1%-13.9%-14.0机械10.6%3.9%8.9%5.18.4% 7.1% 8.9%1.913.6% -22.6%3.6%26.314.4%10.4%3.6%-6.7汽车10.2%3.4%2.1%-1.48.6% 7.1% 2.1%-5.07.5% -5.4%-23.7%-18.32.3%0.6%-23.7%-24.2电力设备及新能源6.3%7.4%16.3%8.94.7% 5.5%16.3%10.843.9%601.3%22.0%-579.320.8%35.7%22.0%-13.7可选消费0.1%0.0%3.9%3.9-1.3%-1.0%3.9%4.9-12.7%-362.5%-2.5%360.0-4.5%-25.5%-2.5%23.1纺织服装-1.5%-1.7%1.2%2.9-1.5%-1.5%1.2%2.7-10.0%156.2%-6.3%-162.5-8.2%27.5%-6.3%-33.8家电2.6%-8.8%-0.7%8.16.6% 2.8%-0.7%-3.42.7% -67.6%-7.5%60.19.1%-8.5%-7.5%1.0轻工制造-0.8%-1.9%5.8%7.6-1.0%-1.3%5.8%7.0-22.4% 0.4%-15.7%-16.2-25.3%-35.9%-15.7%20.1商贸零售-1.6%7.0%7.3%0.3-6.9%-3.7%7.3%11.0-61.5%-494.8%18.2%513.0-29.2%-173.5%18.2%191.7消费者服务4.8%4.0%6.3%2.32.1% 2.5% 6.3%3.7-18.6% 37.8%32.2%-5.6-18.6%-14.4%32.2%46.6必需消费-3.0%-3.0%0.7%3.7-0.1%-0.8%0.7%1.6-18.5%-91.4%-15.4%76.