{
    "success": true,
    "data": {
        "id": 1754818,
        "msgid": "ckgsb-investor-sentiment-survey-highlights-sharp-performance-divergence-between-private-and-state-owned-1779542677",
        "date": "2026-05-21 14:48:15",
        "title": "CKGSB Investor Sentiment Survey Highlights Sharp Performance Divergence Between Private and State-Owned Enterprises in China in Q1 2026",
        "author": "",
        "source": "ANTARA_EN",
        "tags": "",
        "topic": "Investment",
        "summary": "CKGSB's Investor Sentiment Survey shows a sharp earnings split in Q1 2026, with listed private enterprises posting 22.5% YoY TTM net profit growth, while state-owned enterprises declined 14.5%. The gap stretches across sectors\u2014strategic emerging firms up 21.0% versus traditional companies down 6.1%\u2014highlighting an uneven, innovation-led rotation in China's equities. Despite the earnings dispersion, investor sentiment remained resilient: around 63.8% expect A-shares to rise, though gains are driven more by valuation expansion (P\/E up 31.2% to push returns to about 32.5%), and sentiment on real estate has improved following policy measures, even as investment appetite lags.",
        "content": "<p>In the first quarter of 2026, trailing twelve-month (TTM) net profit\ngrowth among listed private enterprises rebounded sharply to 22.5% YoY,\nwhile state-owned enterprises recorded a continued decline of 14.5% over\nthe same period, even as overall market sentiment and macroeconomic\nconditions improve.<\/p>\n<p>The divergence extends across industry classification as well.\nStrategic emerging companies posted TTM net profit growth of 21.0%,\nwhile traditional companies recorded a decline of 6.1%, further\nhighlighting uneven structural recovery dynamics within the listed\ncompanies in China. For long-term investors, the findings highlight\ncontinued structural rotation toward innovation-led sectors within\nChina\u2019s equity landscape.<\/p>\n<p>\u201cCorporate performance in China\u2019s equity market is becoming\nincreasingly bifurcated,\u201d Liu Jing, CKGSB\u2019s Professor of Accounting and\nFinance, Director of Investment Research Department and the author of\nthe survey, notes. \u201cWhile private enterprises and growth-oriented\nsectors linked to new productive forces are experiencing strong\nmomentum, state-owned enterprises and traditional industries remain\nunder pressure.\u201d<\/p>\n<p>Despite this uneven earnings landscape, investor sentiment toward\nequity markets has remained broadly resilient. Approximately 63.8% of\nrespondents expect A-shares to rise, up 1.4 percentage points from the\nprevious survey period. Expectations for Hong Kong equities also\nimproved modestly to 62.1%.<\/p>\n<p>However, the report emphasizes that the broader market rally\ncontinues to be driven primarily by valuation expansion rather than\nearnings recovery. Aggregate analysis shows that A-share listed\ncompanies delivered only about 1.0% TTM net profit growth in Q1 2026,\nwhile price-to-earnings ratios rose by 31.2%, resulting in total equity\nreturns of approximately 32.5%.<\/p>\n<p>The survey also finds that sentiment toward real estate has improved\nfollowing a series of policy measures introduced since early 2026,\nalthough actual investment willingness remains subdued.<\/p>\n<p>The CKGSB Investor Sentiment Survey is one of the few academically\ngrounded, high-frequency, large-sample barometers of investor sentiment\nin China\u2019s capital markets. By bridging behavioral insights with\nfundamental financial data, it tracks sentiment alongside evolving\nmacroeconomic and equity market dynamics over time. The findings are\nparticularly relevant for global investors reassessing the balance\nbetween valuation-driven gains and earnings fundamentals in China\u2019s\nequity markets.<\/p>\n<p>SOURCE CKGSB<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/ckgsb-investor-sentiment-survey-highlights-sharp-performance-divergence-between-private-and-state-owned-1779542677",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}