China’s Q3 earnings reveal a striking divergence across sectors with A-shares and H-shares also showing distinct growth patterns. PERSPECTIVES Viewpoint Equity: China’s Q3 earnings: sectoral divergence, spotlights how policy support, AI infrastructure, and green energy are helping to drive selective investment opportunities. Meanwhile, investors must navigate a range of ongoing risks and evolving market dynamics.

Key takeaways:

  • A-share companies posted robust earnings growth in Q3 (+11.3% YoY), driven by midcaps (CSI 500: +17.1%) and growth-oriented ChiNext stocks (+31.8%). H-shares reported modest earnings growth (+3.2% YoY) with strong sectoral divergence.
  • Materials, IT, and Financials outperformed significantly, while Consumer Staples, Real Estate, and Healthcare underperformed – highlighting the need for selective sector exposure.
  • AI infrastructure and green energy benefited from policy support and structural reforms, positioning these sectors for sustained growth, although weak domestic demand and trade uncertainties remain headwinds.

'

The PERSPECTIVES Viewpoint is currently available and client-ready for the following regions: Germany, Americas, Europe, Middle East, Africa and Asia Pacific

PDF

Language:

Related special reports

podcast hero

CIO Podcast

PERSPECTIVES Weekly podcast: December 8 – Fed decision time

In the week ahead, “all eyes are going to be on the Fed”, says Deepak Puri, the Private Bank’s Chief Investment Officer for the Americas, pointing to the US central bank’s expected rate decision, data releases and commentary on Wednesday.

Dec 08, 2025

CIO Insights Annual Outlook 2026 horizontal illustration, showing the ocean with a sailor operating a winch on a catamaran on the right and a city skyline on the left

PERSPECTIVES Outlook

Annual outlook 2026: Investing in tomorrow

The global economy is in flux, trade flows are shifting and new technologies are redrawing the economic map. In PERSPECTIVES 2026, we look to the year ahead across our ten key investment themes, identifying opportunities and risks for investors.

Dec 05, 2025

spain impressive economic growth once again desktop

PERSPECTIVES Special

Spain: Impressive economic growth, once again

In this PERSPECTIVES Special – Spain: Impressive economic growth, once again, we explore the reasons for this success, while also addressing the structural challenges that Spain faces, which include productivity gaps, housing shortages, and political uncertainty. Read for more information.

Nov 28, 2025

uk budget 2025

PERSPECTIVES Memo

UK budget: navigating difficult waters

On Wednesday, the Chancellor of the Exchequer, Rachel Reeves, delivered her second Autumn Budget against a backdrop of slowing growth, elevated borrowing costs, and persistent domestic political uncertainty.

Nov 27, 2025

equity market image desktop

PERSPECTIVES Viewpoint Equity

India’s equity market – Ready to rebound?

In this PERSPECTIVES Viewpoint Equity: India’s equity market – Ready to rebound?, we examine whether India’s recent equity market underperformance signals a prolonged trend or sets the stage for a catch-up, as domestic resilience and global dynamics shape the outlook for the year ahead.

Nov 17, 2025

apec summit desktop image

PERSPECTIVES Special

APEC summit – the deals and their implications

The APEC meeting in South Korea saw the signing of major trade deals between the US and many Asian economies. Dive into our special report for insights into what these developments may mean for markets, sectors, and your portfolio.

Nov 05, 2025

See more

In Europe, Middle East and Africa as well as in Asia Pacific this material is considered marketing material, but this is not the case in the U.S.

The value of an investment can fall as well as rise and you might not get back the amount originally invested at any point in time. Your capital may be at risk.

No assurance can be given that any forecast or target can be achieved. Forecasts are based on assumptions, estimates, opinions and hypothetical models which may prove to be incorrect. Past performance is not indicative of future returns. Performance refers to a nominal value based on price gains/losses and does not take into account inflation. Inflation will have a negative impact on the purchasing power of this nominal monetary value. Depending on the current level of inflation, this may lead to a real loss in value, even if the nominal performance of the investment is positive.

This web page is not an offer to buy a security or enter into any transaction. The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions. Please consider the sales restrictions relating to the products or services in question for further information. Deutsche Bank does not give tax or legal advice; prospective investors should seek advice from their own tax advisers and/or lawyers before entering into any investment.

Change of name: As part of Deutsche Bank’s Private Bank, the former International Private Bank also adopted this title on July 20, 2023.