Goldman Sachs' latest research report indicates that as the Q2 2026 earnings season concludes, the earnings growth of Chinese listed companies has reached a five-year high. Specifically, net profit increased by 14% year-on-year in the first half of 2026 (in RMB terms), with Q2 earnings growing by 24% year-on-year, marking the highest single-quarter growth in nearly five years, a significant jump from 6% in Q1. Private enterprises and the "New China" sector saw earnings grow by 36% and 62% year-on-year, respectively, significantly outperforming state-owned enterprises and the "Traditional China" sector. A-shares continued to dominate earnings growth, with profits on the STAR Market and ChiNext increasing by 102% and 44% year-on-year, respectively.