China A-share 1H earnings season concluded, Shanghai and Shenzhen stock
exchanges report: STAR Market companies posted revenue growth near 40% and net
profit up 4.4x YoY; ChiNext companies reported revenue +22.3% YoY and net profit
+32.7% YoY. Shanghai-listed real-economy firms increased R&D spending to over
475 billion yuan in 1H, up about 6.5% YoY; Shenzhen-listed real-economy firms’
R&D totaled 377.22 billion yuan, up 6.54% YoY.