ainable recovery in earnings growth may come later, as a large portion of the recovery in the firs
t quarter is attributable to financial stocks, and notable improvements in revenue growth have not emerged.
During the first quarter, the aggregate revenue of A-share companies grew by 10.9 pe
rcent year-on-year, compared with 11.5 percent for the whole of 2018, according to Wind Info.
Analysts from Huatai Securities pointed that liquidity condition of l
isted companies has improved in the first quarter, with nonfinancial companies’ ca
sh flow generated from business operations having begun to cover the cash flow needed by investments.
This positive change could mean that capital expenditure of listed companies may acc
elerate in the second half of this year, spurring fixed-asset investment from a macro perspective.