Abstract: We analyzed the earnings revisions of CSI 100 component stocks for May 2026, estimating the index's 2026E EPS fell to 267.5 from 270.7 in April, a decline of 1.2% month on month, while the index itself rose 1.4% from 4,737 to 4,802. Individual stock EPS revisions contributed -¥3.29 to the index EPS change, with 37 stocks revised up and 45 revised down. The largest drag on index EPS came from China Vanke (ΔIndex EPS=-¥0.80), China State Construction Engineering (ΔIndex EPS=-¥0.48), Seres (ΔIndex EPS=-¥0.47), and Tongwei (ΔIndex EPS=-¥0.44), while CSSC was the top positive contributor (ΔIndex EPS=+¥0.56). At the stock level, the sharpest EPS upgrades were in Tongwei (+458% MoM) and Chongqing Zhifei Biological Products (+52.5%), while the steepest cuts were in Poly Developments and Holdings (-43.6%), China Merchants Shekou (-36.3%), and Seres (-30.7%).
CHINA STATE CONSTRUCTION ENGINEERING, CHINA MERCHANTS SHEKOU INDUSTRIAL ZONE, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, TONGWEI, ZHANGZHOU PIENTZEHUANG PHARMACEUTICAL, SERES
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