Recently, 1651 listed companies on the main board of Shanghai Stock Exchange completed the disclosure of the third quarterly report. The data show that in the face of the complex domestic and international environment, the main board Companies in Shanghai stock market show strong development toughness, maintain high-quality development momentum in the main tone of "stability" in production and operation, and strongly support the sustainable recovery and development of the national economy. According to the data of Shanghai Stock Exchange, in the first three quarters of 2021, the main board Companies in Shanghai Stock Exchange realized a total operating revenue of 33.44 trillion yuan, a year-on-year increase of 21.43%; The net profit attributable to the parent company was 3.08 trillion yuan and the net profit after deduction was 2.95 trillion yuan, with a year-on-year increase of 27.14% and 33.45% respectively. The overall performance continued the stable growth trend since this year. In a single quarter, in the third quarter of 2021, the operating revenue was 11.37 trillion yuan and the net profit attributable to the parent company was 1 trillion yuan, with a year-on-year increase of 15.75% and 2.23% respectively. In terms of profit and loss, nearly 90% of the companies on the main board of Shanghai stock market achieved profits, and the number and amount of loss making companies continued to narrow. 1467 companies achieved profits, accounting for 89%, an increase of 2 percentage points over the same period last year. Among them, more than 60% of the company's net profit increased year-on-year, and 30% of the company increased by more than 50%. 184 loss making companies, 25 less than the same period last year, and 19 loss making companies in the first half of the year reversed their losses in the third quarter; The total loss was 94 billion yuan, a year-on-year decrease of 3.5%. From the perspective of enterprise types, entity enterprises grow faster and the profit quality continues to improve. In the first three quarters, entity companies on the main board of Shanghai Stock Exchange realized a total operating revenue of 26.21 trillion yuan, a year-on-year increase of 26.49%; The net profit was 1.35 trillion yuan and the net profit after deduction was 1.23 trillion yuan, with a year-on-year increase of 52.69% and 81.27% respectively, which were much higher than the overall level of Shanghai stock market. The net profit of entity companies accounted for 43.85% of the main board of Shanghai Stock Exchange, a significant increase of 7.21 percentage points over the same period of last year. The high performance growth of entity enterprises benefits from the improvement of operating efficiency and the decline of debt level. According to the data, the return on net assets of entity companies was 7.89%, an increase of 2.16 percentage points over the same period last year; The turnover rate of accounts receivable reached 7.25 times, with a year-on-year increase of 1.03 times, and the collection ability of credit sales was significantly enhanced; The net operating cash flow increased by 50.26% year-on-year, and the ratio to net profit was 1.18, reflecting strong profitability and liquidity. At the end of the third quarter, the interest bearing liabilities of entity companies accounted for 38.87% of the total liabilities, a decrease of 1.51 percentage points over the beginning of the year, of which the asset liability ratio of manufacturing industry was 52.3%, lower than the overall level of entity enterprises in Shanghai stock market. By industry, the performance of strategic emerging industries is significantly better than that of traditional industries. Among them, the net profit of aerospace equipment and electrical machinery manufacturing industry in the first three quarters increased by more than 40% year-on-year; The net profit of semiconductor companies doubled in the first three quarters, with a year-on-year growth rate of 83.07% in a single quarter. The net profit of computer communication manufacturing industry in the first three quarters increased by 38.58%, and the profit in the single quarter increased by 75.87% month on month. The sustained and rapid growth of business performance forms a positive cycle with R & D investment and industrial investment. The R & D investment in the six major industries of computer communication manufacturing, software information service, equipment manufacturing, automobile manufacturing, electrical machinery manufacturing and pharmaceutical manufacturing accounts for nearly 40% of the total entity investment, including 60 companies with R & D intensity of more than 10% and 17 companies with R & D intensity of more than 20%. The total expenditure of related industries on the purchase and construction of long-term assets for expanding reproduction was 19.6 billion yuan, a year-on-year increase of 30%, which was significantly higher than the overall level of real enterprises by 18.96 percentage points. In particular, Shanghai stock exchange companies actively responded to national policies, performed well in relevant green and low-carbon industries, and strongly supported the continuous promotion of carbon peak and carbon neutralization. Companies in environmental protection, new energy power generation and other industries have benefited from the continuous implementation of the concept of green development and achieved rapid performance growth. The net profit of photovoltaic equipment industry upstream of new energy power generation in the first three quarters increased by 36.11% year-on-year and 21% quarter on quarter; The operating revenue and net profit of downstream new energy power generation enterprises increased by more than 20.56% year-on-year; The operating revenue and net profit of the environmental protection industry in the first three quarters increased by 27.09% and 33.78% respectively year-on-year. In terms of export, the export demand of main board Companies in Shanghai stock market remains resilient, and people's livelihood consumption drives growth. In the first three quarters, more than 120 export-oriented related companies on the main board of Shanghai Stock Exchange realized an operating revenue of 872.32 billion yuan, a year-on-year increase of 15.45%, a compound increase of 10.23% over 2019. Relevant companies have sufficient orders and increased performance, showing strong export competitiveness. It should be noted that affected by multiple factors such as weak external demand, shortage of raw materials and rising prices, the operating revenue of the above companies in the third quarter decreased by 7.37% year-on-year and 17.75% month on month. In the third quarter, the epidemic situation was repeated, and some areas were affected by the flood. However, with the timely implementation of various prevention and control measures, residents' consumption shows a strong recovery momentum. In the first three quarters, the operating revenue of food processing, beverage manufacturing, clothing, home textile and cultural media industries increased by 13.28%, 20.60%, 14.53% and 17.59% respectively, and the net profit increased by 13.18%, 20.65%, 201.99% and 106.16% respectively. The consumption vitality was further stimulated, and the endogenous demand has sufficient stamina. In terms of financing costs, the proportion of cash interest payment expenses of Shanghai main board manufacturing companies in the average interest bearing liabilities in the first three quarters was 4.07%, a decrease of 0.34 percentage points over the same period last year. In terms of taxes, the cash paid by manufacturing companies for various taxes in the first three quarters totaled 416.092 billion yuan, accounting for 4.99% of operating revenue, a decrease of 0.04 percentage points over the same period last year. The effect of tax reduction and fee reduction policy is showing. Since the beginning of this year, small and medium-sized manufacturing enterprises have been under certain operating pressure due to the rise in the price of bulk raw materials and the increase in labor costs. At the national level, timely introduce support policies such as inclusive finance and direct financial funds to accurately help small and medium-sized enterprises reduce the tax burden. In the first three quarters, the financing costs of small and medium-sized manufacturing enterprises with a market value of less than 10 billion yuan in Shanghai decreased by 0.73 percentage points year-on-year, higher than the overall decline of the manufacturing industry by 0.39 percentage points; The tax cost decreased by 0.16 percentage points year-on-year, which was 0.12 percentage points higher than that of the manufacturing industry as a whole, and the sense of acquisition of small and medium-sized enterprises was more obvious. Although the overall performance of the main board of Shanghai Stock Exchange was good in the first three quarters, quarterly, the operating revenue and net profit attributable to the parent decreased month on month in the third quarter, down 1.92% and 6.38% respectively. At the industry level, some industries are affected by macro-control policies and tight supply of upstream raw materials, resulting in increased operating pressure. For example, under the influence of tight coal supply and sharp price rise, thermal power enterprises suffered large losses in the third quarter, of which four companies suffered losses of more than 1 billion yuan; The net profit of the real estate industry in the first three quarters decreased by 45.55% year-on-year. Although the performance of the building materials industry closely related to the industrial chain increased year-on-year in the first three quarters, the operating revenue and net profit decreased month on month in the third quarter, and the performance was under obvious pressure. (outlook new era)