> 数据图表一起讨论下2.3 盈利质量：周期中半数行业ROE提升，能化板块提升显著2026-9-42.3 盈利质量：周期中半数行业ROE提升，能化板块提升显著➢ 有色、煤炭、石化、化工ROE大幅改善，较去年同分别期提升了2.33、1.15、1.13、1.00个百分点，主要是受益于销售利润率和总资产周转率改善的贡献。➢ 农牧ROE大幅回落，较去年同期下降了4.40个百分点，三因子均有拖累，其中销售利润率大幅下滑并转负，是主要拖累项。25周期板块中，能化相关行业ROE提升较大资料来源：Wind，华安证券研究所。按2025Q2ROE边际变化降序排列风格细分行业2026Q22025Q22026Q22025Q22026Q22025Q22026Q22025Q2销售利润率总资产周转率权益乘数单季度ROE周期环保机械设备钢铁煤炭有色金属石油石化基础化工8.2%11.6%6.5%8.4%9.0%7.6%1.3%3.3%交通运输9.2%公用事业3.2%建筑材料1.6%建筑装饰农林牧渔 -3.7%5.2%8.6%4.6%6.1%8.2%7.7%1.6%4.1%10.6%5.5%2.2%4.1%30.1%10.9%24.4%16.9%7.1%14.0%20.7%17.8%5.7%10.0%10.3%23.0%28.7%9.8%22.9%15.3%6.6%13.5%20.5%17.3%6.4%10.9%12.3%24.3%2.412.452.142.052.612.182.632.743.682.296.322.452.412.312.162.072.632.222.622.763.692.266.192.375.96%3.09%3.39%2.93%1.66%2.34%0.72%1.61%1.90%0.73%1.07%-2.06%3.63%1.95%2.26%1.93%1.42%2.31%0.86%1.96%2.51%1.35%1.70%2.34%2026Q2边际变化2.33%1.15%1.13%1.00%0.24%0.03%-0.15%-0.35%-0.60%-0.62%-0.63%-4.40%华安证券综合其他
