The index fluctuated in the afternoon of May 24, and the Shanghai Composite Index fell below 3,100 points, and the Shenzhen Index fell more than 1%. A50ETF Huabao (159596) fell 1.08% in turnover of 173 million yuan. Constituent stocks had mixed ups and downs, with Midea Group leading the rise of Changjiang Electric Power; BYD fell 2.63%, followed by China Merchants Bank and Ping An of China. The Xingzheng Strategy Team counted the performance of 31 leading companies in the industry. As of May 20, 2024, all leading companies in the industry, with the exception of banks, had achieved significant excess earnings. Overall, the profit advantage of leading companies has gradually become obvious. The 2024Q1 net profit growth rate was 3.35 percentage points higher than that of all A-shares, and the share of leading industries in the growth rate rose from 61.29% to 70.97%. By industry, the net profit growth rate and ROE of the 22 leading companies in the Tier 1 industry are higher than the industry average. The agency said that in the long run, relative changes in performance are a strong guide to the relative performance of stock prices. Currently, whether it is the net profit growth rate, ROE level, or revenue concentration, the profit advantage of leading companies is being highlighted.