China's A-share markets have started their annual reporting season. Within a month, more than 3,000 listed companies will reveal their report cards last year to investors. Some results from the big blue chips are already in. Mi Jiayi spoke to some analysts to find out what the results are telling us.

As of April fifth, more than 1,400 companies had revealed their financial reports for 2017, including heavyweight sectors like banking, airlines, telecommunications and manufacturing. Of those, more than 70 percent, 1039 companies, reported profit increases. Beverages, home appliances, steel, non-ferrous metals and coal were among the best performing sectors. Analysts attribute much of the growth to continued supply-side reforms.

YANG XIAOLEI, SENIOR ANALYST SWS RESEARCH "2017 was the second year of the supply-side reforms. We can see a recovery of performance in blue chips in the financial, steel, petroleum, and coal mining sectors thanks to the continued reforms. These sectors saw a 30 percent increase from a year previous. However, since the base 2017 is now set pretty high, we estimate growth will come back to 15-20 percent for 2018. But that's still looking good."

The performance of smaller companies was not as good as it has been previously, however.

CAI JUNYI, SENIOR ANALYST SHANGHAI SECURITIES "The main board has seen clear growth in revenue. The growth rate we estimate is around 18 percent for 2017, much higher than the 5 percent growth in 2016. Some companies still haven't revealed their results yet, but we don't think it will affect the average growth much; perhaps it will come down to around 15 percent by the end of April. Medium and small firms and those on the ChiNext board are seeing their growth contracting by between five and eight percent lower than last year, however. The main reason is non-performing mergers."

All the analysts are warning that with the recent outbreak of trade conflicts, investors should watch out for external risks to the stock market and company performance in 2018.