Corporate earnings show some resilience despite macro challenges

China's economy is slowing and this can be seen at the company level as well. But despite the downbeat macro sentiment and further concerns over the trade spat with the United States, some bright spots in recent company earnings reports suggest that discerning investors can still cherry-pick interesting opportunities.

China's slowing growth is weighing on the prospects for its companies, but some sectors are proving more resilient than others.

Profits earned by China's largest industrial firms dropped by 1.7 percent from a year earlier in the first seven months of this year, according to official data, but dig a little deeper and the picture is more nuanced.