Earnings announcements are important source of information in the capital market. This study examines the information spillovers caused by the sequence of annual report disclosure in A share market. The results show that analysts revise their earnings forecasts based on earnings released earlier by industry peers. The phenomenon is more pronounced among analysts who track both companies. Further research suggests that analysts’ industry expertise enhances this mechanism. Analysts with more industry experience revise their forecast by larger magnitude and enjoy more significant improvements in forecast accuracy. Moreover, analysts’ decision making process is influenced by the scale of economies. The more companies an analyst tracks in the industry, the more information the analyst collects and processes, and thus the more use the analyst makes from intra industry information spillovers. The findings provide insights for analysts to improve their forecasts, for investors to enhance decision making, and for regulators to perfect disclosure requirements.