The profit of industrial enterprises above the designated size in the first 10 months increased by 0.7% year on year and the cumulative growth rate turned positive for the first time in the year.

Original title: The profit of industrial firms above designated size in the first 10 months increased by 0.7% year on year and the cumulative growth rate became positive for the first time in the year

Summary

[Il profitto delle imprese industriali al di sopra delle dimensioni designate nei primi 10 mesi è aumentato dello 0,7% su base annua e il tasso di crescita cumulativo è diventato positivo per la prima volta durante l’anno]On November 27, the October Monthly Industrial Economic Benefits Report released by the National Bureau of Statistics showed that from January to October, industrial enterprises above the designated size Made a profit of 5012.42 billion yuan, an increase on annual basis of 0.7% and a decline of 2.4% from January to September The cumulative earnings growth rate from negative to positive for the first time in the year. (Daily headlines)

November 27National statistical officePublished in OctoberindustryThe monthly economic report shows that from January to October, industrial enterprises above the designated sizeenterpriseto reachprofit5012.42 billion yuan,YoYAn increase of 0.7%, a decline of 2.4% from January to September, the cumulative profit growth rate from negative to positive for the first time this year.

Zhu Hong, a senior statistician in the National Bureau of Statistics Department of Industry, said that as China has achieved important strategic achievements in promoting epidemic prevention and control and economic and social development, the relationship between supply and demand market has improved.industryCirculation is gradually unblocked, the production and functioning of industrial enterprises continue to improve and the recovery trend in profits is further consolidated.

In particular, earnings growth from January to October mainly showed the following characteristics: First, it increased more than 60% of the industry profits. From January to October, among the 41 major industrial sectors, the profit growth rate of 36 industries accelerated or decreased from January to September; 25 industries saw an increase in profits on an annual basis, which was an increase from January to September. 4 industries with profit growth reached 61%, of which 12 industries achieved double-digit profit growth.

The second is the equipmentproductionProfit growth accelerated. From January to October, the profit of the equipment manufacturing industry increased by 9.6% year on year and the growth rate was 0.8 percentage points higher than that from January to September. It pushed the profit of industrial firms above the designated size to increase by 3.2 percentage points year-on-year and was the sector that contributed most to the growth of industrial profits.

Third, the profit growth rate of the consumer goods manufacturing industry has rebounded steadily. From January to October, due to the recovery of domestic demand,ExportDriven by factors such as the improving situation, the profit of the consumer goods manufacturing industry increased by 4.8% year on year and the growth rate was 0.4 percentage points higher than that from January to September.

Four isRaw materialsProduction profits have improved significantly.As downstream demand continues to rise, the internal circulation of the sector gradually increasesMaterials industryProfits are repaired quickly. From January to October, commodity manufacturing industry profit declined by 6.0% yoy, but the rate of decline declined by 9.1 percentage points from January to September.

Cinque is privateCorporate profitswithForeign companiesProfits recovered and improved with a range of assistance and financial supportReal economyThe implementation of the policy is effective, the viability of various market entities has been steadily restored and profitability has improved. From January to October, the profits of private companies increased by 1.1% year on year and from January to September they fell by 0.5%.

The sixth is industryFinal productactionThe growth rate has slowed. In late October, industrial enterprises above the designated sizeInventory of finished productsWith a 6.9% year-on-year increase, the growth rate has fallen 1.3 percentage points since the end of September.

　　CITIC securitiesbossfixed incomeAnalystMingming told a Securities Daily reporter that industrial production has maintained a relatively high degree of prosperity. Earnings in October increased significantly and the base factor became the dominant factor, reflecting the earnings situation more or less the same as in September.

Zhao Wei, chief economist at Kaiyuan Securities, told the Securities Daily reporter that the profitability of coal, steel and other industries has improved significantly, or can be driven by investment and a rush to work. Profit growth of industrial firms has increased and non-operational factors such as the base number and investment income have a greater impact. In October, the profits of industrial firms above the designated size across the country increased by 28.2% year on year, an increase of 18.1 percentage points; cumulatively from January to October, profits increased 0.7% year-on-year, an increase of 3.1 percentage points, turning from negative to positive. The increase in earnings growth in October was mainly influenced by non-operating factors such as a low base figure and an increase in investment income. After excluding short-term non-operating factors, the October earnings growth rate was roughly the same as in September.

From a later point of view, it is clear that industrial data continued to be in strong prosperity in October and the manufacturing and sales structure further improved. Driven by production and demand. ExpectedcurrencyRegulatory policies and policies will gradually turn into loose margins after the second quarter of next year.The political and fundamental context are in ainterest rateIt will be friendlierinterest rateThe negative space will also be larger.

Zhu Hong said that, overall, the stable recovery in industrial profits was further consolidated and cumulative profits achieved positive growth. At the same time, it should be noted that the credit growth rate of industrial enterprises has increased and the pressure on cash flow has increased, which is not conducive to the continued recovery of the production and functioning of enterprises. In the next stage, we still have to carry out a solid work of “six stability”, fully implement the task of the “six guarantees” and firmly grasp the internal demand expansion strategy in accordance with the need to accelerate the construction of a new development model with the internal cycle as a body main and mutual promotion of national and international double cycles.Base pointContinue to stimulate the vitality and consumption potential of market players and promote the healthy development of the production and functioning of industrial enterprises.

(Source: Securities Daily)

(Responsible publisher: DF522)