中国规上工业企业利润同比降幅连续两个月收窄

Core Insights - In July, profits of China's industrial enterprises above designated size fell by 1.5% year-on-year, a narrowing of the decline by 2.8 percentage points compared to June, marking two consecutive months of improvement [1] - From January to July, the profit decline was reduced by 0.1 percentage points compared to the first half of the year, indicating a continued recovery in corporate profitability [1] - The revenue of these enterprises grew by 0.9% year-on-year in July, and by 2.3% from January to July, creating favorable conditions for profit recovery [1] Group 1: Profit Trends - In July, the gross profit margin of industrial enterprises turned from a 1.3% decline in June to a 0.1% increase [1] - Manufacturing profits saw a significant increase of 6.8% year-on-year in July, accelerating by 5.4 percentage points compared to June, contributing to a faster overall profit growth for industrial enterprises [2] - The raw material manufacturing sector's profits shifted from a 5.0% decline in June to a 36.9% increase in July, with the steel and petroleum processing industries returning to profitability [1] Group 2: High-Tech Manufacturing - In July, profits in high-tech manufacturing shifted from a 0.9% decline in June to an 18.9% increase, significantly boosting the overall profit growth of industrial enterprises [2] - Specific sectors within the semiconductor industry experienced remarkable profit growth, with integrated circuit manufacturing up by 176.1%, semiconductor device manufacturing up by 104.5%, and semiconductor discrete device manufacturing up by 27.1% [2] Group 3: Enterprise Size and Type - Profits for medium and small-sized enterprises improved, with medium-sized enterprises seeing a turnaround from a 7.8% decline in June to a 1.8% increase in July, and small enterprises from a 9.7% decline to a 0.5% increase [2] - Private enterprises reported a 2.6% year-on-year profit increase in July, outperforming the average profit growth of all industrial enterprises by 4.1 percentage points [2]