权威数读丨系列政策落地实施，企业盈利持续恢复

Core Viewpoint - In July, China's industrial production maintained stable growth, contributing to a reasonable recovery in price levels and continuous improvement in corporate profitability due to the gradual implementation of a series of policies [1]. Group 1: Industrial Revenue and Profit - In July, the revenue of large-scale industrial enterprises increased by 0.9% year-on-year, with a cumulative growth of 2.3% from January to July, indicating sustained revenue growth throughout the year [4]. - The profit decline for large-scale industrial enterprises narrowed by 2.8 percentage points compared to June, marking the second consecutive month of improvement in corporate profitability [4]. Group 2: Manufacturing Sector Performance - In July, manufacturing profits grew by 6.8% year-on-year, accelerating by 5.4 percentage points compared to June, which contributed to an overall increase in profits for large-scale industrial enterprises [8]. - High-tech manufacturing profits rebounded from a 0.9% decline in June to an 18.9% increase in July, further enhancing the profit growth rate for all large-scale industrial enterprises by 2.9 percentage points compared to June [12]. Group 3: Policy Impact and Sector Growth - The "Two New" policies have shown significant effectiveness, continuously driving profit growth in various industries [14]. - In July, industries such as electronic and electrical machinery manufacturing and general component manufacturing saw profits increase by 87.9% and 15.3% year-on-year, respectively. Additionally, profits in computer manufacturing, intelligent unmanned aerial vehicle manufacturing, and household cleaning appliance manufacturing grew by 124.2%, 100.0%, and 29.7% respectively [15]. Group 4: Small and Medium Enterprises - In July, profits for medium and small enterprises within large-scale industries improved significantly, with medium-sized enterprises recovering from a 7.8% decline in June to a 1.8% increase, and small enterprises from a 9.7% decline to a 0.5% increase [18].