国家统计局公布：增长0.9%！

Core Insights - In July, industrial production maintained stable growth, leading to a reasonable recovery in price levels and continuous improvement in corporate profitability [1] - The revenue of industrial enterprises above designated size increased by 0.9% year-on-year in July, with a cumulative growth of 2.3% from January to July [1] - Although industrial profits are still declining, the rate of decline has narrowed for two consecutive months, with a 1.5% year-on-year decrease in July, which is 2.8 percentage points less than in June [1] Revenue and Profit Trends - The manufacturing sector saw a significant profit increase of 6.8% year-on-year in July, accelerating by 5.4 percentage points compared to June, contributing to the overall improvement in industrial profits [2] - The profits of raw material manufacturing turned from a 5.0% decline in June to a 36.9% increase in July, with notable recoveries in the steel and petroleum processing industries [2] - High-tech manufacturing profits grew by 18.9% in July, reversing a 0.9% decline in June, significantly boosting overall industrial profit growth [3] Small and Medium Enterprises - Profits of small and medium-sized industrial enterprises turned positive in July, with medium-sized and small enterprises experiencing profit growth of 1.8% and 0.5%, respectively [4] - Private enterprises reported a profit growth of 2.6%, exceeding the national average by 4.1 percentage points, indicating a faster recovery in the private sector [4] - The positive turnaround in profits for small and medium enterprises is attributed to effective policy measures, improved business environment, and enhanced financing support [4] Policy Implications - Experts emphasize the need for stable and continuous policy support to further expand domestic demand and promote the transformation and upgrading of traditional industries [4]