7月规上工业企业营收保持增长 制造业利润同比增长6.8%

Core Insights - In July, the revenue of large-scale industrial enterprises increased by 0.9% year-on-year, while profits decreased by 1.5%, with the decline narrowing by 2.8 percentage points compared to June [1] - Manufacturing profits grew by 6.8% year-on-year in July, accelerating by 5.4 percentage points from June [1][2] - The profit improvement in July indicates structural recovery signals, with certain industries experiencing profit enhancements due to external environment improvements and internal policy support [1][2] Revenue and Profit Trends - From January to July, the revenue of large-scale industrial enterprises increased by 2.3% year-on-year, while profits decreased by 1.7%, with the decline narrowing by 0.1 percentage points compared to the first half of the year [1] - In July, medium and small-sized enterprises showed significant profit improvements, with profits turning from declines of 7.8% and 9.7% in June to increases of 1.8% and 0.5% respectively [1] Sector Performance - Manufacturing sector profits contributed significantly to the recovery of overall industrial profits, with raw material manufacturing profits rebounding from a 5.0% decline in June to a 36.9% increase in July [2] - High-tech manufacturing profits also improved, rising from a 0.9% decline in June to an 18.9% increase in July [2] - The aerospace and semiconductor sectors showed strong profit growth, with aerospace profits increasing by 40.9% and semiconductor-related sectors seeing profits rise by 176.1%, 104.5%, and 27.1% respectively [2] Policy Impact - The "Two New" policies have driven rapid profit growth in related industries, with significant increases in profits for sectors such as electronic and electrical machinery manufacturing [3] - Inventory growth for large-scale industrial enterprises decreased, with finished goods inventory at 6.67 trillion yuan, growing by 2.4%, which is a 0.7 percentage point decline from June [3] - Future expectations indicate a moderate recovery in industrial profits, supported by policy efforts and a return to normalcy in supply and demand [3][4]