Workflow
“反内卷”下一步施政展望: 盈利改善如何向中下游传导
Sou Hu Cai Jing·2025-09-28 17:01

Core Viewpoint - The ongoing efforts to combat "involution" and disordered competition in various industries have shown positive results, with expectations for further policy support to sustain this momentum [1][7]. Group 1: Industrial Profit Improvement - From January to August, industrial profits for large-scale enterprises turned from a decline of 1.7% to a growth of 0.9%, marking a significant recovery [2]. - In August alone, industrial profits saw a notable increase of 20.4%, reversing the previous month's decline of 1.5% [2]. - The improvement in industrial profits is attributed to macroeconomic policies, a unified national market, and a low base effect from the previous year [2][3]. Group 2: Price and Cost Dynamics - The Producer Price Index (PPI) saw a narrowing decline of 2.9% in August, the smallest drop since March, indicating a recovery in pricing power [3]. - Specific industries, such as coal processing and steel manufacturing, experienced reduced price declines, contributing to the overall improvement in industrial profits [3][4]. - The recovery in prices is linked to enhanced market competition and effective governance of industry practices [3][7]. Group 3: Policy Support and Future Outlook - The government is expected to continue implementing targeted policies to stimulate downstream demand, particularly in consumer goods and real estate [1][6]. - Analysts suggest that if policies effectively boost demand, the benefits of profit improvements could extend to downstream sectors, leading to a more comprehensive recovery in industrial profits [6][8]. - Recent government initiatives focus on stabilizing growth in key industries such as steel and automotive, emphasizing the need for structured governance and competition regulation [8][9].