累计增速转正，8月份增长超20%—— 工业企业利润明显改善

Core Insights - In the first eight months of the year, profits of industrial enterprises above a designated size turned from a year-on-year decline of 1.7% in the first seven months to a growth of 0.9%, reversing a continuous decline since May [1] - In August, profits increased significantly by 20.4% compared to a 1.5% decline in July, indicating a notable improvement in monthly profits [1] - Revenue for industrial enterprises maintained stable growth, with an increase of 2.3% year-on-year in the first eight months, and a 1.9% increase in August, which accelerated by 1.0 percentage points from July [1] Industrial Sector Performance - The manufacturing sector saw a profit growth of 7.4% in the first eight months, accelerating by 2.6 percentage points compared to the previous seven months [2] - The electricity, heat, gas, and water production and supply sector grew by 9.4%, an acceleration of 5.5 percentage points [2] - The mining sector experienced a decline of 30.6%, although the rate of decline narrowed by 1.0 percentage points [2] Equipment Manufacturing and Raw Materials - The equipment manufacturing sector's profits grew by 7.2%, contributing 2.5 percentage points to the overall profit growth of industrial enterprises [2] - Seven out of eight industries within equipment manufacturing reported profit growth, with railways, shipping, and aerospace seeing a rapid increase of 37.3% [2] - Raw materials manufacturing profits increased by 22.1%, while consumer goods manufacturing profits turned from a decline of 2.2% to a growth of 1.4% [2] Company Size and Type Analysis - Profits improved across different scales of enterprises, with medium and small enterprises seeing year-on-year profit growth of 2.7% and 1.5%, respectively [3] - Private enterprises outperformed the average profit growth of industrial enterprises, achieving a growth of 3.3%, which is 2.4 percentage points higher than the overall average [3] - In August, the cost situation for industrial enterprises improved, with costs per 100 yuan of revenue decreasing by 0.20 yuan year-on-year, marking the first decrease since July 2024 [3]