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 designated size turned from a 1.7% year-on-year decline to a 0.9% increase, reversing a continuous decline since May [1] - In August, profits increased by 20.4% compared to a 1.5% decline in July, indicating significant 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] Group 1: Industrial Sector Performance - The manufacturing sector saw a profit increase 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%, but the rate of decline narrowed by 1.0 percentage points [2] Group 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%, accelerating by 10.0 percentage points, while consumer goods manufacturing profits turned from a 2.2% decline to a 1.4% increase [2] Group 3: Profit Improvement by Enterprise Size - Profits for medium and small-sized enterprises increased by 2.7% and 1.5% respectively, with improvements of 1.1 and 0.4 percentage points compared to the previous seven months [3] - Private enterprises saw a profit growth of 3.3%, surpassing the average growth of all industrial enterprises by 2.4 percentage points [3] - In August, the cost per hundred yuan of revenue decreased by 0.20 yuan year-on-year, marking the first decrease since July 2024 [3]