国企经营迎积极拐点 1—8月营收同比转正

Core Insights - The operating conditions of state-owned enterprises (SOEs) in China have shown significant improvement in the first eight months of this year, with total operating revenue turning positive for the first time, indicating a key turning point in the operation of the state-owned economy [1] - Total operating revenue for SOEs reached 53.96 trillion yuan, a year-on-year increase of 0.2%, while total profit amounted to 2.79 trillion yuan, reflecting a year-on-year decline of 2.7%, but the decline has narrowed compared to previous periods [1] - The tax payments by SOEs were 3.90 trillion yuan, showing a slight year-on-year decrease of 0.3% [1] Revenue and Profit Analysis - The revenue turnaround is seen as a foundation for profit improvement, marking a critical observation point for the operation of the state-owned economy [1] - Despite the revenue growth, profits remain in a year-on-year decline range, influenced by weak effective demand, industrial product price pressures, and deep adjustments in certain traditional industries [1] Sectoral Disparities - There is a notable divergence in the performance of SOEs across different sectors, with state-controlled enterprises in the industrial sector achieving a total profit of 1.52 trillion yuan, a year-on-year decline of 1.7%, which is an improvement of 5.8 percentage points compared to the previous month [1] - Some local SOEs, particularly in resource-rich provinces, are experiencing more significant impacts from the downturn in traditional industries, exemplified by Shanxi Province, where SOE profits fell by over 30% year-on-year from January to May [1] Strategic Directions for Growth - The State-owned Assets Supervision and Administration Commission (SASAC) has emphasized the need for SOEs to adopt tighter financial practices and pursue effective investments, focusing on cultivating new productive forces [2] - Increasing investment in strategic emerging industries is viewed as a key pathway for growth, with plans for central enterprises to have 35% of their revenue coming from these sectors by the end of the year, which is expected to enhance their role as a stabilizing force in the national economy [2]