【新华解读】21.6%！9月份我国规上工业企业利润增速缘何再加快？

Core Insights - In September, the profit of large-scale industrial enterprises in China increased by 21.6% year-on-year, marking a 1.2 percentage point acceleration compared to August, with this indicator achieving double-digit growth for two consecutive months [1] Group 1: Profit Growth Factors - The acceleration in profit growth is attributed to a low base effect and a significant increase in industrial production indicators in September [1] - In September 2024, the profit of large-scale industrial enterprises had decreased by 27.1%, which positively impacted the year-on-year growth rate for this year [1] - The industrial added value for large-scale enterprises grew by 6.5% year-on-year in September, an increase of 1.3 percentage points from August [1] Group 2: Price and Profit Margin Trends - The profit margin for large-scale industrial enterprises from January to September was 5.26%, an increase of 0.04 percentage points year-on-year [2] - The decline in prices has slowed, and the recovery in profit margins has also supported the increase in profit growth for September [2] - From January to September, the cumulative profit of large-scale industrial enterprises grew by 3.2%, the highest growth rate since August of the previous year [2] Group 3: Cost and Expense Analysis - The cost per 100 yuan of revenue for large-scale industrial enterprises was 85.56 yuan, an increase of 0.18 yuan year-on-year, while expenses decreased by 0.16 yuan to 8.36 yuan [2] - Companies have managed to offset some cost pressures by reducing expenses during their daily operations [2] Group 4: Future Outlook - Despite positive changes, the recovery of profitability for large-scale industrial enterprises remains fragile, with profits still below the average of the past three years [3] - There is an expectation for policies to address "price stagnation" from both supply and demand sides, with potential for "anti-involution" and "expanding domestic demand" to run concurrently [3] - The profit margin for large-scale industrial enterprises is expected to continue improving in the fourth quarter, with profit growth likely to show a "high first, stable later" trend [3]