基数抬高工业利润增速转负，高技术制造业效益增势良好

Core Insights - In October, the profit growth of industrial enterprises at or above designated size declined due to high base effects from the previous year and rising financial costs, with a year-on-year decrease of 5.5% [1][3] - From January to October, the profit of industrial enterprises increased by 1.9%, maintaining growth for three consecutive months since August [1][3] - The mining sector saw a profit decline of 27.8%, while the manufacturing sector experienced a profit increase of 7.7%, and the electricity, heat, gas, and water production and supply sector grew by 9.5% [3][4] Industry Performance - High-tech manufacturing showed strong performance, with profits increasing by 8.0% year-on-year, surpassing the overall industrial average by 6.1 percentage points [4] - Specific sectors within high-tech manufacturing, such as smart electronic manufacturing and semiconductor manufacturing, reported significant profit growth, with increases of 116.1% and 89.2% respectively [4] - Traditional industries are also seeing improvements, with certain sectors like chemical and building materials showing profit growth significantly above the industry average, such as graphite and carbon products at 77.7% [5] Future Outlook - The National Development and Reform Commission is addressing issues of price competition in various industries to maintain a stable market environment, which is expected to support high-quality development [6] - Analysts suggest that for sustained profit improvement, policies to expand domestic demand and optimize supply structures are crucial, along with monitoring the balance between inventory replenishment and end-user demand [5][6]