前10个月规上工业企业利润同比增长1.9%

Core Insights - The total profit of industrial enterprises above designated size in China reached 59,502.9 billion yuan from January to October, marking a year-on-year increase of 1.9%, with a continuous growth rate maintained for three consecutive months since August 2023 [1] - The mining sector experienced a profit decline of 27.8%, although the decline rate narrowed by 1.5 percentage points compared to the first nine months of the year; manufacturing profits increased by 7.7%, and profits in the electricity, heat, gas, and water production and supply sectors grew by 9.5% [1] - In October, profits for industrial enterprises fell by 5.5% year-on-year due to a higher base from the previous year and rapid growth in financial costs [1] Revenue Growth - From January to October, the operating income of industrial enterprises above designated size grew by 1.8% year-on-year, indicating sustained revenue growth that supports profit recovery [1] Sector Performance - The profit of the equipment manufacturing sector increased by 7.8% year-on-year, contributing 2.8 percentage points to the overall profit growth of industrial enterprises; high-tech manufacturing profits rose by 8.0%, surpassing the average profit growth of all industrial enterprises by 6.1 percentage points [1] - Traditional industries showed significant improvement, with profits in specific sectors such as graphite and carbon products, biochemical pesticides, and cultural information chemicals growing by 77.7%, 73.4%, and 19.1% respectively, all exceeding their industry averages [2] - In the chemical fiber, rubber, and plastic products sectors, profits in bio-based chemical fiber manufacturing and recycled rubber manufacturing increased by 61.2% and 15.4%, respectively, also above their industry averages [2] Economic Context - The chief statistician of the Industrial Department at the National Bureau of Statistics indicated that the stable profit growth of industrial enterprises is driven by strong leadership from the central government and effective implementation of policies aimed at enhancing domestic circulation and promoting high-quality industrial economic development [2] - Moving forward, the focus will be on addressing complex international environments and domestic structural issues, with an emphasis on expanding domestic demand, optimizing structure, and fostering new capabilities to enhance the foundation of the real economy [2]