工业利润累计增速连续4个月增长，装备制造业带动明显

Core Insights - In November, profits of industrial enterprises above designated size decreased by 13.1% year-on-year, with the decline expanding by 7.6 percentage points compared to the previous month [1] - From January to November, profits of industrial enterprises above designated size grew by 0.1%, maintaining a growth trend for four consecutive months since August [1] Group 1: Profit Trends - In the manufacturing sector, profits increased by 5.0% from January to November, while the electricity, heat, gas, and water production and supply sector saw an 8.4% profit growth [3] - The mining industry experienced a profit decline of 27.2%, although the decline was narrowed by 0.6 percentage points compared to the first ten months of the year [3] Group 2: Sector Performance - The equipment manufacturing sector significantly contributed to profit growth, with a 7.7% increase in profits from January to November, accounting for a 2.8 percentage point increase in overall industrial profits [3] - High-tech manufacturing profits accelerated, with a 10.0% year-on-year increase, surpassing the average growth rate of all industrial enterprises by 9.9 percentage points [3] - The raw materials manufacturing sector also saw a robust profit growth of 16.6%, contributing 2.0 percentage points to the overall industrial profit growth [4] Group 3: Future Outlook - The overall profit growth of industrial enterprises indicates a continued upward trend, supported by new industrial dynamics, although challenges remain due to international uncertainties and structural adjustments [5] - The Ministry of Industry and Information Technology has set goals for 2026, prioritizing the stabilization of the industrial economy, with an expected 5.9% year-on-year growth in industrial added value for the year [5] - Analysts predict that industrial profits may recover from low levels, potentially achieving around 10% growth by the end of 2026, indicating a shift from policy-driven to profit-driven market dynamics [5]