国内观察：2024年6月工业企业利润数据：工业企业利润增速为何回升

Group 1: Profit Growth and Inventory Trends - In June, the cumulative year-on-year profit of industrial enterprises above designated size increased by 3.5%, up from the previous value of 3.45%[24] - The profit growth rate in June was higher than seasonal averages, with a month-on-month increase of 14.7%, surpassing the post-pandemic average of 7.27%[25] - Finished goods inventory increased by 4.7% year-on-year in June, up from 3.6% in the previous month, indicating a recovery in inventory growth[11] Group 2: Revenue and Cost Dynamics - The revenue profit margin improved to 6.4% in June, an increase of 0.5 percentage points, significantly exceeding seasonal trends[29] - The cost rate decreased, with the cost per 100 yuan of revenue falling below the previous year's level for the first time, likely due to weaker upstream prices[29] - The month-on-month Producer Price Index (PPI) showed a decline of 0.8%, which was an increase of 0.6 percentage points from May[29] Group 3: Industry-Specific Insights - The profit share of upstream raw material-related industries decreased, while the profit share of midstream equipment manufacturing increased to 33.2%, up by 5.9 percentage points[35] - Coal mining profits turned positive due to increased demand during peak summer, while profits in black metal mining declined, affecting upstream profit shares[35] - The recovery in downstream sectors such as beverages and pharmaceuticals was noted, while automotive profits continued to decline due to industry price reductions[20]