国内观察：2024年7月工业企业利润数据：利润增速延续回升，但仍有隐忧

Group 1: Profit Growth and Trends - In July 2024, the total profit of industrial enterprises above designated size increased by 3.6% year-on-year, slightly up from 3.5% in June[10] - Profit growth continued to rebound, but the month-on-month decline was -22.3%, weaker than the 10-year average of -17.5%[11] - The profit margin fell to 5.3%, down by 1.1 percentage points, approaching the lower limit of the 10-year historical range[13] Group 2: Revenue and Investment Insights - Revenue growth in July was 2.9%, unchanged from the previous month, with a month-on-month decline of -6.5%[13] - Investment income played a significant role in the profit growth rebound, with its share of total profit at 9.47% in July, influenced by a low base effect[15] - The inventory of finished products increased by 5.2% year-on-year, up from 4.7% in June, indicating ongoing replenishment efforts[20] Group 3: Sector Performance and Risks - The profit structure showed a seasonal increase in public utility profits, likely due to higher electricity demand[17] - Upstream sectors like coal mining showed a decline in growth, while non-ferrous metals maintained strong growth rates[18] - Risks include potential delays in policy implementation and demand recovery, which could pressure profit margins in downstream industries[24]