川财证券：研究所晨报-20240903

Core Insights - The report indicates that industrial enterprises' profits in China increased by 3.6% year-on-year from January to July 2024, reflecting a stable recovery trend supported by a narrowing decline in the Producer Price Index (PPI) [3][14][20] - The consumer goods manufacturing sector saw a profit growth of 10.2% year-on-year during the same period, benefiting from rapid industrial product export growth and a mild recovery in domestic consumption [3][20][27] - High-tech manufacturing and equipment manufacturing sectors experienced profit growth rates of 12.8% and 6.1% respectively, indicating a shift towards high-end, intelligent, and green transformation in these industries [3][20][27] Market Dynamics - The report highlights that the cumulative year-on-year growth rate of exports has been increasing monthly since the second quarter of this year, providing strong support for industrial production [3][20] - The implementation of policies such as large-scale equipment updates and the replacement of consumer goods is expected to boost domestic demand [3][20][27] - The report suggests that the consumer goods manufacturing sector's profits are likely to continue improving with the deepening implementation of the replacement policy [3][20][27] Sector Performance - In the paper and chemical fiber industries, profits increased by 108% and 105% respectively, while profits in the agricultural and sideline food, textiles, printing, cultural and educational products, beverages, and furniture industries grew between 12.4% and 23.9% [3][20][27] - The high-tech manufacturing sector contributed nearly 60% to the overall industrial profit growth, indicating its leading role in the industrial economy [3][20][27] - The report emphasizes the importance of new productive forces and new industrialization in promoting the transformation and upgrading of industrial enterprises [3][20][27]