1-8月工企利润数据点评：制造业对工业企业盈利的支撑减弱

Group 1: Profit and Revenue Data - From January to August 2024, the total profit of industrial enterprises reached 46,527.3 billion yuan, a year-on-year increase of 0.5%, with a significant decline of 3.1 percentage points compared to January to July[2] - In August 2024, the profit of industrial enterprises fell by 17.8% year-on-year, marking a notable drop of 21.9 percentage points from July[2] - The operating income of industrial enterprises from January to August 2024 grew by 2.4% year-on-year, down 0.5 percentage points from January to July[2] Group 2: Profitability and Cost Analysis - The operating profit margin for industrial enterprises from January to August 2024 was 5.3%, a slight decrease of 0.1 percentage points from January to July[2] - Operating costs increased by 2.6% year-on-year from January to August 2024, with the growth rate narrowing by 0.4 percentage points compared to January to July[2] - The average revenue per 100 yuan of assets was 76.5 yuan, which is an increase of 0.1 yuan from January to July[2] Group 3: Sector Performance - The manufacturing sector's profit total increased by 1.1% year-on-year from January to August 2024, with a significant slowdown of 3.9 percentage points compared to January to July[8] - The contribution of the raw material processing industry to the profit growth of industrial enterprises narrowed to 0.1 percentage points, a decline of 1.4 percentage points from January to July[8] - The non-ferrous metal processing industry saw a profit increase of 64.2% year-on-year, contributing 1.7 percentage points to the total profit growth, while the ferrous metal processing industry experienced a profit decline of 215.9%[8] Group 4: Economic Outlook and Policy Recommendations - Demand shortfalls remain evident, with the raw material processing industry being the most significant drag on profit growth, particularly in the black metal smelting sector[13] - The government is expected to implement fiscal policies to support corporate profitability, with a focus on reducing costs for enterprises amid weak demand and pricing pressures[13] - Risks include potential overseas recession and geopolitical uncertainties that could impact economic stability[13]