9月工业利润数据点评：9月国有控股企业利润总额同比降幅扩大

Profit Trends - From January to September 2024, the total profit of industrial enterprises above designated size reached CNY 52,281.6 billion, a year-on-year decline of 3.5%[2] - In September, the profit of industrial enterprises dropped by 27.1% year-on-year, a decline of 9.3 percentage points compared to August and 39.0 percentage points lower than September 2023[3] - For state-owned enterprises, the total profit decreased by 6.5% from January to September, with a significant drop of 36.3% in September alone compared to the previous year[4] Sector Performance - The manufacturing sector's profit fell by 3.8% from January to September, with a decline of 4.9 percentage points from August[3] - High-tech manufacturing profits grew by 6.3% year-on-year, although this was a decrease of 4.6 percentage points from August[5] - In the first nine months, 23 out of 41 industrial sectors reported profit growth, indicating a growth rate of 56%[4] Economic Indicators - The Producer Price Index (PPI) saw an expanded year-on-year decline, contributing to significant pressure on corporate revenue and profitability[4] - The operating income of industrial enterprises increased by 2.1% year-on-year, but this was a decline of 0.3 percentage points from August[4] - The profit margin for industrial enterprises was 5.27%, down by 0.07 percentage points from August[4] Future Outlook - With the implementation of various incremental policy measures, there is an expectation for a recovery in industrial profits in October[3] - The report highlights potential risks including unexpected pandemic developments and geopolitical tensions that could impact economic recovery[8]