1-10月工业企业利润数据点评：10月工业企业利润当月同比降幅收窄

Profit Trends - From January to October 2024, the total profit of large-scale industrial enterprises in China reached CNY 58,680.4 billion, a year-on-year decrease of 4.3%[3] - In October, the profit of large-scale industrial enterprises fell by 10.0% year-on-year, but the decline narrowed significantly by 17.1 percentage points compared to September[3] Sector Performance - In October, the profit decline in the raw materials manufacturing and consumer goods manufacturing sectors narrowed by 27.7 and 20.4 percentage points, respectively, due to a recovery in consumer demand and continued growth in industrial exports[4] - The textile, clothing, and chemical fiber industries saw profit increases of 53.3%, 65.2%, and 32.2% year-on-year, respectively[4] High-Tech Manufacturing - High-tech manufacturing profits grew by 12.9% year-on-year in October, significantly outperforming the overall profit level of large-scale industrial enterprises by 22.9 percentage points[5] - Key sectors such as wearable smart devices and lithium-ion battery manufacturing reported profit increases of 73.3% and 39.4% year-on-year, respectively[5] Economic Policy Impact - The narrowing of profit declines in October was supported by coordinated efforts of existing and new policies aimed at stabilizing growth, which began to take effect from September 24[3]