10月工业企业利润数据点评：利润率触底回升

Profit Trends - The total profit of industrial enterprises from January to October 2024 reached CNY 58,680.4 billion, a year-on-year decrease of 4.3%, with a decline rate of 0.8 percentage points compared to January to September[5] - In October 2024, the profit of industrial enterprises decreased by 10.0% year-on-year, but the decline rate improved by 17.1 percentage points compared to September[5] - The profit margin for January to October was 5.29%, a decrease of 0.38 percentage points year-on-year, while the profit margin for October alone was 5.44%, down from 6.09% in the same month last year[7] Sector Performance - In October, the profit growth rates for various sectors were: mining (-12.7%), raw materials (-12.0%), intermediate goods (+6.3%), equipment manufacturing (+1.0%), consumer goods (-0.8%), and public utilities (+11.4%) [9] - Equipment manufacturing saw a significant turnaround with profit growth shifting from negative to positive, contributing to the overall improvement in industrial profits[4] - High-tech manufacturing industries showed a notable increase in profits, growing by 12.9% year-on-year, significantly higher than the average industrial profit growth rate[9] Policy Impact - The recovery in industrial profits is attributed to the effective implementation of existing policies and new measures aimed at boosting demand and stabilizing prices[4] - The willingness of enterprises to increase leverage remains weak, with the debt growth rate lower than asset growth by 0.1 percentage points, indicating a cautious outlook among industrial firms[14] - The overall inventory growth rate for industrial enterprises was 3.9% year-on-year in October, reflecting a continued decline over three consecutive months[13]