国内观察：2024年10月工业企业利润数据-政策初见成效，当月利润小幅改善

Group 1: Profit Performance - In October 2024, the total profit of industrial enterprises above designated size decreased by 4.3% year-on-year, compared to a previous decline of 3.5%[1] - The monthly profit year-on-year improved from -27.1% to -10.0%, driven by a low base and improved profit margins[2] - The profit margin for October rose to 5.4%, slightly down from 6.3% to 6.2% year-on-year, indicating reduced drag on profitability[3] Group 2: Inventory and Demand - By the end of October, nominal inventory increased by 3.9% year-on-year, down from 4.6% in the previous period, reflecting faster inventory consumption[4] - Actual inventory growth also decreased to 6.8% year-on-year from 7.4%, suggesting improved expectations and accelerated inventory turnover[4] - The industrial added value for October showed a year-on-year increase of 5.3%, indicating stable production levels[3] Group 3: Sector Analysis - The profit share of midstream equipment manufacturing rose to 28.0%, reflecting policy support for equipment upgrades and advantages in the industrial chain[3] - Upstream raw material extraction profits decreased to 16.9%, while midstream raw material manufacturing remained stable at 17.9%[3] - Downstream profit share continued to decline, currently at 25.8%, indicating ongoing challenges in that sector[3] Group 4: Risks and Outlook - Potential risks include policy implementation falling short of expectations and demand recovery not meeting forecasts[5] - The upcoming political bureau meeting and economic work conference in December may provide additional policy insights and market dynamics[2]