宏观月报：财政收入和支出端进一步上行

Economic Performance - From January to October 2024, the total profit of industrial enterprises above designated size reached CNY 58,680.4 billion, a year-on-year decrease of 4.3%[5] - The operating income of these enterprises was CNY 110.96 trillion, with a year-on-year growth of 1.9%[5] - In October 2024, the profit of industrial enterprises fell by 10.0% year-on-year, compared to a previous decline of 27.1%[5] Sector Analysis - The mining industry reported a total profit of CNY 9,845.3 billion, down 12.7% year-on-year; the manufacturing sector's profit was CNY 42,223.1 billion, down 4.2%[5] - The electricity, heat, gas, and water production and supply sector saw a profit increase of 11.5%, totaling CNY 6,612.0 billion[5] Inventory and Production - As of October 2024, the finished goods inventory of industrial enterprises was CNY 6.53 trillion, up 3.9% year-on-year[5] - The manufacturing Purchasing Managers' Index (PMI) for November 2024 was 50.3%, indicating a slight recovery in manufacturing sentiment[6] Fiscal Data - From January to October 2024, the national general public budget revenue was CNY 184,981 billion, a year-on-year decrease of 1.3%[7] - Tax revenue was CNY 150,782 billion, down 4.5%, while non-tax revenue increased by 15.3% to CNY 34,199 billion[7] Consumer Trends - In October 2024, the total retail sales of consumer goods reached CNY 45,396 billion, growing by 4.8% year-on-year, up from 3.2% previously[9] - Retail sales of home appliances surged to a year-on-year growth of 39.2%, significantly contributing to the overall retail sales growth[9]