国内观察：2024年11月工业企业利润数据-当月利润增速延续改善

Profit Trends - Profit growth has improved for two consecutive months, with the year-on-year decline narrowing to -4.7% in November from -4.3% previously[3] - Revenue growth turned positive at 0.5% in November, marking an improvement from negative growth[4] - The profit margin for November rose to 6.4%, although still below last year's level, indicating a seasonal recovery[4] Sector Performance - The upstream profit share from raw material extraction decreased slightly to 16.3%, while the midstream manufacturing profit share increased by 0.9 percentage points to 18.8%[2] - Midstream equipment manufacturing profit share remained stable at 28.0%, reflecting the effectiveness of equipment renewal policies[2] - Downstream profit share fell marginally to 25.7%, down 0.1 percentage points from the previous month[2] Inventory and Demand - Nominal inventory growth declined to 3.3% year-on-year, down from 3.9%, indicating a potential shift to passive destocking[5] - Actual inventory growth also decreased to 5.8% from 6.8%, suggesting a recovery in demand since the introduction of growth stabilization policies[5] Economic Indicators - The industrial added value for large-scale enterprises grew by 5.4% year-on-year in November, a slight increase of 0.1 percentage points[4] - The Producer Price Index (PPI) showed a year-on-year decline of 2.5%, but the reduction in price drop contributed significantly to revenue growth improvement[4] Risks - Potential risks include policy implementation falling short of expectations, demand recovery not meeting forecasts, and data measurement discrepancies[21]