1-2月工企利润数据点评：工业企业盈利仍需进一步修复

Profitability Overview - In January-February, the total profit of industrial enterprises reached CNY 910.99 billion, a year-on-year decrease of 0.3%, with the decline narrowing by 3.0 percentage points compared to the previous year[1] - The operating income of industrial enterprises grew by 2.8% year-on-year, an improvement of 0.7 percentage points, while the profit margin was 4.5%, a decrease of 0.9 percentage points[1][5] Production and Price Dynamics - Industrial added value increased by 5.9% year-on-year, with the growth rate expanding by 0.1 percentage points, indicating sustained production activity[2][6] - The Producer Price Index (PPI) showed a year-on-year decline of 2.2%, while the PPI for production materials fell by 2.6%, reflecting weak price performance[2][6] Sector Contributions - Manufacturing profits increased by 4.8% year-on-year, significantly improving by 8.7 percentage points, contributing positively to overall industrial profitability[2][10] - The contribution of high-tech manufacturing to profit growth fell to 0.2 percentage points, down by 0.2 percentage points, while traditional equipment manufacturing shifted from negative to positive, contributing 1.3 percentage points[10] Future Outlook - Industrial profitability is expected to receive support from both volume and price factors in the second quarter, with potential improvements in PPI anticipated due to policies aimed at boosting domestic demand[2][18] - Insufficient profitability may hinder employment and income growth, necessitating fiscal policies to support enterprises through demand expansion and cost reduction[18] Risks - Potential risks include overseas recession and geopolitical uncertainties, which could impact industrial profitability[19]