高盛：中国4 月工业利润环比上升；5 月采购经理人指数预览

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - China's industrial profits rose by 3.2% year-over-year (yoy) in April, compared to 2.6% yoy in March, with sequential growth of 4.3% seasonally adjusted (sa) non-annualized in April after a decline of 2.8% in March [1][6] - Industrial revenue increased by 2.6% yoy in April, down from 4.4% in March, with a sequential decline of 0.5% sa non-annualized in April [2][6] - Downstream industries saw profits increase by 17.1% yoy in April, while upstream industries experienced a decline of 26.1% yoy [6] Summary by Sections Industrial Profits - In April, industrial profits increased by 3.2% yoy, with a sequential growth of 4.3% sa non-annualized, following a decline of 2.8% in March [1][6] - Overall profit margins remained stable on a 12-month average basis, with downstream profit margins outperforming upstream [6] Industrial Revenue - Industrial revenue rose by 2.6% yoy in April, down from 4.4% in March, and fell by 0.5% sa non-annualized sequentially [2][6] Sector Performance - The equipment manufacturing sector contributed 3.6 percentage points (pp) to the year-over-year growth of industrial profits in the first four months of the year [6] - Profits in the instrument/meter and electrical machinery sectors grew by 22.0% yoy and 15.4% yoy, respectively [6] PMI Forecasts - The report forecasts an increase in the NBS manufacturing PMI to 49.6 from 49.0 in April, with expectations for the Caixin manufacturing PMI to rise to 50.7 from 50.4 in April [7]