1-7月工业企业利润点评：盈利改善既靠分配也靠增收

Group 1: Profit Trends - In July, the year-on-year profit growth rate for industrial enterprises improved to -1.5%, showing a marginal recovery compared to June[9] - From January to July, the total profit of industrial enterprises decreased by 1.7% year-on-year[7] - The marginal recovery in profit margins was the main driver for the increase in profit growth rate in July[9] Group 2: Revenue and Demand - In July, industrial enterprises' operating revenue grew by 0.9% year-on-year, indicating a slight decline in growth rate[9] - The marginal decline in volume growth reflects weak downstream demand, contributing to the revenue slowdown[9] - The PMI data for July indicates an expanding gap between raw material procurement prices and factory prices, which may squeeze downstream profits[9] Group 3: Sector Performance - In July, the profit growth rate for the public utilities sector rose by 5.4 percentage points to 6.9%[9] - The mining sector's profit growth rate fell by 3.1 percentage points to -39.2%, primarily due to production cuts and inventory digestion[9] - The manufacturing sector's profit growth rate increased by 5.2 percentage points to 6.6%, with upstream profits recovering significantly[9] Group 4: Inventory and Supply Chain - As of the end of June, the nominal year-on-year growth of finished goods inventory for industrial enterprises was 2.4%, with actual growth at 6.2%[9] - The inventory turnover days for industrial enterprises in July were 20.5 days, indicating a slight increase in turnover[9] - The average collection period for accounts receivable remained stable at 69.8 days, suggesting ongoing pressure in the supply chain[9] Group 5: Future Outlook - The growth of export-oriented industries remains a crucial support for overall profits, with strong global non-U.S. demand observed[9] - The impact of upstream price increases on downstream profits is a key concern, especially as demand remains weak[9] - The resilience of domestic demand will be critical in maintaining stable corporate profits as economic data begins to reflect last year's high base[9]