——2025年10月工业企业盈利数据点评：10月盈利增速再次转负，需要担心吗？

Group 1: Profit Trends - In October 2025, industrial enterprises' profit growth turned negative, dropping to -5.5% from +21.6% in September 2025[4] - Cumulative profit growth for industrial enterprises from January to October 2025 was +1.9%, down from +3.2% for January to September 2025[2] - Cumulative revenue growth for industrial enterprises from January to October 2025 was +1.8%, a decrease from +2.4% for January to September 2025[2] Group 2: Industry Performance - Only the non-ferrous metals, automotive, electronics, and food and beverage sectors maintained positive profit growth, while other sectors showed varying degrees of decline[3] - The cumulative profit margin for the manufacturing sector was 4.57%, an increase of 0.16 percentage points compared to the previous year[13] - The mining sector's cumulative profit margin decreased to 16.76%, down 3.54 percentage points from the previous year[13] Group 3: Future Outlook - Industrial profits are expected to continue weak performance in Q4 2025 due to rising year-on-year comparisons and weakening demand from reduced export growth[3] - The anticipated fiscal policy support in Q4 has not yet shown significant effects in the data, indicating a likely continuation of the "strong supply, weak demand" scenario[3] - The stability of profit recovery for enterprises will depend on further demand-side policy initiatives[3]