兼评10月企业利润数据：利润增速转负，新质生产力效益增势向好

Group 1: Profit and Revenue Trends - Cumulative profit of large-scale industrial enterprises from January to October 2025 increased by 1.9% year-on-year, down from 3.2% previously[3] - Cumulative revenue for the same period rose by 1.8% year-on-year, a decrease from 2.4%[3] - In October, revenue showed a significant decline of approximately -3.3% year-on-year, a drop of 6.4 percentage points from the previous value[3] - Profit in October fell sharply by 27.1 percentage points to -5.5% year-on-year, aligning with earlier predictions of declining profit growth[3] Group 2: Factors Affecting Profitability - The contribution to October's profit growth from industrial value added, PPI, and profit margin year-on-year was +4.7, -2.1, and -6.1 percentage points respectively[3] - Increased costs, particularly financial expenses, significantly impacted profitability, with costs per 100 yuan of revenue at 85.6 yuan, up by 0.1 yuan from the previous year[4] - The profit structure showed that the share of midstream profits continued to rise, with midstream equipment manufacturing at 39.5%[5] Group 3: Inventory and Economic Outlook - Nominal inventory increased by 0.9 percentage points year-on-year to 3.7%, marking two consecutive months of inventory growth[6] - The overall economic outlook suggests that Q4 profits will remain under pressure due to the fading low base effect, but new productivity trends are improving[6] - Attention should be given to fiscal policies and the potential for profit recovery linked to improvements in US-China trade relations[6]