兼评11月企业利润数据：利润延续放缓，工企库销比显著走高

Group 1: Profit and Revenue Trends - From January to November 2025, the cumulative profit of national industrial enterprises increased by only 0.1% year-on-year, down from 1.9% in the previous period[3] - Cumulative operating revenue for the same period rose by 1.6%, a slight decrease from the previous 1.8%[3] - In November, the monthly profit decline expanded to -13.1%, a drop of 7.6 percentage points compared to the previous month[4] Group 2: Factors Affecting Profitability - The profit growth rate is influenced by three factors: industrial added value (+4.4 percentage points), PPI (-2.1 percentage points), and profit margin (-11.4 percentage points)[4] - The cost structure in November showed that costs accounted for 84.9 yuan, expenses 8.6 yuan, and investment income -0.8 yuan per 100 yuan of revenue, indicating a significant drag from investment income and expenses[4] Group 3: Sector Performance - The profit share of midstream industries increased to 40.4%, while upstream and downstream sectors saw slight declines[5] - From January to November, upstream profits fell by 8.8%, with significant declines in non-metallic mineral products and chemical fibers, while black metal industries showed improvement[5] Group 4: Inventory and Demand Indicators - The inventory-to-sales ratio rose significantly in November, indicating weak demand and passive inventory accumulation by industrial enterprises[7] - Nominal inventory increased by 0.9 percentage points to 4.6%, while actual inventory rose by 1.0 percentage points to 6.8% year-on-year[7]