——12月工业企业利润点评：企业利润开门红在望

Group 1: Economic Overview - In December 2026, the total profit of industrial enterprises above designated size increased by 5.3% year-on-year, ending two consecutive months of negative growth[6] - The operating revenue for the same month decreased by 3.2% year-on-year, indicating a decline in sales despite profit growth[6] Group 2: Profit Recovery Drivers - The recovery in profits is driven by a rebound in exports and rising raw material prices, with mining profits declining by 2.7%, manufacturing profits increasing by 5.0%, and public utility profits rising by 23.1%[10] - The profit growth in December was primarily supported by the non-ferrous smelting sector, which contributed a 5.6 percentage point increase in profit growth[10] Group 3: Inventory and Turnover Improvements - By the end of December, the nominal year-on-year growth rate of industrial product inventories fell to 3.9%, reflecting improved inventory turnover due to stronger exports[10] - The average turnover days for industrial enterprises' inventories decreased to 19.9 days, and accounts receivable turnover days fell to 67.9 days, indicating reduced turnover pressure[10] Group 4: Future Outlook - The first quarter of 2026 is expected to see a strong start for enterprise profits, supported by robust external demand and a gradual recovery in internal investment policies[10] - As of January 25, 2026, new special bonds issued amounted to 367.7 billion yuan, exceeding the planned issuance by 146.3 billion yuan, signaling a focus on stabilizing investment[10]