三个积极变化——7月工业企业利润点评

Core Viewpoint - The article highlights three positive changes in the industrial profit landscape for July, indicating a narrowing decline in profit growth and improvements in certain sectors, particularly emerging industries and upstream manufacturing [4][14]. Group 1: Three Positive Changes - Emerging industries are experiencing rapid profit growth, with sectors such as biopharmaceuticals and integrated circuits showing significant increases of 36.3% and 176.1% respectively [4][11]. - Some industries are seeing notable improvements in profit margins due to the effects of anti-involution policies, with upstream manufacturing profit margins rising to 3.59%, compared to 2.86% in the previous year [5][12]. - The pace of asset expansion is slowing, and inventory growth is also decelerating, which helps alleviate supply-demand imbalances, with industrial finished goods inventory growth at 2.4% [5][12]. Group 2: July Industrial Profit Data Review Overall Situation: Narrowing Decline in Profit Growth - In July, the profit of large-scale industrial enterprises decreased by 1.1% year-on-year, an improvement from the previous decline of 4.3% [2][14]. - The inventory growth rate as of July was 2.4%, down from 3.1% previously [2][14]. - The profit growth rates varied by ownership, with state-owned enterprises at -6.8%, private enterprises at 2.3%, and foreign and Hong Kong, Macao, and Taiwan enterprises at -2.4% [14]. Industry Situation: Improvement in Raw Material Manufacturing Profits - In July, the mining sector saw a profit decline of 39.2%, while manufacturing grew by 6.6% and electricity, heat, gas, and water supply increased by 6.89% [15]. - The raw material manufacturing sector shifted from a 5.0% decline in June to a 36.9% increase in July, with steel and petroleum processing industries turning profitable [15].