为经济新旧动能转换护好航

Core Viewpoint - The article emphasizes the resilience and growth potential of China's high-tech manufacturing sector, highlighting its role in driving overall industrial profits despite challenges faced by other industries [2][3]. Group 1: Industrial Profit Trends - In the first seven months, profits of large-scale industrial enterprises in China decreased by 1.7% year-on-year, with a slight improvement in the decline rate compared to the first half of the year [2]. - In July, profits fell by 1.5% year-on-year, but this marked a 2.8% improvement from June, indicating a narrowing of the contraction [2]. - High-tech manufacturing showed a significant turnaround, with profits growing by 18.9% in July, compared to a decline of 0.9% in June, contributing to an overall acceleration in profit growth for large-scale industrial enterprises [2]. Group 2: Emerging Industries - The biopharmaceutical industry has developed strong international competitiveness through years of resilience, while the artificial intelligence sector has maintained its leading position in international competition by seeking differentiated advantages [2]. - The article illustrates that Chinese enterprises possess the drive and innovation capabilities necessary for growth, provided they are given the appropriate space to operate freely [2]. Group 3: Market Support for Innovation - The rise of domestic AI chip company Cambricon, which surpassed Kweichow Moutai in stock price, reflects a market consensus supporting companies focused on technological advancement [3]. - Investors are willing to take risks on companies that demonstrate potential for upward technological breakthroughs, indicating a collaborative effort among market participants to drive growth [3]. Group 4: Structural Challenges - The performance of high-tech manufacturing highlights a growing structural divide in the economy, with upstream raw materials and consumer services still facing significant challenges [4]. - Industries that have not yet recovered from negative growth pose risks that need to be addressed through effective support mechanisms, including legal and institutional preparations for market exits and restructuring [4]. Group 5: State-Owned Enterprises and Market Reforms - Data shows that profits for state-owned enterprises have declined, while foreign and private enterprises have seen positive growth, underscoring the need for reform in state-owned enterprises [5]. - The article advocates for market-oriented reforms as essential for the modernization and profitability of state-owned enterprises, emphasizing the importance of maintaining a balance between power and rights in economic governance [5].