9月工业利润大增21.6%

Core Viewpoint - The article highlights the recovery of profits among industrial enterprises in China, driven by supportive macro policies and a low base effect, with a notable increase in profit growth rates in September 2023 [3][4]. Profit Growth - From January to September 2023, profits of industrial enterprises above designated size increased by 3.2% year-on-year, marking the highest cumulative growth rate since August of the previous year, and accelerating by 2.3 percentage points compared to the previous two months [3][4]. - In September alone, profits surged by 21.6% year-on-year, reflecting a 1.2 percentage point increase from August [4]. Revenue Growth - The revenue of industrial enterprises above designated size grew by 2.4% year-on-year from January to September, with September's revenue growth reaching 2.7%, an acceleration of 0.8 percentage points from August [6]. - In the first three quarters, 23 out of 41 industrial sectors reported profit growth, with 30 sectors showing profit increases in September, representing a growth rate of 73.2% [6]. High-Tech Manufacturing - High-tech manufacturing significantly contributed to profit growth, with a year-on-year increase of 8.7% from January to September, accelerating by 2.7 percentage points compared to the previous two months [6]. - In September, high-tech manufacturing profits grew by 26.8%, contributing 6.1 percentage points to the overall profit growth of industrial enterprises [6]. Equipment Manufacturing - Profits in the equipment manufacturing sector rose by 9.4% year-on-year from January to September, exceeding the average growth rate of all industrial enterprises by 6.2 percentage points [7]. - In September, equipment manufacturing profits increased by 25.6%, contributing 10.5 percentage points to the overall profit growth [7]. Profitability Metrics - The profit margin for industrial enterprises above designated size was 5.26% from January to September, a year-on-year increase of 0.04 percentage points, with September's margin reaching 5.49%, up by 0.85 percentage points [8]. - The cost and expenses per hundred yuan of revenue continued to decrease, indicating improvements in cost control and product structure optimization [8]. Enterprise Size and Type - From January to September, profits for large, medium, and small enterprises grew by 2.5%, 5.3%, and 2.7% year-on-year, respectively, with notable recoveries compared to the previous two months [8]. - Private enterprises and foreign-invested enterprises saw profit growth of 5.1% and 4.9%, respectively, with significant acceleration compared to earlier months [8]. Future Outlook - The article suggests that the industrial sector's resilience and adaptability will continue to improve, supported by ongoing domestic demand, technological innovation, and precise policy support [9]. - Key areas to monitor include the sustainability of domestic demand expansion policies, the implementation of "anti-involution" measures in manufacturing, and the impact of external demand and geopolitical risks on the industrial economy [9].