Core Insights - The profit of industrial enterprises above designated size in China increased by 3.2% year-on-year in the first nine months, marking the highest cumulative growth rate since August of the previous year, and accelerating by 2.3 percentage points compared to the first eight months [1] - In September, the profit growth rate reached 21.6% year-on-year, indicating significant improvement in the manufacturing sector due to policy support and recovering market demand [2] - Revenue growth for industrial enterprises also accelerated, with a 2.4% year-on-year increase in the first nine months, and a 2.7% increase in September, contributing positively to profit recovery [2] Revenue and Profit Margins - The operating revenue profit margin for industrial enterprises was 5.26% in the first nine months, a year-on-year increase of 0.04 percentage points, while in September, it rose to 5.49%, an increase of 0.85 percentage points [2] - The decrease in costs and expenses per hundred yuan of operating revenue indicates effective cost control and product structure optimization by enterprises [2] Performance by Enterprise Size - Profit growth was observed across all sizes of enterprises, with private and foreign enterprises showing particularly notable increases. Large, medium, and small enterprises saw profit growth rates of 2.5%, 5.3%, and 2.7% respectively in the first nine months [2] Sector Performance - The manufacturing sector grew by 9.9% in the first nine months, while the electricity, heat, gas, and water production and supply sector grew by 10.3%. The mining sector experienced a decline of 29.3%, but the rate of decline has narrowed [3] - Among 41 major industrial categories, 23 saw year-on-year profit growth, with 30 industries experiencing profit growth in September, representing a growth rate of 73.2% [3] Future Outlook - The industrial sector is expected to continue its recovery, with a focus on expanding domestic demand and strengthening the domestic economic cycle to promote stable and healthy industrial economic development [3]

前9月工业企业利润加快恢复。 10月27日，国家统计局公布数据显示，1—9月份，规模以上工业企业利润同比增长3.2%，为去年8月份 以来各月累计最高增速；较1—8月份加快2.3个百分点，呈现加快恢复态势。这一表现是量、价和利润率 同时改善的结果，特别是高技术制造业和装备制造业两大行业作用明显，不同规模类型企业利润均有改 善。 单月规上工业企业利润连续两月同比增长超20% 数据显示，1—9月份，规模以上工业企业利润同比增长3.2%，较1—8月份加快2.3个百分点，呈现加快恢 复态势。从单月表现看，9月份，规模以上工业企业利润同比增长21.6%，较8月份加快1.2个百分点。 工业企业利润加快恢复是量、价和利润率共同作用的结果。国家统计局工业司首席统计师于卫宁介绍，1 —9月份，规模以上工业企业营业收入同比增长2.4%，较1—8月份加快0.1个百分点。其中，9月份营业收 入增长2.7%，较8月份加快0.8个百分点，营业收入当月增速连续两个月加快，为企业盈利持续恢复创造有 利条件。 国家金融与发展实验室特聘高级研究员庞溟对记者表示，除了营收同比增长提速，产成品存货周转天数继 续减少，反映出在政策端继续发力、需求端持续 ...

装备制造业、高技术制造业对利润恢复贡献突出 10月27日，国家统计局公布数据显示，1—9月份，规模以上工业企业利润同比增长3.2%，为去年8月份以来各 月累计最高增速；较1—8月份加快2.3个百分点，呈现加快恢复态势。这一表现是量、价和利润率同时改善的 结果，特别是高技术制造业和装备制造业两大行业作用明显，不同规模类型企业利润均有改善。 单月规上工业企业利润连续两月同比增长超20% 从单月表现看，9月份，规模以上工业企业利润同比增长21.6%，较8月份加快1.2个百分点。 工业企业利润加快恢复是量、价和利润率共同作用的结果。国家统计局工业统计司首席统计师于卫宁介绍，1 —9月份，规模以上工业企业营业收入同比增长2.4%，较1—8月份加快0.1个百分点。其中，9月份营业收入增 长2.7%，较8月份加快0.8个百分点，营业收入当月增速连续两个月加快，为企业盈利持续恢复创造有利条件。 国家金融与发展实验室特聘高级研究员庞溟对券商中国记者表示，除了营收同比增长提速，产成品存货周转天 数继续减少，反映出在政策端继续发力、需求端持续改善的背景下，工业品销售有所改善。 从营收利润率来看，9月份规模以上工业企业营业收入利润率 ...

Group 1 - In the first eight months of the year, profits of industrial enterprises above designated size turned from a 1.7% year-on-year decline to a 0.9% increase, reversing the continuous profit decline since May [1] - In August, profits increased by 20.4% compared to a 1.5% decline in July, indicating significant improvement in monthly profits [1] - Revenue for industrial enterprises above designated size grew by 2.3% year-on-year in the first eight months, with August revenue growth accelerating to 1.9%, up by 1.0 percentage points from July [1] Group 2 - The equipment manufacturing sector showed a notable "ballast" effect, with profits growing by 7.2% in the first eight months, contributing 2.5 percentage points to the overall profit growth of industrial enterprises [2] - Among the eight industries in equipment manufacturing, seven experienced profit growth, with the railway, shipbuilding, and aerospace sectors seeing rapid profit increases of 37.3% and 11.5% respectively [2] - Raw material manufacturing profits increased by 22.1%, while consumer goods manufacturing profits turned from a 2.2% decline to a 1.4% increase, driven by rising market demand and cost reductions [2] Group 3 - Profits improved across different scales of enterprises, with medium and small-sized enterprises seeing year-on-year profit growth of 2.7% and 1.5% respectively, while large enterprises experienced a narrowing of profit decline [3] - Private enterprises outperformed the average profit growth of industrial enterprises, with a 3.3% increase, which is 2.4 percentage points higher than the overall average [3] - In August, the cost situation for industrial enterprises improved, with costs per 100 yuan of revenue decreasing by 0.20 yuan year-on-year, marking the first monthly decrease since July 2024 [3]

Core Insights - In the first eight months of the year, profits of industrial enterprises above a designated size turned from a year-on-year decline of 1.7% in the first seven months to a growth of 0.9%, reversing a continuous decline since May [1] - In August, profits increased significantly by 20.4% compared to a 1.5% decline in July, indicating a notable improvement in monthly profits [1] - Revenue for industrial enterprises maintained stable growth, with an increase of 2.3% year-on-year in the first eight months, and a 1.9% increase in August, which accelerated by 1.0 percentage points from July [1] Industrial Sector Performance - The manufacturing sector saw a profit growth of 7.4% in the first eight months, accelerating by 2.6 percentage points compared to the previous seven months [2] - The electricity, heat, gas, and water production and supply sector grew by 9.4%, an acceleration of 5.5 percentage points [2] - The mining sector experienced a decline of 30.6%, although the rate of decline narrowed by 1.0 percentage points [2] Equipment Manufacturing and Raw Materials - The equipment manufacturing sector's profits grew by 7.2%, contributing 2.5 percentage points to the overall profit growth of industrial enterprises [2] - Seven out of eight industries within equipment manufacturing reported profit growth, with railways, shipping, and aerospace seeing a rapid increase of 37.3% [2] - Raw materials manufacturing profits increased by 22.1%, while consumer goods manufacturing profits turned from a decline of 2.2% to a growth of 1.4% [2] Company Size and Type Analysis - Profits improved across different scales of enterprises, with medium and small enterprises seeing year-on-year profit growth of 2.7% and 1.5%, respectively [3] - Private enterprises outperformed the average profit growth of industrial enterprises, achieving a growth of 3.3%, which is 2.4 percentage points higher than the overall average [3] - In August, the cost situation for industrial enterprises improved, with costs per 100 yuan of revenue decreasing by 0.20 yuan year-on-year, marking the first decrease since July 2024 [3]