January 2, 2026 12:00 AM GMT China Financials | Asia Pacific Tracking industrial risks: Capex rationalization continued despite some profit volatility Key Takeaways Manufacturing firms' profit growth moderated in Nov 2025, mostly off a high base in Nov 2024 and drag from specific sectors. We believe notable profit declines in alcohol manufacturing (-5.2% yoy vs. +13.7% yoy last month) and non- metal mineral sectors (-4.6% yoy vs. +1% yoy last month) were the main drag for overall manufacturing firms. Overal ...