中国金融 - 追踪行业风险，8 月反内卷持续稳步推进-China Financials-Tracking industrial risks continued steady progress on anti-involution in August

September 29, 2025 08:25 PM GMT China Financials | Asia Pacific Tracking industrial risks: continued steady progress on anti-involution in August Key Takeaways Profitability metrics improved further thanks to continued capex moderation: In particular, YTD profit growth in the Alcohol sector was up 20% yoy, vs. a 2.8% decline in July, which could be attributable to continued capex rationalization since the peak of FAI growth in June 2024. Despite some volatility in liability growth, it trended down from earl ...