Our reporter Meng Ke
On November 27, the National Bureau of Statistics released data showing that from January to October, the operating income of industrial enterprises above designated size increased by 7.6% year-on-year, and the profits fell by 3% year-on-year. However, the profits of the equipment manufacturing industry rebounded significantly, and the profits of the electrical machinery industry increased significantly. , the profit structure of industrial enterprises continued to improve.
“Overall, the profits of industrial enterprises have declined, the structure continues to improve, and the profits of some mid- and downstream industries have rebounded significantly. However, it must also be noted that the recent domestic epidemics have spread frequently, the risk of a global economic recession has intensified, and industrial enterprises are facing greater pressure to recover their profits.” The country. Zhu Hong, senior statistician of the Industry Department of the Bureau of Statistics, said that the next step is to promote the full implementation of a package of economic stabilization policies and subsequent measures to ensure the stability and smoothness of the industrial chain and supply chain, accelerate the release of consumer demand, implement the small-scale benefit enterprise bailout policy, and promote The industrial economy continued to recover steadily.
In terms of three major categories, from January to October, the mining industry realized a total profit of 1,394.3 billion yuan, a year-on-year increase of 60.4%; the manufacturing industry realized a total profit of 5,173.93 billion yuan, a year-on-year decrease of 13.4%; electricity, heat, gas and water production and supply The industry achieved a total profit of 408.59 billion yuan, a year-on-year increase of 15.5%.
Zhou Maohua, a macro researcher at the Financial Market Department of China Everbright Bank, told the “Securities Daily” reporter that the further expansion of the decline in the profit growth rate of industrial companies in the first 10 months was basically in line with expectations, mainly because short-term factors disrupted demand, industrial product prices slowed down, and some industrial companies invested costs. Continue to be on the high side. From the perspective of the industry, the decline in profits is mainly due to the manufacturing industry, as well as the continuous narrowing of the profits of the upstream energy mining industry.
“The decline in energy prices supports the improvement of profits in the power industry and equipment manufacturing industry.” Yang Xin, an analyst at Hongta Securities, told the “Securities Daily” reporter that the cumulative profit growth rate of the mining industry in the first 10 months fell by 15.6 percentage points to 60.4%, mainly due to energy and metals. Falling prices drive profits down. Among them, the dragging effect of the decline in coal prices was the most obvious, and the coal mining and washing industry fell by 26.8 percentage points. Oil and natural gas mining, non-ferrous metal mining and dressing, and non-metallic mining and dressing fell by 2.3 percentage points, 3.6 percentage points and 1.3 percentage points respectively.
“From January to October, the profits of the production and supply industries of electricity, heat, gas and water increased by 15.5% year-on-year, and the growth rate was further accelerated by 10.6 percentage points on the basis of turning from negative to positive from January to September.” Zhu Hong said, Among them, as the coal supply and price stabilization work continued to advance, the cost pressure of the power industry eased, and the profit increased by 28.1% year-on-year, and the growth rate was 16.7 percentage points faster than that from January to September, driving the industrial profits above the designated size to increase by 1.0 percentage points. From January to September, it increased by 0.5 percentage points, which is the industry that stimulates the largest increase in the profit growth rate of industrial enterprises.
It is worth mentioning that the profits of the equipment manufacturing industry have rebounded significantly. The data shows that from January to October, the profit of the equipment manufacturing industry increased by 3.2% year-on-year, and the growth rate was 2.6 percentage points faster than that from January to September.
Looking forward to the future, Zhou Maohua believes that short-term energy commodity prices will fluctuate to a certain extent, but the overall domestic demand will be weak, which will drag down the prices of industrial products. In addition, the input costs of some manufacturing industries will remain high, and the profits of industrial enterprises will continue to be under pressure.
“The current improvement in the profits of the midstream manufacturing industry and the power industry is mainly due to the rapid decline in upstream prices, rather than the increase in pricing power due to the recovery of downstream consumption.” Yang Xin said that in the future, the downturn in both domestic and foreign demand will drive industrial enterprises to continue to take the initiative Destocking will be a drag on economic growth, so policies to stabilize growth are still needed.
Pang Ming, Chief Economist and Research Director of Jones Lang LaSalle Greater China, told the “Securities Daily” reporter that in the next stage, policies such as tax cuts and fee reductions, guaranteed supply and stable prices should be implemented, and efforts should be made to help companies relieve difficulties and solve difficulties. Greatly stimulate the vitality of market entities, promote the sustained and stable recovery of the industrial economy, and continue to improve quality and efficiency.
(Editor: Wen Jing)