Total profits of industrial enterprises in the first 3 quarters exceeded 4.5tn

On October 27, the National Bureau of Statistics announced the total profits of Industrial Enterprises above Designated Size in the first three quarters of this year. According to reports, from January to September, the total profits of Industrial Enterprises above Designated Size nationwide reached 4593.35 billion yuan, down 2.1% year on year. Among them, the decline in the first quarter was 3.3%, the second quarter was 1.9%, and the third quarter was 1.8%, showing a trend of narrowing quarter by quarter. At the same time, from January to September, the profits of high-tech manufacturing industry and strategic emerging industry increased by 6.3% and 4.6% respectively year on year, and the growth rate accelerated by 3.5% and 1.6 percentage points respectively compared with January to August. In addition, in terms of monthly data, in September, industrial enterprises above Designated Size achieved a total profit of 575.58 billion yuan, down 5.3% year on year. "

The growth of profits in strategic emerging industries is speeding up. The reporter of" daily economic news "noted that for the published data of industrial enterprises' profits, Zhu Hong, Senior Statistician of the industrial department of the National Bureau of statistics, explained that the structural improvement of industrial enterprises' benefits occurred in the first three quarters. Zhu Hong pointed out that this is mainly reflected in: first, the increase of profit growth industries. From January to September, profits of 30 of 41 industries increased year-on-year, accounting for more than 70%, two more than that from January to August. Among them, the profits of power and heat production and supply industry, non-metallic mineral products industry, electrical machinery and equipment manufacturing industry, wine and beverage and refined tea manufacturing industry increased by 13.7%, 11.8%, 13.5% and 17.2% respectively year on year. In total, the profits of all the above-mentioned industrial enterprises increased by 2.7 percentage points year on year. Second, the profit growth of high-tech manufacturing industry and strategic emerging industries has accelerated. From January to September, the profits of high-tech manufacturing and strategic emerging industries increased by 6.3% and 4.6% respectively year on year, 3.5% and 1.6% higher than that of January to August.

The third is that the profit recovery of automobile electronics industry drives the profit growth of equipment manufacturing industry from negative to positive. From January to September, the profit of automobile manufacturing industry decreased by 16.6% year-on-year, 2.4% lower than that from January to August; the manufacturing industry of computer communication and other electronic equipment decreased by 2.7% from January to August, and increased by 3.6% from January to September. Affected by the profit recovery of the above two industries, the profit of equipment manufacturing industry decreased by 0.7% from January to August and increased by 0.9% from January to September. The profit level of industrial enterprises in the next year will rise appropriately. Zhu Hong said that in September, the profit of industrial enterprises will decrease by 5.3% year on year, which is larger than that in August. This is mainly affected by factors such as the increase of factory price of industrial products and the slowdown of sales growth. According to Li Chao, chief Macro Analyst of Huatai Securities, the price drop was the main reason for the decline in profits in September, and the price drop of PPI (factory price index of industrial producers) in September was a drag. As for the future profit trend of industrial enterprises, Li Chao said, "we expect that in 2019, the profit of enterprises will maintain the trend of 0% recovery. At the same time, considering the proper recovery of PPI center and the warming of profit margin in 2020, it is expected that the overall profit level of industrial enterprises in 2020 will be better than that in 2019."