In June, the profit growth rate of industrial enterprises transferred to the positive industrial chain supply chain to further recover

Reporter Meng Ke

On July 27, the National Bureau of Statistics released data that in June, the profit of industrial enterprises above designated size increased by 0.8%year -on -year, from two consecutive months to positive growth. At the same time, the profit industry structure of the industrial enterprise has improved, and the automobile manufacturing industry is the industry with the most profitability of industrial enterprises.

Zhou Maohua, a macro researcher at Everbright Bank Financial Marketing Department, told the Securities Daily that the profit rebound in industrial enterprises in June is mainly to recover the demand and drive the overall sales of the industry; from the perspective The profitability of electricity, heat, gas, and water production has improved.

The profit of industrial enterprises has changed from a year -on -year decrease to increase

Zhu Hong, a senior statistician of the Department of Industry of the National Bureau of Statistics, said that since the second quarter, due to the influence of the epidemic conditions in some regions, the benefits of industrial enterprises have been significantly pressured. As the epidemic was effectively controlled, the profit decline in industrial enterprises in May was slightly narrowed. In June, the industrial chain supply chain was further recovered, and the benefits of industrial enterprises have improved significantly. The decline turned positive growth, and the profit growth rate rose 7.3 percentage points from the previous month, showing a accelerated recovery trend. In the first half of the year, the profit of industrial enterprises above designated size increased by 1.0%year -on -year.

In June, with the significant restoration of the industrial chain supply chain, the value -added of industrial enterprises above designated size increased by 3.9%year -on -year, and the operating income of enterprises increased by 8.6%, which rose for two consecutive months. The growth rate of income has been close to the average level in recent years. In the first half of the year, the operating income of industrial enterprises above designated size increased by 9.1%year -on -year.

Yang Chang, chief analyst of the Institute of China and Thailand Securities Research Institute, told the Securities Daily that according to data calculation, the operating income after the price growth rate was significantly higher than the operating cost, reflecting the improvement of the business status of the enterprise. However, the price of raw materials is still disturbing the operation of the enterprise, and the pressure on the cost of the enterprise still exists.

From the perspective of the branch industry, in June, in the 41 industrial industries, the profit growth rate of 23 industries has accelerated or reduced from the previous month, and the decline has increased, accounting for 56.1%. The profit of 21 industries has increased year -on -year, and the industry growth is 51.2%, of which 15 industry profits have achieved double -digit growth.

Zheng Houcheng, director of the Institute of British Securities Research Institute, told the "Securities Daily" reporter that considering that the industrial added value in July was up to June, the PPI was up to June. At the same time Based on June, multiple factors such as slightly upward, and it is expected that the profit growth rate of industrial enterprises in July will continue to rise.

Yang Chang believes that due to the monthly value of the single month in the third quarter of the last year, with the gradual improvement of industrial enterprises from the previous month, the year -on -year growth rate of a single month is expected to show the characteristics of further repair.

Increased profit proportion of manufacturing

Data show that in June, with the continuous improvement of the benefits of midstream and downstream industries, the growth rate of profit growth in the three industries has narrowed. The profit of mining industry increased by 77.9%year -on -year, and the growth rate fell from the previous month. The profit of manufacturing decreased by 9.0%year -on -year, and the decline was narrowed by 9.5 percentage points from the previous month. , Profit has increased from decrease.

Zhu Hong analysis believes that the proportion of manufacturing profits accounted for 76.2%of industries above designated size, an increase of 2.6 percentage points from the previous month. The structure of the profit industry in the industrial enterprise has been further improved, and the differentiation of upstream and downstream profits has eased.

"The improvement of manufacturing profit is mainly because domestic demand recovery has driven sales improvement. At the same time, energy and commodity prices have fallen at a high level, domestic supply and stability prices, relieving rescue and helping enterprise policies, effectively alleviating the pressure of some midstream and downstream manufacturing costs." Zhou Maohua said.

It is worth noting that in June, benefited from the continuous recovery of the industrial chain supply chain, and the profit of equipment manufacturing has rebounded for two consecutive months, driving the profit growth rate of industrial enterprises above designated size by 4.0 percentage points from the previous month. The car manufacturing industry has accelerated the resumption of labor and re -production in Shanghai, Jilin and other car owners, and its profits have declined from a decline to a significant increase of 47.7%. It is the industry with the most profitability of industrial enterprises.

Zheng Houcheng predicts that as the global economy has entered a downward cycle, the Fed will continue to raise interest rates, and the European Central Bank will raise interest rate hikes 50 basis points. It is expected that the price of commodities such as crude oil will continue to undergo pressure. Therefore, the profit growth rate of the mining industry in the later period is about decline, and the profit growth rate of manufacturing and electricity, thermal, gas, and water production and supply industries will benefit from the cost of raw materials.

Zhou Maohua said that from the perspective of trend, the continuous recovery of domestic demand is expected to drive the sales of industrial departments; from the year -on -year, the "distribution" structure of the upstream and downstream industry profits is optimized, domestic supply and stability prices, financial, finance and other relief support policies It is expected to reduce the financial costs of industrial manufacturing, and it is expected that the profitability of industries such as middle and lower reaches of manufacturing is expected to improve steadily.

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