According to data released by the National Bureau of Statistics, from January to October, industrial enterprises above designated size in China achieved a total profit of 5950.29 billion yuan, a year-on-year increase of 1.9%. Yu Weining, Chief Statistician of the Industrial Department of the National Bureau of Statistics, interpreted that the profits of industrial enterprises have steadily increased. From January to October, the profits of industrial enterprises above designated size increased by 1.9% year-on-year, and the cumulative growth rate has maintained growth for three consecutive months since August this year. From the perspective of the three major categories, from January to October, the mining industry decreased by 27.8%, narrowing the decline by 1.5 percentage points compared to the period from January to September; Manufacturing industry grew by 7.7%; The production and supply of electricity, heat, gas, and water increased by 9.5%. In October, due to factors such as the increase in the base of the same period last year and the rapid growth of financial expenses, the profits of industrial enterprises above designated size decreased by 5.5% year-on-year. ”Yu Weining pointed out. The equipment manufacturing industry and high-tech manufacturing industry are still the main driving forces. Zhang Di, Chief Macro Analyst at China Galaxy Securities, stated that structurally, the equipment manufacturing and high-tech manufacturing industries remain the main drivers of profit growth. From an industry perspective, 7 out of the 8 major categories in the equipment manufacturing industry achieved year-on-year profit growth, with the railway, shipbuilding, aerospace, and electronics industries achieving double-digit growth. The profit of high-tech manufacturing industry increased by 8.0% year-on-year, which is 6.1 percentage points higher than the average level of all industries above designated size. From an industry perspective, the profit growth of intelligent electronic manufacturing and semiconductor manufacturing is significant. Yu Weining pointed out that the profits of the equipment manufacturing industry have grown rapidly, and the benefits of high-tech manufacturing industry are increasing well. From January to October, the profit of equipment manufacturing industry above designated size increased by 7.8% year-on-year, driving the profit growth of all industrial enterprises above designated size by 2.8 percentage points; The total profit of industrial enterprises above designated size accounts for 38.5% of the total profit, and the efficiency structure of industrial enterprises continues to be optimized. From January to October, the profits of high-tech manufacturing industries above designated size increased by 8.0% year-on-year, which is 6.1 percentage points higher than the average level of all industries above designated size. From the perspective of "quantity" and "price", Chen Qi, a macroeconomic analyst at Bank of China International Securities, pointed out that industrial production activities remained active from January to October, but the performance on the price side was still relatively weak. On the one hand, the industrial added value from January to October increased by 6.1% year-on-year, with a slight decrease of 0.1 percentage points in growth rate compared to the first three quarters. The production side can still provide support for the profitability of industrial enterprises in the current period. On the other hand, the year-on-year growth rates of PPI and PPI of production materials from January to October remained negative, with a decrease of 2.7% and 3.2% respectively, but the decline rate narrowed slightly by 0.1 percentage points compared to September. The performance of industrial product ex factory prices still hinders the profitability of industrial enterprises. Looking ahead to the future, Zhang Di believes that considering the short-term disturbance caused by the limited number of working days in the current month on the production side, and the impact of new export regulations on the demand side, the subsequent profit trend still has a stable and positive foundation after short-term fluctuations. Chen Qi stated that in the future, the policy side is expected to make efforts to solve the problem of "price instability" from both supply and demand aspects. "Anti internal competition" and "expanding domestic demand" are expected to go hand in hand, and incremental policies may still be worth looking forward to by the end of this year or early next year. (New Society)