中银证券中银晨会聚焦

Core Insights - The report highlights that traditional and high-tech equipment manufacturing industries contributed a total of 3.5 percentage points to the profit growth of industrial enterprises from January to May 2024, effectively offsetting a negative contribution of 3.6 percentage points from the mining industry [1] - A significant factor driving this improvement is the "large-scale equipment update," which is expected to continue enhancing the equipment industry's ability to fill profit gaps [1] - Additionally, the "large-scale equipment update" has indirectly supported the recovery of profits in the raw materials processing industry, contributing 1.5 percentage points to the profit growth of industrial enterprises for the fourth consecutive month [1] Summary by Sections Industrial Profit Data - From January to May 2024, the total profit of industrial enterprises above designated size reached 27,543.8 billion yuan, reflecting a year-on-year growth of 3.4%, with a deceleration of 0.9 percentage points compared to the previous period [13] - In May, profits increased by 0.7% year-on-year, a significant slowdown of 3.3 percentage points from April [13] - The manufacturing sector's profit totaled a year-on-year growth of 6.3%, with its share in total industrial profits rising for three consecutive months, indicating an improvement in the profit structure of industrial enterprises [13] Contribution from Sub-sectors - The raw materials processing industry continued its profit recovery, contributing positively to the total profit growth of industrial enterprises by 1.5 percentage points, primarily driven by the non-ferrous metal processing industry, which saw a profit increase of 80.6% year-on-year [13] - Equipment manufacturing and high-tech manufacturing sectors also maintained positive contributions to profit growth, contributing 0.9 and 2.6 percentage points respectively, although these figures showed a decline compared to the previous period [13][12]