11月工业企业利润数据点评：企业加杠杆意愿回升

Profit Trends - From January to November, the total profit of industrial enterprises above designated size reached CNY 66,674.8 billion, a year-on-year decline of 4.7%, with a decrease of 0.4 percentage points compared to the growth rate from January to October[1] - In November alone, the profit of industrial enterprises decreased by 7.3% year-on-year, but the decline narrowed by 2.7 percentage points compared to October[1] - State-owned enterprises reported a profit of CNY 20,387.7 billion, down 8.4% year-on-year, while private enterprises saw a profit of CNY 19,649.1 billion, down 1.0%[1] Price and Cost Dynamics - The Producer Price Index (PPI) in November showed a year-on-year decline of 2.5%, an improvement from October's decline of 2.9%[2] - The cost per CNY 100 of revenue for industrial enterprises was CNY 85.34, an increase of CNY 0.42 year-on-year, while expenses were CNY 8.40, up CNY 0.05 year-on-year[26] Leverage and Inventory Insights - The micro leverage ratio of enterprises is showing signs of recovery, with the debt growth rate exceeding asset growth by 0.2 percentage points in November[7] - The asset-liability ratio for industrial enterprises recorded 57.9% in November, up from October, indicating a gradual recovery in leverage willingness[7] - Industrial enterprises' nominal inventory grew by 3.3% year-on-year in November, continuing a downward trend for four consecutive months[29] Sector Performance - Significant improvements in profit growth were observed in sectors such as mining assistance (+134.6 percentage points) and black metallurgy (+99.9 percentage points) from January to November compared to January to October[5] - Conversely, sectors like non-ferrous metallurgy (-19.8 percentage points) and automotive (-4.1 percentage points) showed notable declines in profit growth during the same period[5]