1-11月工企利润数据点评：明年工业企业效益有望温和修复

Economic Overview - As of November, the total profit of industrial enterprises reached 66,674.8 billion yuan, a year-on-year decline of 4.7%, with the decline slightly widening by 0.4 percentage points compared to October[6] - In November, the profit of industrial enterprises fell by 7.3% year-on-year, but the decline narrowed by 2.7 percentage points compared to October[6] Revenue and Cost Analysis - From January to November 2024, industrial enterprises' operating income grew by 1.8% year-on-year, with the growth rate down by 0.1 percentage points from January to October[6] - The operating costs of industrial enterprises increased by 2.3% year-on-year, maintaining the same growth rate as in the previous period, indicating continued pressure on profitability due to costs outpacing revenue growth[6] Profitability Insights - The operating income profit margin for industrial enterprises was 5.4%, an increase of 0.1 percentage points from October[14] - The manufacturing sector's contribution to industrial enterprise profits continued to weaken, with a year-on-year profit decline of 4.6% from January to November, extending the decline by 0.4 percentage points compared to the previous month[5] Sector Performance - The mining sector's profit fell by 13.2% year-on-year, contributing negatively to the overall profit growth of industrial enterprises by 2.3 percentage points[4] - High-tech manufacturing's positive contribution to profit growth fell to 0.3 percentage points, a decrease of 0.3 percentage points from the previous month, while traditional equipment manufacturing continued to negatively impact profit growth[5] Future Outlook - The central economic work conference emphasized "expanding domestic demand" as a key task for economic development in the coming year, with a focus on boosting consumption and effective investment[21] - The combination of policy effects is expected to lead to a moderate recovery in industrial enterprise profitability in 2024[21]