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Further solidification
Specifically, in the 41 major industrial sectors, the total profit of 29 industries increased year-on-year and 12 decreased. In the major industries, the total profit of coal mining and washing industry increased by 1.1 times year-on-year, the textile industry increased by 4.3%, and the petroleum processing, coking and nuclear fuel processing industries increased by 2.3 times. In addition, the electricity, heat production and supply industries fell by 8.1%, and the oil and gas exploration industry turned from a profit to a loss in the same period.
He Ping, a statistician from the Industry Department of the National Bureau of Statistics, pointed out that in October, the profit growth of industrial enterprises accelerated, the trend of profitability was further stabilized, the prices of industrial products and profit margins all increased year-on-year, and the profit growth rate of mining industry reached a new high, while finance The cost continued to decline year on year. At the same time, the effect of structural reform on the supply side continued to show. At the end of October, the inventory of finished products of industrial enterprises above designated size fell by 0.3% year-on-year, continuing the downward trend since the beginning of the year, and the leverage ratio and unit cost of enterprises continued to decline.
"However, overall, sales are accelerating and prices are rising, which has become an important reason for the recovery of corporate profit growth." He Ping said that in October, the growth rate of the main business income of industrial enterprises above designated size was 1.5 percentage points higher than that in September, and preliminary estimates were made. Ex-factory prices of industrial producers rose by 1.2% year-on-year. In October, the main business income of enterprises increased by about 120.5 billion yuan. The purchase price of industrial producers increased by 0.9%, and the cost of raw materials of enterprises increased by about 59.7 billion yuan. The increase was about 60.8 billion yuan, an increase of about 10.5 billion yuan over September. According to Zhang Jun, chief economist of Morgan Stanley Huaxin Securities, the continuous improvement of profits of industrial enterprises has been greatly improved with PPI and has been positively changed from negative to negative. The rebound of infrastructure and real estate investment has driven demand rebound, superimposing the production capacity of some industries. The tight supply has caused the price of the upstream raw material industry to continue to rise.
The growth structure is still not reasonable
Although the overall trend of the industry has progressed steadily, He Ping reminded that although the growth rate of industrial profits in October has risen steadily, the structure of profit growth is not reasonable, the profit of traditional raw material manufacturing industry has increased rapidly, and the growth of the entire industrial profit has a greater effect. However, the profit growth rate of high-tech manufacturing and equipment manufacturing has slowed down. "In addition, the profit growth momentum is too dependent on the price increase. Industrial enterprises still need to practice more internal strength to improve quality and efficiency."
Zhang Jun also said that with the weakening of infrastructure construction and the gradual emergence of real estate regulation and control effects, industrial demand will be weakened again, and new supply capacity that is accelerated by price increases and accelerated production may form new overcapacity. "It is worth mentioning that large and medium-sized enterprises benefit significantly from policy incentives than small and medium-sized enterprises. Therefore, a large number of small and medium-sized private enterprises may still face operational difficulties, and even increase the price of raw materials and increase profits. ."
Li Huiyong, chief macro analyst of Shenwan Hongyuan, believes that the PPI will continue to rise and there will still be room for improvement in corporate efficiency. In the short term, industrial production will be slightly under pressure, but the PPI will still improve to the first quarter of next year under the base effect. Enterprise benefits form a support.
Industrial enterprise profits increased by 9.8% in October. The situation of SMEs is still worrying.
Abstract The signs of industrial production recovery are becoming clearer. According to data released by the National Bureau of Statistics yesterday, from January to October this year, the total profits of industrial enterprises above designated size reached 520.77 billion yuan, an increase of 8.6% year-on-year. The growth rate was 0.2 percentage points higher than that in January-September.
The signs of industrial production recovery are becoming clearer. According to data released by the National Bureau of Statistics yesterday, from January to October this year, the total profits of industrial enterprises above designated size reached 520.77 billion yuan, an increase of 8.6% year-on-year. The growth rate was 0.2 percentage points higher than that of January-September and continued to maintain a high level. The industry believes that the acceleration of industrial product sales and price increases have become the main driving factors, but high-tech manufacturing, small and medium-sized private enterprises are still not optimistic, and need to be vigilant.